Common use of Interest on the Term Loan Clause in Contracts

Interest on the Term Loan. The Borrower shall pay interest to the Lender on the outstanding and unpaid principal amount of the Term Loan made at a rate per annum equal to the Prime Rate, minus one percent (1%). Any change in the interest rate resulting from a change in the Prime Rate shall become effective as of the opening of business on the day on which such change in the Prime Rate shall become effective. Interest shall be calculated on the basis of a year of three hundred sixty (360) days for the actual number of days elapsed. Interest shall be paid in immediately available funds on the last day of each calendar quarter and at maturity at the Principal Office. Any principal amount not paid when due (at maturity, by acceleration, or otherwise) shall bear interest thereafter until paid in full, payable on demand, at a rate which shall be two percent (2.0%) above the rate which would otherwise be applicable.

Interest on the Term Loan. The Borrower shall pay interest to the Lender on the outstanding and unpaid principal amount of the Term Loan made at a rate per annum equal to the Prime Rate, minus one percent (1%). Any change in the interest rate resulting from a change in the Prime Rate shall Rateshall become effective as of the opening of business on the day on which such change in the Prime Rate shall become effective. Interest shall be calculated on the basis of a year of three hundred sixty (360) days for the actual number of days elapsed. Interest shall be paid in immediately available funds on the last day of each calendar quarter quarter, commencing on March 31, 1997, and at maturity at the Principal Office. Any principal amount not paid when due (at maturity, by acceleration, or otherwise) shall bear interest thereafter until paid in full, payable on demand, at a rate which shall be two percent (2.0%) above the rate which would otherwise be applicable.