Common use of Interest Rate and Interest Payments Clause in Contracts

Interest Rate and Interest Payments. Borrower shall pay interest on the unpaid principal amount of the Term Loan from the Closing Date until the Maturity Date, at a rate equal to ten percent (10.0) per annum (the "Interest Rate"). Subject to Section 2(e) and 2(g) below, interest on the outstanding principal amount of the Term Loan shall be due and payable to Lender in arrears on the last Business Day of each calendar month, commencing on the first of such dates following the Closing Date until the Maturity Date, at which time all accrued but unpaid interest shall be due and payable.

Appears in 2 contracts

Samples: Term Credit Agreement (Aztec Oil & Gas, Inc.), Term Credit Agreement (Aztec Oil & Gas, Inc.)

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Interest Rate and Interest Payments. Borrower shall pay interest on the unpaid principal amount of the Term Loan from the Closing Date until the Maturity Date, at a rate equal to ten percent (10.010%) per annum (the "Interest Rate"). Subject to Section 2(e) and 2(g) below, interest on the outstanding principal amount of the Term Loan shall be due and payable to Lender Lender, in arrears arrears, on the last Business Day of each calendar monthfiscal quarter of Borrower, commencing on the first of such dates following the Closing Date until the Maturity Date, at which time all accrued but unpaid interest shall be due and payable.

Appears in 1 contract

Samples: Loan Agreement (Savon Team Sports Inc)

Interest Rate and Interest Payments. Borrower shall pay interest on the unpaid principal amount of the Term Loan from the Closing Funding Date until the Maturity Date, at a rate equal to ten two percent (10.02%) per annum (the "Interest Rate"). Subject to Section 2(e) and 2(g) below, interest on the outstanding principal amount of the Term Loan shall be due and payable to Lender in arrears on the last Business Day business day of each calendar monthyear, commencing on the first of such dates following the Closing Funding Date until the Maturity Date, at which time all accrued but unpaid interest shall be due and payable.

Appears in 1 contract

Samples: Loan Agreement (Franklin Wireless Corp)

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Interest Rate and Interest Payments. Borrower shall pay interest on the unpaid principal amount of the Term Loan from the Closing Date until the Maturity Date, at a rate equal to ten two percent (10.02%) per annum month (the "Interest Rate"). Subject to Section 2(e) and 2(g) below, interest on the outstanding principal amount of the Term Loan shall be due and payable to Agent, for the ratable benefit of Lender in arrears on the last Business Day of each calendar month, commencing on the first of such dates following the Closing Date until the Maturity Date, at which time all accrued but unpaid interest shall be due and payable.

Appears in 1 contract

Samples: Term Credit Agreement (Idi Global Inc)

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