Common use of Interest Rate and Payment Date Clause in Contracts

Interest Rate and Payment Date. (a) Each Loan shall bear interest during each Loan Interest Period at a rate per annum equal to the Loan Rate. The Holdback Amount shall bear interest during each Loan Interest Period at a rate per annum equal to the Holdback Amount Rate. (b) Interest on the principal amount of all of the Lenders' Loans and the Holdback Amount outstanding from time to time shall be payable monthly in arrears on each Payment Date, as provided in subsections 2.02(c) and (d) and on the Termination Date as provided in subsection 2.02(e). (c) Except as otherwise provided herein, if any amount of interest or any other Repayment Amount shall not be paid on the date that such amount becomes due and payable hereunder, such overdue amount shall bear interest at a rate per annum equal to the Loan Rate applicable from time to time plus 1.00% per annum, in the case of the Loan, or the Holdback Amount Rate applicable from time to time plus 1.00% per annum, in the case of the Holdback Amount, for each day from and including the date of such nonpayment to but excluding the date such overdue amount is paid in full (after, as well as before, judgment).