Common use of Interest Rate and Payment Dates Clause in Contracts

Interest Rate and Payment Dates. (a) All Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Applicable Rate. (b) If all or a portion of any Loan, any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration, as a result of an event requiring a mandatory prepayment or otherwise), then, for so long as such amount remains unpaid, such overdue amount shall bear interest at a rate per annum equal to the Applicable Rate plus 2%. (c) Interest on the outstanding principal amount of each Loan from time to time shall accrue and be payable in arrears in cash on each Interest Payment Date, provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand. (d) Interest shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.