Common use of Interest Rate and Payments Clause in Contracts

Interest Rate and Payments. (a) Unless an Event of Default shall have occurred and be continuing, the Loan shall bear interest on the outstanding principal amount thereof until paid in full, at a rate per annum equal to Twelve Percent (12%) (the "Interest Rate"). (b) Upon and after an Event of Default, the Loan shall accrue interest on the outstanding principal balance of the Loan and, to the extent permitted by applicable law, on the unpaid interest, at a rate per annum equal to the Interest Rate plus an additional 5.0% per annum (the "Default Rate"), provided that in no event shall the Default Rate exceed the maximum rate of interest permitted by applicable law. (c) Subject to the provisions of Section 2.2(b), interest shall be due during the term hereof on the first Business Day of each August, November, February and May, or such other date as the Borrower and the Lender may mutually agree in writing. (d) Accrued interest not paid when due shall be compounded quarterly and added to the outstanding principal amount of the Loan. (e) On the Maturity Date, the Borrower shall repay in full all accrued but unpaid interest and the entire unpaid principal amount of the Loan.

Interest Rate and Payments. (a) Unless an Event of Default shall have has occurred and be is continuing, the Loan shall bear interest on the outstanding principal amount thereof until paid in full, at a rate per annum equal to Twelve Percent (12%) (the "Interest Rate"). (b) Upon and after during an Event of Default, the Loan shall accrue interest on the outstanding principal balance of the Loan and, to the extent permitted by applicable law, on the unpaid interest, at a rate per annum equal to the Interest Rate plus an additional 5.0% per annum (the "Default Rate"), provided that in no event shall the Default Rate exceed the maximum rate of interest permitted by applicable law. (c) Subject to the provisions of Section 2.2(b), interest Interest shall be due during the term hereof on the first Business Day of each AugustFebruary, May, August and November, February and May, or such other date as the Borrower and the Lender may mutually agree in writing. (d) Accrued interest not paid when due shall be compounded quarterly and added to the outstanding principal amount of the Loan. (e) On the Maturity Date, the Borrower shall repay in full all accrued but unpaid interest and the entire unpaid principal amount of the Loan.

Interest Rate and Payments. (a) Unless an Event of Default shall have occurred and be continuing, the Loan shall bear interest on the outstanding principal amount thereof until paid in full, at a rate per annum equal to Twelve Percent (12%) (the "Interest Rate"). (b) Upon and after an Event of Default, the Loan shall accrue interest on the outstanding principal balance of the Loan and, to the extent permitted by applicable law, on the unpaid interest, at a rate per annum equal to the Interest Rate plus an additional 5.0% per annum (the "Default Rate"), provided that in no event shall the Default Rate exceed the maximum rate of interest permitted by applicable law. (c) Subject to the provisions of Section 2.2(b), interest Interest shall be due during the term hereof on the first Business Day of each August, November, February and May, or such other date as the Borrower and the Lender may mutually agree in writing. (d) Notwithstanding Section 2.3(c), if the sum of (i) the amount of interest to be paid by the Borrower to the Lender pursuant to this Agreement and (ii) the amount of principal and interest to be paid by the Borrower to the Lender (e) Accrued interest not paid when due shall be compounded quarterly and added to the outstanding principal amount of the Loan. (ef) On the Maturity Date, the Borrower shall repay in full all accrued but unpaid interest and the entire unpaid principal amount of the Loan.