Common use of Interest Rates and Interest Payments Clause in Contracts

Interest Rates and Interest Payments. (a) So long as no Event of Default has occurred and is continuing, each Daily LIBOR Loan shall bear interest on the outstanding principal amount thereof for each day until paid at an annual rate equal to the Daily LIBOR Rate. So long as any Event of Default has occurred and is continuing, each Daily LIBOR Loan shall bear interest on the outstanding principal amount thereof for each until it is paid, at an annual rate equal to Five Percent (5%) over and above the Daily LIBOR Rate. Such interest shall be payable monthly in arrears on the last day of each calendar month commencing October 31, 2010 and at the maturity of the Note (whether by reason of acceleration or otherwise). From and after the maturity of the Note, whether by reason of acceleration or otherwise, each Daily LIBOR Loan shall bear interest, payable on demand, for each day until paid at an annual rate equal to Five Percent (5%) over and above the Daily LIBOR Rate.

Interest Rates and Interest Payments. (a) So long as no Event of Default has occurred and is continuing, each Daily LIBOR Reset Loan shall bear interest on the outstanding principal amount thereof for each day until paid at an annual rate equal to the Daily Reset LIBOR Rate. So long as any Event of Default has occurred and is continuing, each Daily LIBOR Reset Loan shall bear interest on the outstanding principal amount thereof for each until it is paid, at an annual rate equal to Five Percent (5%) over and above the Daily Reset LIBOR Rate. Such interest shall be payable monthly in arrears on the last day of each calendar month commencing October 31, 2010 and at the maturity of the Note (whether by reason of acceleration or otherwise). From and after the maturity of the Note, whether by reason of acceleration or otherwise, each Daily LIBOR Reset Loan shall bear interest, payable on demand, for each day until paid at an annual rate equal to Five Percent (5%) over and above the Daily Reset LIBOR Rate.