Common use of Interest Rates and Payments of Interest Clause in Contracts

Interest Rates and Payments of Interest. (a) Each Revolving Loan which is a LIBOR Loan shall bear interest on the outstanding principal amount thereof, for each Interest Period applicable thereto, at a rate per annum equal to the LIBOR Rate. Such interest shall be payable (i) in arrears on the last Business Day of the Interest Period with respect thereto and (ii) when such LIBOR Loan is due (whether at maturity, by reason of acceleration or otherwise). In addition, upon any prepayment which has the effect of reducing the outstanding principal amount of any LIBOR Loan to zero (0), all accrued and unpaid interest in respect of such LIBOR Loan shall be payable at the time of any such prepayment.