Interest Rates for Term Loans. (a) Subject to Section 10.6 hereof, the Term Notes shall bear interest on their respective outstanding principal balances at the LIBO Rate; provided, that (1) all principal outstanding, whether then due and payable, after the occurrence of an Event of Default which has not been cured to the satisfaction of the Agent and the Required Lenders or waived in writing by the Agent and the Required Lenders shall bear interest at the Default Rate, which shall be due and payable upon demand, and (2) past due principal and interest shall bear interest at the Default Rate, which shall be payable on demand. Interest on the Term Loans shall be calculated at the LIBO Rate, except where it is expressly provided pursuant to this Agreement, the Alternate Base Rate is to apply.
Appears in 4 contracts
Samples: Term Loan Agreement (Animal Health International, Inc.), Term Loan Agreement (Animal Health International, Inc.), Term Loan Agreement (Animal Health International, Inc.)
