Loan Term, Interest, Repayment Sample Clauses

Loan Term, Interest, Repayment. (i) The term of the Secured Loan will begin on the Closing Date and end on the date on which the Outstanding Secured Balance, all accrued interest thereon and any other amounts owing under the Secured Note have been paid in full. (ii) Interest on the unpaid principal balance of the Secured Loan (such unpaid principal balance is referred to as the "Outstanding Secured Balance") will accrue from the Closing Date at the rate of twelve percent (12%) per annum, compounded quarterly, calculated on the basis

Loan Term, Interest, Repayment. The term of the Loan will begin ------------------------------ on the Effective Date and end February 14, 2000 (the "Repayment Date"). No -------------- interest shall be due on the Loan unless the Company is in default, as defined in Section 9 of this Agreement. In the event that the Company is in default, interest on the unpaid principal balance (such unpaid principal balance is referred to as the "Outstanding Balance") will accrue retroactively from the ------------------- Effective Date at the prime rate of Bank of America on the Effective Date, as published in the Wall Street Journal, plus 2% per annum, calculated on the basis of a 360-day year and actual days elapsed; provided, however, that no such accrued interest shall be due and payable prior to the Repayment Date. To the extent not converted pursuant to Section 5, the Company will repay the Outstanding Balance plus all interest accrued thereon on the Repayment Date.