Common use of Ordinary Interest Clause in Contracts

Ordinary Interest. Borrower shall pay interest (x) on the unpaid principal amount of each Loan, which interest shall accrue on a daily basis, from the date of such Loan until such principal amount shall be paid in full, at a rate per annum equal to the Applicable Rate for such day, and (y) on any Compounded Amounts with respect to each Loan, which interest shall accrue on a daily basis at a rate per annum equal to the Applicable Floating Rate for such day, with such interest, in the case of clause (x) and (y), being payable annually in arrears on each Interest Payment Date; provided that if, as of the date one Business Day prior to any Interest Payment Date, the aggregate amount of cash dividends per Share paid by the Issuer during the year ending on such date (or with respect to the first Interest Payment Date, such period from the Closing Date to the date one Business Day prior to such Interest Payment Date) is less than $0.19, Borrower may elect on such date by written notice to Administrative Agent, with respect to all or any portion of the interest that would otherwise be payable in cash on such Interest Payment Date, to instead pay such interest in kind, in which case (i) the amount of such interest or the portion thereof that will be paid in kind, as the case may be, will be added to the outstanding principal amount of the Loans on a ratable basis among the Lenders as of such Interest Payment Date, and (ii) the remainder of such interest (if any) shall continue to be payable in cash on the Interest Payment Date. For the avoidance of doubt, any interest that accrues on Compounded Amounts with respect to any Loan shall, for all purposes hereunder (other than clause (x) of the immediately preceding sentence), be deemed to have accrued on the principal amount of such Loan. The total amount of interest due on each Interest Payment Date shall be computed by Calculation Agent on the Business Day immediately preceding such Interest Payment Date. Interest shall be computed by Calculation Agent based on a year of 360 days and the actual number of days elapsed in each Compounding Period. Interest (including the default interest set forth below) shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

Ordinary Interest. Borrower shall pay Subject to Section 2.05(b), on each Interest Payment Date, interest (x) on the unpaid principal amount of each Loan, which interest shall accrue on a daily basisany Advance, from the date of such Loan Advance until such principal amount shall be paid in full, at a rate per annum equal to the Applicable Rate for such dayInterest Rate, and (y) on any Compounded Amounts with respect to each Loanwill be added, which interest shall accrue on a daily basis at a rate per annum equal to the Applicable Floating Rate for such day, with such interest, in the case as of clause (x) and (y), being payable annually in arrears on each Interest Payment Date, to the outstanding principal amount of the Advances on a Pro Rata Basis; provided that ifif (x) Borrowers elect, as of the date one by written notice to Administrative Agent at least five (5) Business Day Days’ prior to any Interest Payment Date, the aggregate amount of cash dividends per Share paid by the Issuer during the year ending on such date (or with respect to the first Interest Payment Date, such period from the Closing Date to the date one Business Day prior to such Interest Payment Date) is less than $0.19, Borrower may elect on such date by written notice to Administrative Agent, with respect to pay all or any portion of the interest that would otherwise be payable in cash on such Interest Payment Date, to instead pay Date in cash or (y) as a result of paying such interest in kind, in which case the Net PIK Amount would exceed the product of the Total Drawn Amount (iexclusive of the Net PIK Amount) the amount of multiplied by eighteen (18) percent, such interest or the relevant portion thereof that will be paid payable in kindcash, as in arrears, on the case may be, will be added to the outstanding principal amount of the Loans on a ratable basis among the Lenders as of such relevant Interest Payment Date, ; provided further that (i) interest accrued pursuant to Section 2.05(b) shall be payable in cash within one (1) Business Day of demand and (ii) in the remainder event of such any repayment or prepayment of any Advance, accrued interest (if any) shall continue to be payable in cash on the Interest Payment Date. For the avoidance of doubt, any interest that accrues on Compounded Amounts with respect to any Loan shall, for all purposes hereunder (other than clause (x) of the immediately preceding sentence), be deemed to have accrued on the principal amount repaid or prepaid shall be payable on the date of such Loanrepayment or prepayment. The total amount of interest due on each Interest Payment Date such day shall be computed by Calculation Administrative Agent on the Business Day immediately preceding such Business Day. The Interest Payment Date. Interest Rate shall be computed by Calculation Administrative Agent based on a year of 360 days and actual days elapsed in the Interest Period for which interest is payable; provided that if the Interest Rate is calculated based upon the Prime Rate, the Interest Rate shall be computed by Administrative Agent based on a year of 365 or 366 days, as applicable, and the actual number of days elapsed in each Compounding Period. the Interest (including the default Period for which interest set forth below) shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Lawis payable.