Repayment of the Loans; Interest. (a) Subject to the provisions of Section 2.04, each Loan shall bear interest on the Principal Amount thereof at a rate per annum equal to LIBOR plus the Applicable Margin. Interest that accrues on the Loans during each Accrual Period shall be due and payable in arrears on the related Loan Payment Date (whether or not funds are available for such purpose in accordance with the Priority of Payments); provided that interest accruing pursuant to Section 2.05(c) shall be payable from time to time upon demand.
Appears in 13 contracts
Samples: Guarantee and Security Agreement, Guarantee and Security Agreement, Loan Agreement (Nuveen Mortgage Opportunity Term Fund 2)
