Scheduled Term Loan Payments. The principal amount of the Term Loan shall be paid in installments (all such installment payments, collectively, the "Scheduled Term Loan Installment Payments") on the last day of each calendar quarter, commencing with the calendar quarter ending June 30, 2021, in an amount equal to 0.625% times the original principal amount of the Term Loan, as adjusted in accordance with Section 2.3.5 hereof. Notwithstanding the foregoing, (i) if the last day of any calendar quarter does not fall on a Business Day, payments with respect to such calendar quarter shall be made on the preceding Business Day and (ii) the outstanding principal amount of the Term Loan, together with all accrued and unpaid interest thereon and all other Obligations accrued and unpaid, shall be due and payable on the Maturity Date. Notwithstanding the foregoing, the Loans shall be subject to earlier repayment upon (x) acceleration upon the occurrence of an Event of Default under this Agreement or (y) termination of this Agreement in accordance with its terms.
Appears in 5 contracts
Samples: Loan and Security Agreement (Rocky Brands, Inc.), Loan and Security Agreement (Rocky Brands, Inc.), Loan and Security Agreement (Rocky Brands, Inc.)
