Common use of Stated Interest Clause in Contracts

Stated Interest. (i) Except as provided in clause (iii) below, the unpaid principal amount of each Initial Loan shall bear interest from the date of the Borrowing thereof until the date of repayment or conversion to a Term Loan at a rate per annum equal to the lesser of (i) the Total Cap and (ii) Eurodollar Rate plus the Applicable Margin as determined by the Administrative Agent; provided that immediately upon the occurrence of a Demand Failure Event, the interest rate on the Initial Loans shall increase to the Total Cap.