Term Loan Interest Sample Clauses
The 'Term Loan Interest' clause defines how interest is calculated and applied to the outstanding balance of a term loan. It typically specifies the interest rate, whether it is fixed or variable, the frequency of interest accrual (such as daily or monthly), and the payment schedule for interest amounts. For example, the clause may state that interest accrues at a set annual percentage rate and is payable on a monthly basis. This clause ensures both parties understand the cost of borrowing and the timing of interest payments, thereby providing transparency and predictability in the financial obligations under the loan agreement.
Term Loan Interest. Subject to Section 2.7.3, the Borrower shall pay interest on the unpaid principal amount of each Term Loan from the date of Borrowing of such Term Loan until the maturity or prepayment thereof at the following rates per annum:
(i) With respect to the principal portion of such Term Loan which is, and during such periods as such Term Loan is, a Base Rate Term Loan, at a rate per annum equal to the Base Rate (such rate to change from time to time as the Base Rate shall change) plus the Applicable Margin in respect of Base Rate Loans; or
(ii) With respect to the principal portion of such Term Loan which is, and during such periods as such Term Loan is, a SOFR Term Loan, at a rate per annum, at all times during each Interest Period for such SOFR Term Loan, equal to the Adjusted Term SOFR for such Interest Period plus the Applicable Margin in respect of SOFR Loans.
Term Loan Interest i. Subject to Section 2.6.3 and Section 2.1.2(c)(ii), Co-Borrowers shall pay interest on the unpaid principal amount of each (x) Initial Term Loan entirely in cash, at the Initial Cash Rate and (y) Additional Term Loan entirely in cash, at the Additional Cash Rate.
ii. Solely to the extent there are insufficient funds in the Revenue Account (after giving effect to the required payments under the waterfall provisions set forth in Section 3.2(b) of the Depositary Agreement) to pay required interest on each Term Loan in cash, Co-Borrowers may pay interest on each Term Loan by increasing the outstanding principal amount on each Term Loan by an amount equal to the amount of interest necessary to cure such insufficiency (a “Term PIK Election”; the resulting increased principal amount of such Term Loans, “Term PIK Principal”); provided that no such increase in principal amount with respect to any Term Loan shall exceed 50% of the amount of interest that would have been payable in cash in respect of such Term Loan but for such insufficiency of funds in the Revenue Account; provided, further, that Co-Borrowers shall be permitted to exercise such Term PIK Election on no more than four (4) Quarterly Payment Dates in the aggregate. The Co-Borrowers shall make a Term PIK Election with respect to each Quarterly Payment Date by providing notice to the Administrative Agent at least five (5) Banking Days prior to such Quarterly Payment Date. If a Term PIK Election is not made by the Co-Borrowers by such deadline, the Co-Borrowers will be deemed to have made a Cash Election for such Quarterly Payment Date. Any Term PIK Principal created hereunder as a result of a Term PIK Election with respect to the Initial Term Loans shall be documented as new series of Loans referred to hereunder as “Initial Term PIK Loans.” Any Term PIK Principal created hereunder as a result of a Term PIK Election with respect to the Additional Term Loans shall be documented as new series of Loans referred to hereunder as “Additional Term PIK Loans.” Each Initial Term PIK Loan created hereunder shall form part of the same series of Loans as any other Initial Term PIK Loans created hereunder and shall be documented as an increase in the amount of the outstanding Initial Term PIK Loans. Each Additional Term PIK Loan created hereunder shall form part of the same series of Loans as any other Additional Term PIK Loans created hereunder and shall be documented as an increase in the amount of the outstanding ...
Term Loan Interest. Except as otherwise set forth herein, Borrower shall pay interest on the unpaid principal amount of each Term Loan from the Closing Date until the maturity or prepayment thereof at one of the following rates per annum:
(i) With respect to the principal portion of such Term Loan which is, and during such periods as such Term Loan is, a Base Rate Term Loan, at a rate per annum equal to the Base Rate (such rate to change from time to time as the Base Rate shall change) plus 3.25
Term Loan Interest. Except as elsewhere provided in this Agreement with respect to Prime Rate Loans, the Term Loan shall be a LIBOR Loan with an Interest Period of one month unless in accordance with this Agreement the Borrower has requested that the Term Loan or a portion thereof be another LIBOR Loan, in which case such Term Loan or applicable portion thereof shall be the applicable other LIBOR Loan. Interest shall accrue on the Term Loan in the same manner as is provided in Section 2.3(b) and Section 2.3(c).
Term Loan Interest. Third, to the payment of interest ------------------ which shall be due and payable on the Term Loan Principal Balance at the time of such payment;
Term Loan Interest. Subject to Section 2.6.3, Co-Borrowers shall pay interest on the unpaid principal amount of each Term Loan from the Term Conversion Date until the maturity or prepayment thereof at a fixed rate equal to 7.30% per annum.
Term Loan Interest. (i) Borrower shall pay interest on the unpaid principal amount of each Term Loan from the date of such Term Loan until the maturity or prepayment thereof at one of the following rates per annum:
(A) With respect to the principal portion of such Term Loan which is, and during such periods as such Term Loan is, a Base Rate Term Loan, at a rate per annum equal to the Base Rate plus the percentage listed below, such rate to change from time to time as the Base Rate shall change: First Term Period 0.500% Second Term Period 0.750% Third Term Period 1.125% Fourth Term Period 1.750%
(B) With respect to the principal portion of such Term Loan which is, and during such periods as such Term Loan is, a LIBOR Term Loan, at a rate per annum during each Interest Period for such LIBOR Term Loan equal to the LIBO Rate for such Interest Period plus the percentage listed below:
Term Loan Interest. The principal amount of Term Loan outstanding from time to time shall bear interest at the applicable Term Interest Rate. Any amount of principal or interest on Term Loan which is not paid when due, whether at stated maturity, by acceleration or otherwise, shall bear interest payable on demand at the Default Rate.
Term Loan Interest. Borrower shall pay interest on the applicable date set forth in Section 2.4(a) on the unpaid principal amount of each Term Loan that is a LIBO Rate Loan calculated from the date of such Term Loan until the repayment or prepayment thereof at a rate per annum during each Interest Period for such Term Loan equal to the LIBO Rate for such Interest Period plus the Applicable Term Loan Margin. Borrower shall pay interest on the applicable date set forth in Section 2.4(a) on the unpaid principal amount of each Term Loan that is a Base Rate Loan calculated from the date of such Term Loan until the repayment or prepayment thereof at a rate per annum for such Term Loan equal to the applicable Base Rate during the period when such Term Loan is outstanding plus the Applicable Term Loan Margin.
Term Loan Interest. The first sentence of Section 2.2.1 to the Loan Agreement (Interest Rates) is deleted and replaced in its entirety by the following: “Borrowers shall pay interest to Lender in arrears on each applicable Interest Payment Date, at the following rates: (a) with respect to the Advances, each Advance shall bear interest on the outstanding principal amount thereof from the date when made until paid in full at a rate per annum equal to the Base Rate plus one percent (1.0%), and (b) with respect to the Term Loan, the Term Loan shall bear interest on the outstanding principal amount thereof from the date when made until paid in full at a rate per annum equal to the Base Rate plus five percent (5.00%).”