Common use of Base Interest Clause in Contracts

Base Interest. Unless an Event of Default has occurred and is continuing (or as may otherwise be agreed with respect to any Incremental Term Loans in accordance with Section 2.3(d)), the outstanding principal amount of the Loan and all other accrued but unpaid Obligations bear interest as set forth in this Section 3.2(a). Borrower shall pay to the Lender, monthly in arrears, accrued interest in lawful money of the U.S. paid by wire transfer or ACH payment, on the first Business Day of each calendar month (the “Monthly Payment Date”) at a per annum rate equal to the Applicable Interest Rate, provided, that Borrower shall cooperate with Agent to establish an automatic monthly ACH debit which may be initiated by Lender on the Monthly Payment Date (or any past-due date) in the amount of the interest amount then due and owing. Any accrued interest which for any reason has not theretofore been paid is due and payable in full on the Maturity Date.