Common use of Base Interest Clause in Contracts

Base Interest. Interest shall accrue in arrears on the outstanding principal balance of the Loans at an annual rate of 9.5% ("BASE INTEREST"), and shall be due and payable with respect to each calendar quarter (the "Current Quarter") as soon as practicable after, and in any event within 30 days of, the close of the Current Quarter to the extent of Cash Available for Debt Service for the Current Quarter and to the extent not paid shall accrue and be added to principal and shall thereafter bear Base Interest as set forth above. All outstanding principal and accrued Base Interest shall be due and payable on the Maturity Date.

Base Interest. Interest shall accrue in arrears on the outstanding principal balance of the Loans at an annual rate of 9.5% ("BASE INTEREST"), and shall be due and payable with respect to each calendar quarter (the "Current Quarter") as soon as practicable after, and in any event within 30 days of, of the close of the Current Quarter to the extent of Cash Available for Debt Service for the Current Quarter and to the extent not paid shall accrue and be added to principal and shall thereafter bear Base Interest as set forth above. All outstanding principal and accrued Base Interest shall be due and payable on the Maturity Date.