Interest – All Loans. The Borrowers shall pay accrued interest on the unpaid principal amount of each Revolving Loan in arrears (i) in the case of a Base Rate Loan, on the last Business Day of each fiscal quarter, (ii) in the case of a LIBOR Loan, on the last day of each Interest Period therefor (and, if any such Interest Period is longer than three (3) months, every three (3) months after the first day of such Interest Period); and (iii) in the case of all Loans, at maturity. All interest that is not paid when due shall be due on demand.
Interest – All Loans. The Borrower shall pay accrued interest on the unpaid principal amount of each Revolving Loan thereof in arrears (i) in the case of a Base Rate Loan, on the last Business Day of each Fiscal Quarter (commencing with the Fiscal Quarter ending January 31, 2011), (ii) in the case of a LIBOR Loan, on the last day of each Interest Period therefor (and, if any such Interest Period is longer than three (3) months, every three (3) months after the first day of such Interest Period); and (iii) in the case of all Loans, at maturity. All interest that is not paid when due shall be due on demand.
Interest – All Loans. The following sentence is added at the beginning of renumbered Section 2.6 of the Original Loan Agreement, after the title thereof and before section 2.6.1: "All interest billed by CDF to Borrower (whether for Floorplan Inventory, Revolving Loans, and/or the IRS Refund Loan) will be due and payable by Borrower to CDF by the twentieth (20th) day of the month in which billed, unless such amounts are billed after the tenth (10th) day of a calendar month, then such amounts will be paid by Borrower by the twentieth day of the next calendar month."
Interest – All Loans. The Borrower shall pay accrued interest on the unpaid principal amount of each Term Loan Borrowing in arrears monthly on the last Business Day of each month and on the Maturity Date. Such interest shall be paid in cash, except that, in accordance with the definition of Applicable Rate, the Borrower may elect to pay up to 1.00% per annum in kind by capitalizing such interest (all such accrued interest capitalized from time to time is referred to herein as “Capitalized Interest”) and adding such Capitalized Interest to the principal amount of the Term Loans. Capitalized Interest shall be deemed for all purposes to be principal of the Term Loans (including with respect to the calculation of the Prepayment Premium and with respect to the accrual of interest on any Capitalized Interest amounts), and interest shall begin to accrue on Capitalized Interest beginning on and including the interest payment date on which such Capitalized Interest is added to the principal amount of the Term Loans (including prior Capitalized Interest). All interest that is not paid when due shall be due on demand.”
