Payment of Interest on the Credit Extensions. (a) Interest Rate Subject to Section 2.2(b), the principal amount outstanding under the Term Loan shall accrue interest at a fixed per annum rate equal to (a) for a Term Loan made on and prior to December 31, 2011, 8.85%, and (b) for a Term Loan made on and after January 1, 2012, the greater of (i) 8.85% and (ii) the LIBOR Rate plus the LIBOR Rate Margin, determined by Collateral Agent as of the Funding Date of the Term Loan, or (c) if less, the maximum rate permitted under applicable law, which interest shall be payable monthly in accordance with Section 2.2(e). Interest shall accrue on the Term Loan commencing on, and including, the day on which the Term Loan is made, and shall accrue on a Term Loan, or any portion thereof, for the day on which the Term Loan or such portion is paid.
Appears in 3 contracts
Samples: Loan and Security Agreement (Vitae Pharmaceuticals, Inc), Loan and Security Agreement (Vitae Pharmaceuticals, Inc), Loan and Security Agreement (Vitae Pharmaceuticals, Inc)
