{"component": "clause", "props": {"groups": [{"samples": [{"hash": "iEVZrK9EcBR", "uri": "/contracts/iEVZrK9EcBR#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Fastly, Inc.)", "score": 30.1197814941, "published": true}, {"hash": "4Q2J8qKQF84", "uri": "/contracts/4Q2J8qKQF84#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Teladoc, Inc.)", "score": 27.5352497101, "published": true}, {"hash": "ky1NSrLxXIl", "uri": "/contracts/ky1NSrLxXIl#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Cancer Genetics, Inc)", "score": 26.3552360535, "published": true}], "snippet": "(a) Interest Rate.", "snippet_links": [{"key": "interest-rate", "type": "definition", "offset": [4, 17]}], "size": 10, "hash": "c89a7c18defc4575e3f8e502aefb9486", "id": 1}, {"samples": [{"hash": "kT07Xm3uDOY", "uri": "/contracts/kT07Xm3uDOY#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Marin Software Inc)", "score": 26.1362075806, "published": true}, {"hash": "1llKgzmkWzJ", "uri": "/contracts/1llKgzmkWzJ#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Marin Software Inc)", "score": 24.8494186401, "published": true}], "snippet": "Section 2.6 of the Loan Agreement is hereby amended by deleting it in its entirety and replacing it with the following:", "snippet_links": [{"key": "section-26", "type": "clause", "offset": [0, 11]}, {"key": "the-loan-agreement", "type": "clause", "offset": [15, 33]}], "size": 7, "hash": "4bdac54900f3bb4218bbf386cd99ab04", "id": 2}, {"samples": [{"hash": "5trZE3ZnmzW", "uri": "/contracts/5trZE3ZnmzW#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Nupathe Inc.)", "score": 22.5824775696, "published": true}, {"hash": "eBDtIBkhNIB", "uri": "/contracts/eBDtIBkhNIB#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Biolase Technology Inc)", "score": 21.6214923859, "published": true}, {"hash": "jlhnlNv4pi1", "uri": "/contracts/jlhnlNv4pi1#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Nupathe Inc.)", "score": 21.4517459869, "published": true}], "snippet": "(a) Computation of Interest. Interest on the Credit Extensions and all fees payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the period during which such interest accrues. In computing interest on any Credit Extension, the date of the making of such Credit Extension shall be included and the date of payment shall be excluded; provided, however, that if any Credit Extension is repaid on the same day on which it is made, such day shall be included in computing interest on such Credit Extension.", "snippet_links": [{"key": "computation-of-interest", "type": "clause", "offset": [4, 27]}, {"key": "the-credit-extensions", "type": "clause", "offset": [41, 62]}, {"key": "fees-payable", "type": "definition", "offset": [71, 83]}, {"key": "basis-of", "type": "clause", "offset": [119, 127]}, {"key": "actual-number-of-days", "type": "clause", "offset": [151, 172]}, {"key": "period-during-which", "type": "clause", "offset": [188, 207]}, {"key": "interest-on-any", "type": "clause", "offset": [244, 259]}, {"key": "date-of-payment", "type": "definition", "offset": [352, 367]}, {"key": "same-day", "type": "definition", "offset": [452, 460]}], "size": 5, "hash": "ddc77ab543c876b7421729adabce64c7", "id": 3}, {"samples": [{"hash": "9onNzkbpNcr", "uri": "/contracts/9onNzkbpNcr#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Vitae Pharmaceuticals, Inc)", "score": 25.6543464661, "published": true}, {"hash": "kievcmWhVDm", "uri": "/contracts/kievcmWhVDm#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Vitae Pharmaceuticals, Inc)", "score": 25.61054039, "published": true}, {"hash": "9Vm6fSR3JOQ", "uri": "/contracts/9Vm6fSR3JOQ#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Vitae Pharmaceuticals, Inc)", "score": 25.4846000671, "published": true}], "snippet": "(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.", "snippet_links": [{"key": "interest-rate", "type": "definition", "offset": [4, 17]}, {"key": "subject-to-section", "type": "clause", "offset": [18, 36]}, {"key": "principal-amount-outstanding", "type": "definition", "offset": [49, 77]}, {"key": "loan-shall", "type": "definition", "offset": [93, 103]}, {"key": "a-fixed", "type": "clause", "offset": [123, 130]}, {"key": "per-annum", "type": "definition", "offset": [131, 140]}, {"key": "equal-to", "type": "definition", "offset": [146, 154]}, {"key": "a-term-loan", "type": "definition", "offset": [163, 174]}, {"key": "prior-to-december", "type": "clause", "offset": [187, 204]}, {"key": "after-january", "type": "clause", "offset": [258, 271]}, {"key": "libor-rate-margin", "type": "clause", "offset": [339, 356]}, {"key": "collateral-agent", "type": "definition", "offset": [372, 388]}, {"key": "date-of", "type": "clause", "offset": [407, 414]}, {"key": "maximum-rate", "type": "clause", "offset": [450, 462]}, {"key": "applicable-law", "type": "clause", "offset": [479, 493]}, {"key": "in-accordance-with", "type": "definition", "offset": [535, 553]}, {"key": "commencing-on", "type": "clause", "offset": [609, 622]}, {"key": "the-day", "type": "definition", "offset": [639, 646]}], "size": 3, "hash": "c23f920cab8695d7993cc1cbf33f5a77", "id": 4}, {"samples": [{"hash": "fW71w5Q4uW2", "uri": "/contracts/fW71w5Q4uW2#payment-of-interest-on-the-credit-extensions", "label": "Export Import Bank Loan and Security Agreement (Stereotaxis, Inc.)", "score": 23.2012329102, "published": true}, {"hash": "fwcUsQd7LII", "uri": "/contracts/fwcUsQd7LII#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Stereotaxis, Inc.)", "score": 21.0, "published": true}], "snippet": "(a) Subject to Section 2.3(b), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the greater of (X) the aggregate of the Prime Rate plus one and three-fourths of one percent (1.75%) and (Y) seven percent (7.00%), which interest shall be payable monthly, in arrears, in accordance with Section 2.3(f) below.", "snippet_links": [{"key": "subject-to-section", "type": "clause", "offset": [4, 22]}, {"key": "principal-amount-outstanding", "type": "definition", "offset": [35, 63]}, {"key": "the-revolving-line", "type": "clause", "offset": [70, 88]}, {"key": "per-annum", "type": "definition", "offset": [125, 134]}, {"key": "equal-to", "type": "definition", "offset": [140, 148]}, {"key": "the-prime-rate", "type": "definition", "offset": [185, 199]}, {"key": "in-arrears", "type": "definition", "offset": [322, 332]}, {"key": "in-accordance-with", "type": "definition", "offset": [334, 352]}], "size": 2, "hash": "00bdce36fe276a21f468d87e0c05e839", "id": 5}, {"samples": [{"hash": "4o1tlTrVoi7", "uri": "/contracts/4o1tlTrVoi7#payment-of-interest-on-the-credit-extensions", "label": "Loan Modification Agreement (Ari Network Services Inc /Wi)", "score": 25.7501716614, "published": true}], "snippet": "(a) Advances. Subject to Section 2.3(c), the principal amount outstanding under the Revolving Line shall accrue interest at a floating per annum rate equal to the Prime Rate plus the Applicable Margin, which interest shall be payable monthly in accordance with Section 2.3(e) below.", "snippet_links": [{"key": "subject-to-section", "type": "clause", "offset": [14, 32]}, {"key": "principal-amount-outstanding", "type": "definition", "offset": [45, 73]}, {"key": "the-revolving-line", "type": "clause", "offset": [80, 98]}, {"key": "per-annum", "type": "definition", "offset": [135, 144]}, {"key": "equal-to", "type": "definition", "offset": [150, 158]}, {"key": "the-prime-rate", "type": "definition", "offset": [159, 173]}, {"key": "applicable-margin", "type": "definition", "offset": [183, 200]}, {"key": "in-accordance-with", "type": "definition", "offset": [242, 260]}], "size": 2, "hash": "ebe6b3127cf5049ebc2c4316666377e7", "id": 6}, {"samples": [{"hash": "9p7X1JfGogS", "uri": "/contracts/9p7X1JfGogS#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (KORU Medical Systems, Inc.)", "score": 37.2518806458, "published": true}], "snippet": "Section 2.4(a) of the Agreement is amended in its entirety and replaced with the following:", "snippet_links": [{"key": "the-agreement", "type": "clause", "offset": [18, 31]}, {"key": "replaced-with", "type": "clause", "offset": [63, 76]}], "size": 2, "hash": "ff3266c2fd20dabb59398b326ddf3994", "id": 7}, {"samples": [{"hash": "n6eWpCCSV5", "uri": "/contracts/n6eWpCCSV5#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Myomo, Inc.)", "score": 36.1375770569, "published": true}], "snippet": "Sections 1.3(a) and 1.3(b) are amended in their entirety and replaced with the following:", "snippet_links": [{"key": "replaced-with", "type": "clause", "offset": [61, 74]}], "size": 2, "hash": "625612113cb78317e2882d1b08aea4ec", "id": 8}, {"samples": [{"hash": "aqNXvPyPXpM", "uri": "/contracts/aqNXvPyPXpM#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (Concurrent Computer Corp/De)", "score": 18.0, "published": true}], "snippet": "(a) Interest Rate; Formula Advances. Subject to Section 2.7(c), -------------- ----------------- the principal amount of the Formula Advances amounts outstanding under the Revolving Line shall accrue interest at a per annum rate equal to: (i) 1.50 percentage points above the Prime Rate, if a Streamline Period is not in effect; and (ii) 0.50 percentage points above the Prime Rate during any Streamline Period.", "snippet_links": [{"key": "interest-rate", "type": "definition", "offset": [4, 17]}, {"key": "formula-advances", "type": "definition", "offset": [19, 35]}, {"key": "subject-to-section", "type": "clause", "offset": [37, 55]}, {"key": "the-principal-amount", "type": "definition", "offset": [97, 117]}, {"key": "amounts-outstanding", "type": "definition", "offset": [142, 161]}, {"key": "the-revolving-line", "type": "clause", "offset": [168, 186]}, {"key": "per-annum", "type": "definition", "offset": [214, 223]}, {"key": "equal-to", "type": "definition", "offset": [229, 237]}, {"key": "percentage-points", "type": "definition", "offset": [248, 265]}, {"key": "the-prime-rate", "type": "definition", "offset": [272, 286]}, {"key": "streamline-period", "type": "definition", "offset": [293, 310]}, {"key": "in-effect", "type": "definition", "offset": [318, 327]}], "size": 1, "hash": "a37c85e211a57ca433d23ecde343ed7c", "id": 9}, {"samples": [{"hash": "d2umGEFEe9", "uri": "/contracts/d2umGEFEe9#payment-of-interest-on-the-credit-extensions", "label": "Loan and Security Agreement (U.S. Auto Parts Network, Inc.)", "score": 21.6242294312, "published": true}], "snippet": "(a) Each Loan shall, at Borrower\u2019s option, in accordance with the terms of this Agreement, be either in the form of a Prime Rate Loan or a LIBOR Loan; provided that in no event shall Borrower maintain at any time LIBOR Loans having more than two (2) different Interest Periods.", "snippet_links": [{"key": "loan-shall", "type": "definition", "offset": [9, 19]}, {"key": "in-accordance-with", "type": "definition", "offset": [43, 61]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [66, 89]}, {"key": "form-of", "type": "clause", "offset": [108, 115]}, {"key": "prime-rate-loan", "type": "definition", "offset": [118, 133]}, {"key": "provided-that", "type": "definition", "offset": [151, 164]}, {"key": "in-no-event-shall", "type": "clause", "offset": [165, 182]}, {"key": "at-any-time", "type": "clause", "offset": [201, 212]}, {"key": "libor-loans", "type": "definition", "offset": [213, 224]}, {"key": "interest-periods", "type": "definition", "offset": [260, 276]}], "size": 1, "hash": "f5c0eadc8144d90e6c547b873b57bb71", "id": 10}], "next_curs": "CnUSb2oVc35sYXdpbnNpZGVyY29udHJhY3RzclELEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IjVwYXltZW50LW9mLWludGVyZXN0LW9uLXRoZS1jcmVkaXQtZXh0ZW5zaW9ucyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"title": "Payment of Interest on the Credit Extensions", "parents": [["loan-and-terms-of-payment", "Loan and Terms of Payment"], ["loans-and-terms-of-payment", "Loans and Terms of Payment"], ["miscellaneous", "Miscellaneous"], ["amendments-to-loan-agreement", "Amendments to Loan Agreement"], ["accounting-and-other-terms", "ACCOUNTING AND OTHER TERMS"]], "children": [["default-rate", "Default Rate"], ["interest-rate", "Interest Rate"], ["debit-of-accounts", "Debit of Accounts"], ["adjustment-to-interest-rate", "Adjustment to Interest Rate"], ["360-day-year", "360-Day Year"]], "size": 931, "id": "payment-of-interest-on-the-credit-extensions", "related": [["interest-on-the-loans", "Interest on the Loans", "Interest on the Loans"], ["interest-on-term-loans", "Interest on Term Loans", "Interest on Term Loans"], ["rates-and-payment-of-interest-on-loans", "Rates and Payment of Interest on Loans", "Rates and Payment of Interest on Loans"], ["interest-on-revolving-loans", "Interest on Revolving Loans", "Interest on Revolving Loans"], ["interest-on-loans", "Interest on Loans", "Interest on Loans"]], "related_snippets": [], "updated": "2026-08-08T05:41:39+00:00", "also_ask": [], "drafting_tip": "", "explanation": "The 'Payment of Interest on the Credit Extensions' clause establishes the borrower's obligation to pay interest on any amounts borrowed under a credit agreement. Typically, this clause details how interest is calculated\u2014such as specifying the applicable interest rate, the frequency of interest payments, and the method for compounding or accruing interest. For example, it may state that interest is due monthly at a variable rate tied to a benchmark index. The core function of this clause is to ensure both parties clearly understand the cost of borrowing and the timing of interest payments, thereby preventing disputes over payment expectations and financial obligations."}, "json": true, "cursor": ""}}