Common use of Regular Interest Clause in Contracts

Regular Interest. (a) Except as set forth in Section 3.1(ii), and subject to Section 3.1(vi), interest on each Loan and on the principal balance of all other outstanding Obligations (except that portion of the Obligations, if any, arising under any agreement other than this Agreement if such other agreement provides for the payment of interest at a rate specified therein) shall accrue at an annual rate equal to the LIBOR-Based Rate as in effect from time to time. (b) Except as set forth in Section 3.1(ii), if Section 3.1(vi) is applicable to any of the Obligations, interest on all such Obligations (except that portion of the Obligations, if any, arising under any agreement other than this Agreement if such other agreement provides for the payment of interest at a rate specified therein) shall accrue at an annual rate equal to the Prime-Based Rate as in effect from time to time.