Available Interest Component definition
Available Interest Component means, with respect to each Lender, on the Closing Date, the amount set forth on the signature pages hereto as each Lender’s Interest Component, and, upon each change in a Lender’s Available Principal Component, such Lender’s Available Interest Component shall mean an amount equal to 90 days interest on such Lender’s Available Principal Component then in effect at an assumed rate of 12% per annum computed on the basis of the actual days elapsed and a 365-day year.
Examples of Available Interest Component in a sentence
The amount requested in a Notice of Loan to be used to pay interest accrued on Eligible Notes at maturity shall not exceed the lesser of (A) an amount equal to interest accrued on Eligible Notes to be repaid with the portion of such Loan described in clause (a)(i) of this Section and (B) the Aggregate Available Interest Component.