Common use of Committed Amount Clause in Contracts

Committed Amount. (1) Except during any period of time in which an Event of Default then exists, interest shall accrue on the unpaid principal balance of all Advances under the Tranche 3 Committed Amount at the per annum rate of ten and 50/100 percent (10.5%) fixed. Upon the occurrence of an Event of Default, interest shall thereafter accrue on the unpaid principal balance of all Advances under the Loan at the Default Rate in accordance with Section 2.5(b). (2) All interest will be calculated on the basis of a 360 day year comprised of twelve (12) consecutive thirty (30) day months. (3) Interest will accrue on each Advance of the Loan until repaid in full; however, accrued interest will be due and payable on a Project Tranche by Project Tranche basis as more particularly set forth in Section 2.4 below.