LIBOR Portion. Interest accrued on each LIBOR Portion shall be due and payable on the earliest of (i) the first calendar day of each month (for the immediately preceding month), computed through the last calendar day of the preceding month, (ii) the last day of the Interest Period applicable to such LIBOR Portion, (iii) the occurrence of an Event of Default in consequence of which Administrative Agent or Required Lenders elect to accelerate the maturity and payment of the Obligations, or (iv) termination of this Agreement pursuant to Section 4 hereof.
Appears in 2 contracts
Sources: Loan and Security Agreement (Questron Technology Inc), Loan and Security Agreement (Questron Technology Inc)