(a) The unpaid principal amount of the Term Loans shall bear interest from the Closing Date at a rate per annum that shall at all times be the Applicable Margin plus the Eurodollar Rate in effect from time to time. Interest on the Term Loans shall accrue from and including the Closing Date to but excluding the date of any repayment in full thereof and shall be payable monthly in cash in arrears on the fifteenth day of each calendar month (each such date an “ Interest Payment Date ”).