2Interest. (a) The Borrower shall pay interest on the average monthly outstanding balance in the said Account. Interest for each month shall be aggregated and debited to the said Account at the end of each respective month and shall be deemed to be a further drawal under the Overdraft Facility and shall be subject to interest accordingly. Notwithstanding the aforesaid, the amount of interest so debited to the said Account at the end of each month shall be paid by the Borrower before the interest for the next month is debited to the said Account by crediting the said Account with an amount equal to the interest so debited. In the event the Borrower utilizes the Overdraft Facility by drawing down moneys in excess of the Operating Limit, the Borrower shall be liable to immediately repay to the Bank amounts so drawn or utilized in excess of the Operating Limit, failing which the Borrower shall, in addition to the interest as aforesaid, be liable to pay Substitute Interest on the entire amounts outstanding at the rate specified in Item No. [VII] of the Schedule A hereto.
(b) The Borrower has opted for the Fixed Rate of Interest or the Adjustable Rate of Interest, which option has been specifically indicated by ticking the correct option under Item Xx.XX of Schedule A hereunder written. The interest rate/s specified by the Bank from time to time shall be previously or subsequently notified by the Bank to the Borrower and Borrower agrees that the same shall be binding upon the Borrower and the Borrower shall not be entitled to dispute or question the same on any ground whatsoever. The Bank may debit the said Account with the interest amount.
(c) In the event the Borrower has opted for the Fixed Rate of Interest offered by the Bank, the rate of interest applicable to the Overdraft Facility and the terms applicable to such Fixed Rate of Interest, in addition to the general terms stated in this Agreement, are as stated in Schedule-B. Notwithstanding the above, in the event of any extraordinary or unforeseen changes in the money market conditions, the Bank shall in its discretion be entitled to change the said Fixed Rate of Interest with intimation to the Borrower. The Bank shall be the sole judge to determine whether such conditions exist or not.
(d) In the event the Borrower has opted for the Adjustable Rate of Interest offered by the Bank, the rate of interest applicable to the Overdraft Facility and the terms applicable to such Adjustable Rate of Interest, in addition to th...
2Interest. Except as provided in Section 1.4, the Loan shall bear interest at the monthly rate of 1%, calculated on the basis of a 30-day month for the actual number of days for which interest is calculated.
2Interest. Except as otherwise provided herein, the outstanding principal balance of the Notes shall bear interest at the Prime Rate plus 1.00% floating and adjusted daily (“the Interest Rate”). Accrued and unpaid interest on the unpaid principal balance of all outstanding Notes, shall due and payable monthly, in arrears, commencing thirty (30) days following the first advance under a Note and continuing on the same day of each calendar month thereafter, and on the Maturity Date. From and after maturity, whether at the Maturity Date, by acceleration or otherwise, or after the occurrence of an Event of Default, interest on the outstanding principal balance of the Notes, at the option of the Lender, may accrue at the Default Rate and shall be payable upon demand from the Lender. Lender may, at Lender’s sole option, at any time and without notice to Borrower, make a Revolving Loan advance in the amount of any monthly payment of interest due under one or more Revolving Note and any other fees, costs and expenses due and owning Lender under this Agreement or any of the Loan Documents, and apply the proceeds thereof against the applicable interest payments, fees, charges or expenses.
2Interest. In addition to any payment required under Section 7.1 (an “Indemnification Payment”), the payor shall also be required to pay to the Indemnified Person entitled to such Indemnification Payment, an additional amount equal to interest on such Indemnification Payment accruing at a rate of 10% per annum (pro-rated per day for any partial period) beginning on the 20th Business Day following the date on which both: (a) such Loss has occurred; and (b) demand for payment in respect thereof in accordance with the terms of this Agreement has been made, through the date of such payment, but only if and to the extent that such Indemnification Payment is required to be paid hereunder.
2Interest. The loan shall be interest free subject to the terms outlined further in this section. As the Borrower cannot give any assurance that the Common Stock of the Company will trade on the OTC Bulletin Board or any other public market, and if at the end of one year, from the Date of Advancement the Common Stock of the Company is not listed for trading on the OTC Bulletin Board or any other public market, the Borrower shall accrue interest at the rate of seven (7%) percent per annum payable on the last day of each and every month for the remaining term of the Loan on the amount of the Principal Sum remaining.
2Interest. If any amount due to Executive under this Agreement is not paid within ten business days after such amount first became due and owing, interest shall accrue on such amount from the date it became due and owing until the date of payment at an annual rate equal to 300 basis points above the base commercial lending rate published in The Wall Street Journal in effect from time to time during the period of such nonpayment.
2Interest. Section 2.2 of the Agreement is hereby amended by adding the following Section 2.2(o):
2Interest. On the first day of each month and immediately prior to the payment of any benefits, interest on the Deferral Account balance since the preceding credit under this Section 3.1.1, if any, at an annual rate, compounded monthly, equal to the Prime Rate for the previous Anniversary Date, plus one percent (1%); provided, however, that the minimum rate of interest to be applied hereunder shall be four percent (4%), regardless of the actual Prime Rate, and will not exceed ten percent (10%) regardless of the actual prime rate.
2Interest. Without prejudice to any other remedy of the Landlord, to pay Interest on so much of the Rents as remain unpaid 10 Business Days after the Due Date, whether or not any such sums have been refused by the Landlord so as not to waive any breach of covenant.
2Interest. Interest shall accrue on the Defaulted Amount on and from the Original Maturity Date as follows: (a) during the Standstill Period, at the Interim Restructuring Interest Rate and (b) with effect from the occurrence of any Termination Event, the Default Interest Rate.
