ARREARS INTEREST Sample Clauses
The ARREARS INTEREST clause establishes that interest will be charged on any overdue payments under the agreement. Typically, this clause specifies the interest rate to be applied, the method of calculation (such as daily or monthly), and the period over which interest accrues until the outstanding amount is paid. Its core practical function is to incentivize timely payments and compensate the party owed money for the delay, thereby reducing the risk of late payments and providing a clear consequence for non-compliance.
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ARREARS INTEREST. 9.1 Any amount that is owed by the Tenant to the Landlord under this Agreement and that is not paid on time will also bear, in addition to the linkage differentials, arrears interest at the maximum rate permitted under law, and if no such limitation exists – at the overdraft interest rate of Bank Ha’poalim le-Israel Ltd. (hereinafter: “Arrears Interest”), as of the payment date set forth in this Agreement regarding the amount in arrears and until actual payment of the same amount.
9.2 Arrears in the payment of Rent as stated above for a period exceeding ten business days will be deemed to be a fundamental breach of this Agreement by the Tenant, without derogating from the Landlord’s right to Arrears Interest, as set forth above.
9.3 None of the above will be interpreted as granting the Tenant any right to delay any payment of Rent under this Agreement.
ARREARS INTEREST. Any amount due from the Lessee to the Lessor, including the one stated in paragraphs 6 above, which is not timely paid, shall bear, as of the third day of delinquency, in addition to linkage to the Consumer Price Index, arrears interests in respect of the delinquent amount, at the maximum rate (which does not include additional Index linkage) customary at Bank Leumi LeIsrael Ltd. for overdrafts in debit current accounts, plus 10%, with the interest compounding every month, as of the payment date stated in this agreement with respect to the delinquent amount until actual payment of the same. Delinquency in rent payment as aforesaid in excess of 7 (seven) business days shall be deemed a fundamental breach of the contract. The charge for arrears interest shall be calculated as usually calculated by Bank Leumi LeIsrael Ltd.
ARREARS INTEREST. 10.1. In the event the Company fails to pay any of the amounts it owes to the Lenders pursuant to this Agreement and/or the relevant Credit Request, on the Agreed Repayment Date or – if no repayment date is determined – as of the date it was demanded to pay [such amount] (hereinafter, the "Amount in Arrears"), the Amount in Arrears shall bear Arrears Interest subject to the provisions of any Law. Notwithstanding the foregoing, to the extent the Company pays the Amount in Arrears within seven (7) days of the date it was required to make such payment, then the Amount in Arrears shall not accrue Arrears Interest during such seven days.
10.2. Subject to the foregoing, the Amount in Arrears shall bear Arrears Interest as of the Agreed Repayment Date of such amount, or – if no date for repayment has been determined – as of the date the Company was demanded to pay such amount in accordance with the terms of this Agreement and up to the Actual Repayment Date of such amount.
10.3. Arrears Interest shall be paid by the Company in the Credit Currency, all as subject to any Law.
10.4. The Arrears Interest shall be calculated by the Lenders, through the Facility Agent, on the balances of the Amount in Arrears and subject to the provisions of any Law, and shall be added to the Amount in Arrears at the end of every six Months.
10.5. The Company declares that it agrees to the Arrears Interest rate determined in this Agreement, and that it is aware that the maximum Arrears Interest rate quoted by Bank Hapoalim is higher than the Arrears Interest rate under this Agreement.
ARREARS INTEREST. When dealing in Colombian pesos, it shall be the arrears rate in force at the time the delay occurs. When dealing in dollars of the United States of America, it shall mean the LIBOR (London Interbank Borrowing Offered Rate) prime rate on three-month term deposits in USA currency, plus four per cent (LIBOR plus 4%).
ARREARS INTEREST. For any payment on account of the Principal and/or interest, which shall be paid in arrears according to the terms of the Debentures (Series A) and this is for a reason dependent on the Company, the Company shall pay to the Debenture Holders arrears interest in an annual rate that exceeds the debenture interest for this period by 3% (calculated pro rata for the period after the date scheduled for payment until the actual date of payment). For the sake of avoiding doubt it is clarified that in the delay period the sum delayed shall bear arrears interest in lieu of the interest as mentioned above. The Company shall notify of the arrears interest rate and of the date of payment as mentioned in an Immediate Report and this two (2) Trading Days before the actual payment date.
ARREARS INTEREST. 13.1 Accrual of arrears interest on the unpaid principal amount
ARREARS INTEREST. All amounts which the Participant must pay to the Company or the Company to the Participant, which are not timely paid in the agreed time frames, shall be surcharged on a daily basis with the maximum interest which the law allows to be stipulated for monetary credit transactions expressed in national currency.
ARREARS INTEREST. In the event that we shall either fail to pay any sum owed by us on account of the Foregoing Sums on any Payment Date, or fail to pay it immediately pursuant to Section 16 below (the "DATE OF ARREARS"), then the Amount Payable Immediately, as defined in Section 16 below, shall be turned into an unlinked loan from the Date of Arrears. The Bank will then be entitled to charge us arrears interest on the Amount Payable Immediately, at the maximum rate charged by the Bank at such time on overdrafts in checking accounts ("MAXIMUM INTEREST"), from the Date of Arrears until actual payment in full. The aforesaid notwithstanding, it is agreed that in the event of default on one payment only, we will be charged arrears interest on the amount in arrears only, for 90 days from the Date of Arrears, during which time the Bank shall not be entitled to demand immediate payment of the Foregoing Sums, unless an additional event shall have occurred, on the grounds of which the Bank is entitled, pursuant to the terms of this agreement, to demand immediate payment of the Foregoing Sums. If the defaulted amount shall not exceed 25% of the sum of the payment, then the aforesaid shall apply for a period of one year from the Date of Arrears, during which time the Bank shall not be entitled to demand immediate payment of the Foregoing Sums, unless an additional event shall have occurred, on the grounds of which the Bank is entitled, pursuant to the terms of this agreement, to demand immediate payment of the Foregoing Sums. It is hereby clarified, for the removal of doubt, that the full or partial default on one payment only shall suffice in order to establish the Bank's rights under this section.
ARREARS INTEREST. If CORPBANCA does not make the payments arising pursuant to the stipulated Terms and Conditions at IBM’s offices or at such place as it designates, within the terms established under such Terms and Conditions, for this mere fact and without need of any legal notification whatsoever, IBM may charge as a penalty for delinquency in payment, an interest rate which may reach the maximum the law authorizes the parties to agree, for the entire period from the date on which the payment should have been made, until the time it is effectively made, without prejudice to the right to terminate the Agreement, in which case IBM may demand payment of all amounts accrued through the date of termination, further applying the aforementioned arrears interest.
ARREARS INTEREST. In the event that Client shall have been required by Factor to pay Factor any sum in accordance with this agreement, and such sum shall not have been paid (or offset, or another collateral shall have been given to Factor's satisfaction) within 15 days from the date of demand, the debt shall bear interest at the maximum rate charged by Factor on unapproved debit balances in checking accounts maintained in the currency of the demand, from the date of the demand. This section shall not derogate from another right available to Factor under this agreement or by law.