Calculation of Default Interest Sample Clauses

Calculation of Default Interest. Default Interest will be calculated at the Default Rate on a daily basis from (and including) the date the relevant Event of Default occurs or the date on which the Maximum Amount or Maximum Credit Limit is exceeded (as applicable). Default Interest on an Interest Only Loan or a Principal and Interest Loan will be added to the Loan on each Date for Payment (or on such other date as the Lender shall elect). Default Interest on a Revolving Credit Loan will be added to the Loan on the last day of each month (or on such other date as the Lender shall elect).
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Calculation of Default Interest. Interest at the rate or rates determined from time to time as aforesaid shall accrue from day to day, shall be calculated on the basis of the actual number of days elapsed and a 360 day year, shall be compounded at the end of each successive funding period considered appropriate by the Lender for the purposes of Clause 15.01 and shall be payable from time to time on demand.
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Calculation of Default Interest. The rate of interest to be ------------------------------- charged under Section 2.6.1 or Section 2.6.2 hereof (in either case, a "Default Rate") shall be computed on the basis of a 360-day year for the actual number of days elapsed. If the Default Rate is to be based on the Prime Rate, the Prime Rate to be charged shall change when and as the Prime Rate is changed, and any such change in the Prime Rate shall become effective at the opening of business on the day on which such change is adopted. At the end of the applicable Interest Period for a LIBO Rate Loan on which the Default Rate is being charged, such LIBO Rate Loan shall be automatically converted to a Prime Rate Loan, and the Default Rate to be charged in respect of such Loan shall be computed based on the Prime Rate.
Sample 1
Calculation of Default Interest. Default Interest on this Note shall be calculated on the basis of twelve 30-day months, provided, however, that for portions of the Outstanding Principal Balance or other amounts past due which are outstanding for less than a full calendar month, Default Interest on such amounts shall be calculated on the basis of a 365-day year and the actual number of days elapsed in any portion of a month for which Default Interest may be due on such portion of the Outstanding Principal Balance or any accrued and unpaid interest.
Sample 1

Related to Calculation of Default Interest

  • Default Interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent.

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