Interest and Default Interest. (a) The Borrower shall pay interest on the unpaid principal amount of each Advance from the Drawdown Date until the principal amount of the Advance is paid in full, payable on each Interest Payment Date for each such Advance. Notwithstanding the preceding sentence of this Section 2.05(a), all interest accrued on any Advance outstanding on the Termination Date shall be paid on the Termination Date.
(b) As long as any A Advance shall be outstanding, and payment of the principal thereof and interest thereon shall not be in default, interest on the A Advance shall be payable at an interest rate which shall be adjusted, in advance at the start of the first day of each Interest Period therefor, and which shall be determined as follows:
(i) with respect to each Base Rate Advance, the Borrower shall pay interest thereon at the rate of interest determined by the Agent to be the Base Rate for the relevant Interest Period as specified in the related Notice of Borrowing, provided that if the Borrower shall fail to elect an Interest Period in its Notice of Borrowing as herein provided or if an Event of Default has occurred and is continuing, the Agent shall elect the relevant Interest Period, which may be one (1) day;
(ii) with respect to each LIBOR Rate Advance, the Borrower shall pay interest in one or more tranches thereon at an interest rate equal to the sum of (y) the LIBOR Rate plus (z) the applicable margin for the relevant Interest Period, determined by the Agent and subject to periodic adjustment, as provided below in this Section 2.05(b)(ii) or, if the LIBOR Rate is unavailable for any such period, at the Base Rate:
(A) with respect to each Interest Period relating to a LIBOR Rate Advance, the Borrower shall, by telex notice to be received by the Agent by 11 A.M. New York time on a Business Day at least three (3) Business Days prior to the commencement of each such successive period, elect an Interest Period of one, two, three or six months duration and one or more but no more than six tranches in total for all outstanding LIBOR Rate Advances, provided no tranche shall be in an amount less than Twenty Million Dollars ($20,000,000); provided the Borrower shall select Interest Periods, and if necessary shall select as the final Interest Period for each LIBOR Rate Advance an Interest Period less than one month in duration, so that the maturity date of each Advance shall be the last day of the Interest Period for such Advance; provided that if the Borrower shall ...
Interest and Default Interest. (i) The interest will be charged on the Facilities as specified in the Schedule 4. The interest specified in the Schedule 4 or any other provision in the Finance Documents will be computed from the respective Due Dates and shall become payable upon the footing of compound interest with monthly rests or such other rests as may be prescribed by the Lender from time to time. The Interest applicable on the Facility or charges debited to the Account of the Borrower shall be calculated on the daily debit balance of such Account.
(ii) Interest, commission, discount and all other charges shall accrue from day to day and shall be computed on the basis of 365 days a year for rupee Facilities, and the actual number of days elapsed.
(iii) The interest payable by the Borrower shall be subject to the changes based on guidelines / directive issued by RBI to small finance banks from time to time and the changes made by the Lender at its sole discretion.
(iv) If the Due Date in respect of any amount payable under the Facilities falls on a day which is not a Business Day at the place where the payment is to be made, the immediately preceding Business Day shall be the Due Date for such payment.
(v) If the Facility(ies) is/are disbursed in multiple tranches in multiple accounts , the Interest Rate applicable to each of such tranche will be decided at the time of disbursement of such tranche, as may be stipulated in the Sanction Letter.
(vi) The Lender is entitled to disburse the Facilities granted/to be granted to the Borrower to in a single account or multiple accounts of any facilities and this agreement would be valid and binding for all such accounts. It is agreed between the parties that the facilities disbursed in such multiple loan accounts may have a varied rate of interest and different repayment date or repayment schedule as may be agreed mutually between the parties at the time of each disbursement and as stipulated in the in the sanction letters subsequently issued for various facilities to be granted within the Overall Limits.
(vii) Interest would be calculated from the date of the loan disbursement i.e. the date of the issuance of the cheque/ transfer instruction / RTGS / NEFT. The Lender would not be responsible for any delay on the part of the Obligors to collect and/or deposit the cheque or otherwise.
Interest and Default Interest. No interest or default interest shall accrue on the subordinated loan under this Article.
Interest and Default Interest. The Australian Borrower agrees to pay interest and default interest on the Notes issued under the Facilities as calculated under the Facilities Agreement as though Clauses 10.2 (Payment of interest) and 10.3 (Default interest) applied to it.
Interest and Default Interest. (a) The Australian Borrower agrees to pay interest and default interest on each Note issued under a Facility as calculated under the Facility Agreement as though Clauses 15.2 (Payment of interest) and 15.4 (Default interest) of the Facility Agreement applied to it.
(b) The Australian Borrower shall pay accrued interest on each Note on the last day of each Interest Period (and, if the Interest Period is longer than six Months, on the dates falling at six monthly intervals after the first day of the Interest Period).
(i) If the Australian Borrower fails to pay any amount payable by it under a Note on its due date, interest shall accrue on the overdue amount from the due date up to the actual payment (both before and after judgment) at a rate 1% higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted an amount payable under a Note in the currency of the overdue amount for successive Interest Periods under the relevant Facility (or, if the overdue amount for successive Interest Periods under the relevant Facility (or, if the overdue amount does not relate to a particular Facility, under Facility A), each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 5(c) shall be immediately payable by the Australian Borrower on demand by the Facility Agent.
(ii) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.
Interest and Default Interest. 22 SECTION 2.4.
Interest and Default Interest. 6.1 Interest will be charged on the Outstanding Advances at a rate per annum equivalent to 12% per annum. Interest will be calculated and accrue on a daily basis (calculated on a year of 365 days and the actual number of days elapsed) and will be payable on repayment of the Outstanding Advances.
6.2 In the event that any monies from time to time payable to the Lender hereunder are not paid on the due date, additional interest shall be payable on the amount due, from the date payment was due to the date payment is made, at a rate equivalent to 6% per annum. Any such interest will be calculated and accrue on a daily basis.
Interest and Default Interest. The interest rate on the Loan shall be a fixed rate of 7.5% per year. Interest on the Loan shall be calculated based on the formula: [Outstanding Loan Amount x Interest Rate Specified in Paragraph 1 x Actual Number of Elapsed Days / 365 (For Loan Interest Periods during a leap year, the denominator shall be 366)]. The first day of the Loan Interest Period is included in the calculation, but the last day is excluded. If the Borrower fails to pay the Loan, interest, or any other amounts payable under the Loan Transaction Agreement on the due date (including dates arising from the Loss of Benefit of Time), the Borrower shall pay default interest on the overdue amount for the period from the due date to the actual payment date. The default interest rate shall be the interest rate specified in Paragraph 1 plus 3% per annum. Default interest shall be calculated based on the actual number of overdue days, assuming a year consists of 365 days (or 366 days in a leap year). The first day of the overdue period is included, but the last day is excluded.
Interest and Default Interest. (1) In cases where there are changes in the financial situations or any other reasonable cause, either the Customer or the Bank may request that they have discussions about the revisions of their agreement on the rates of interest, discount fees, guarantee fees and other fees and charges (the “Interest or Other Fee”), the rates at which such Interest or Other Fee shall be repaid, the timing and method of payment thereof to those then prevailing in general.
(2) In cases where there arise any changes in the creditworthiness of the Customer due to changes in the financial positions or the value of the collaterals furnished to the Bank by the Customer, either the Customer or the Bank may request they have discussions about such revisions of the rates of the Interest or Other Fee as set forth in the preceding Paragraph.
(3) In cases where the Customer fails to satisfy any obligations it owes the Bank, the Customer shall pay the Bank a default interest calculated at the rate of fourteen percent (14%) per annum on the amount due and payable by the Customer. For this purpose, such default interest shall be calculated on the basis of a 365 day year and prorated for the actual number of days elapsed for the period during which such non-satisfaction continues.
Interest and Default Interest. (1) The rates, calculation method or the time and manner of payment, respectively, of the interest, discount charge, guarantee fee or commission (“Interest and other fees”) shall be determined by the Bank to the extent permitted by applicable laws and regulations, and the Bank shall make available through product description and the Bank’s website for the Obligor to check the Interest and other fees prior to entering into relevant agreements.
(2) With respect to the rate of the Interest and other fees, the Obligor may select one of the following at the time of the agreement:
1. The Bank shall not, in principle, change the rate until the Obligor’s obligations are fully performed; or
2. The Bank may change the rate from time to time until the Obligor’s obligations are fully performed.
(3) If the Obligor selects Paragraph (2) 1. above and there is a material change in circumstances due to sudden changes in the national economy or financial situation, which could not be expected at the time of execution of the agreement, before the obligations are fully performed, then the Bank may increase or decrease the rates of the Interest and other fees by providing notice to the Obligor. In the event the cause for such change ceases to exist, the Bank shall change the rate of the Interest and other fees to conform to such circumstance.
(4) If the Obligor selects Paragraph (2) 2. above, the Bank shall increase or decrease the rates of Interest and other fees in accordance with the financial practices to a reasonable extent.
(5) Any amount not paid by the Obligor to the Bank when due and payable shall bear interest at the default rate determined by the Bank to the extent permitted under the applicable laws and regulations, calculated on a daily basis on 365 days in a year (366 days in a leap year); provided that, the Bank may change the rates to the extent permitted under the applicable laws and regulations in the event of change in financial condition or any other comparable causes.
(6) If the Bank needs to change the calculation method or time and manner of payment of the Interest and other fees and the default interest due to changes in the financial circumstances or any other circumstances affecting credit transactions, such change may be made by the Bank to the extent permitted under the applicable laws and regulations, and shall apply from the date of the first interest payment after such change.
(7) If the change is made pursuant to Paragraph (4), (5) or (6) above,...
