Interest and Fees Clause Samples
The INTEREST AND FEES clause sets out the terms under which interest and additional charges may be applied to outstanding amounts or late payments under an agreement. Typically, it specifies the interest rate, the method of calculation, and any administrative or late fees that may accrue if payments are not made on time. This clause ensures that parties are aware of the financial consequences of delayed payments, thereby encouraging timely fulfillment of payment obligations and compensating the party owed for any delay.
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Interest and Fees. (a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise and both before and after default and judgment) at a rate per annum that shall at all times be equal to the Applicable Margin for ABR Loans plus the ABR in effect from time to time.
(b) The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise and both before and after default and judgment) at a rate per annum that shall at all times be equal to the Applicable Margin for LIBOR Loans plus the relevant LIBOR.
(c) If all or a portion of (i) the principal amount of any Loan or (ii) any interest thereon or fees payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum that is (x) in the case of overdue principal, equal to the rate that would otherwise be applicable thereto plus, to the extent permitted by applicable law, 2.00% (after as well as before maturity and judgment), (y) in the case of any overdue interest with respect to any Loan, equal to the rate of interest applicable to such Loan plus, to the extent permitted by applicable law, 2.00%, or (z) in the case of any overdue fees or other amounts owing hereunder, equal to the rate of interest then applicable to Loans maintained as ABR Loans plus 2.00%, in each case from and including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before maturity and judgment). All interest payable pursuant to this Section 2.8(c) shall be payable upon demand.
(d) Interest on each Loan shall accrue from and including the date such Loan is made to but excluding the date of any repayment thereof and shall, except as otherwise provided pursuant to Section 2.8(c), be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each of March, June, September and December (for the three-month period (or portion thereof) ended on such day), (ii) in respect of each LIBOR Loan, on the last day of each LIBOR Period applicable thereto and, in the case of a LIBOR Period in excess of three months, on each date occurring at three-month intervals after the first day of such LIBOR Period and (iii) in respect of each Loan on any payment or prepayment (on the amount paid or prepaid), a...
Interest and Fees. Any prepayment made pursuant to this Section 2.05 shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment.
Interest and Fees. (a) On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01, pay to each Lender, each LC Participant, the LC Bank, the Administrative Agent and the Structuring Agent certain fees (collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the Borrower, the Lenders, the LC Participants, the LC Bank and/or the Administrative Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee Letter”). Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender as provided in Section 2.06.
(b) Each Loan of each Lender and the Capital thereof (without duplication) shall accrue interest on each day when such Capital remains outstanding at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest (including, for the avoidance of doubt, all Interest accrued on LIBOR Loans during an Interest Period regardless of whether the applicable Tranche Period has ended), Fees and Breakage Fees accrued during each Interest Period on each Settlement Date in accordance with the terms and priorities for payment set forth in Section 4.01.
Interest and Fees. (a) The Loans shall bear interest (i) during the period from the Availability Date through March 30, 2018, for each Interest Rate Period, at either the Applicable Rate or the Applicable PIK Rate as selected by the Borrower by written notice to the Administrative Agent delivered on or prior to the date that is 30 days prior to the beginning of such Interest Rate Period and (ii) at all times thereafter, at the Applicable Rate; provided that, for the Interest Rate Period commencing on the Availability Date and ending on March 30, 2016, the Loans shall bear interest at the Applicable Rate; provided, further, that for the Interest Rate Period commencing March 31, 2016, the Loans shall bear interest at the Applicable PIK Rate.
(b) The Borrower shall pay to the Administrative Agent fees in such amounts and at such times as set forth in that certain letter agreement, dated March 8, 2016, among the Administrative Agent and the Borrower, as amended, restated, amended and restated, supplemented or otherwise modified from time to time.
(c) Notwithstanding the foregoing, upon the occurrence and during the continuance of an Event of Default, the principal amount of all Loans and, to the extent permitted by applicable law, other Obligations outstanding shall thereafter bear interest, after as well as before judgment, at a rate per annum equal to 2% plus the Applicable Rate.
(d) Subject to Section 2.09(f), accrued interest on the Loans shall be payable in arrears on each Interest Payment Date and on the Maturity Date; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan, accrued interest on the principal amount repaid or prepaid shall be payable in cash on the date of such repayment or prepayment.
(e) All interest hereunder shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable.
(f) All interest accruing at the Applicable PIK Rate shall be payable-in-kind rather than in cash (such interest, the “PIK Interest”) on each applicable Interest Payment Date, and the amount of such PIK Interest shall be capitalized and added to the outstanding principal amount of the Loans on each such Interest Payment Date. From and after each applicable Interest Payment Date, the outstanding principal amount...
Interest and Fees. 35 3.1 Interest ............................................................................. 35 3.2 Closing Fee .......................................................................... 37 3.3 Servicing Fee ........................................................................ 37 3.4 Unused Line Fee ...................................................................... 37 3.5 Changes in Laws and Increased Costs of Loans ......................................... 37
Interest and Fees. In respect of Advances under each Non-Revolving Facility, the Borrower agrees to pay the following:
(a) interest on Prime Rate Loans at the Prime Rate plus the Applicable Margin per annum, payable monthly in arrears on the last day of each and every month;
(b) in respect of each Bankers' Acceptance, a stamping fee equal to the Applicable Margin, multiplied by the face amount of the Bankers' Acceptance with the product thereof further multiplied by the number of days to maturity of the Bankers' Acceptance and divided by 365, payable at the time of acceptance;
(c) in respect of each BA Equivalent Note, a stamping fee equal to the Applicable Margin multiplied by the face amount of the BA Equivalent Note with the product thereof further multiplied by the number of days to maturity of the BA Equivalent Note and divided by 365, payable at the time of acceptance;
(d) a standby fee payable in Canadian Dollars with respect to the unused portion of Facility C, calculated on a daily basis as being the difference between (i) the Facility C Maximum Amount (less the Commitments of any Non-Funding Lenders under Facility C) and (ii) the Outstanding Principal Amount under Facility C, multiplied by the Applicable Margin and divided by 365; which standby fee shall be payable quarterly in arrears on the last Business Day of each Fiscal Quarter based on the number of days in such Fiscal Quarter (including the first day and excluding the last day in such Fiscal Quarter) and on the Maturity Date; and
(e) a standby fee payable in Canadian Dollars with respect to the unused portion of Facility D, calculated on a daily basis as being the difference between (i) the Facility D Maximum Amount (less the Commitments of any Non-Funding Lenders under Facility D) and (ii) the Outstanding Principal Amount under Facility D, multiplied by the Applicable Margin and divided by 365; which standby fee shall be payable quarterly in arrears on the last Business Day of each Fiscal Quarter based on the number of days in such Fiscal Quarter (including the first day and excluding the last day in such Fiscal Quarter) and on the Maturity Date. Except as otherwise provided in this Agreement, such payments shall be made to the Agent on behalf of the Lenders; and the Agent shall promptly remit to each Lender its Proportionate Share of each such payment.
Interest and Fees. Any prepayment made pursuant to this Section 2.06 shall be accompanied by (i) accrued interest on the principal amount being prepaid to the date of prepayment, (ii) any Funding Losses payable pursuant to Section 2.09, (iii) the Applicable Premium, if any, payable in connection with such prepayment of the Loans to the extent required under Section 2.07(c) and (iv) if such prepayment would reduce the amount of the outstanding Loans to zero at a time when the Total Revolving Credit Commitment has been terminated, such prepayment shall be accompanied by the payment of all fees accrued to such date pursuant to Section 2.07.
Interest and Fees. 24 3.1 Interest................................................................................24 3.2
Interest and Fees. 6 3.1 Interest..................................................... 6 3.2 Fees......................................................... 6
Interest and Fees. Any prepayment made pursuant to this Section 2.04 shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment, and if such prepayment would reduce the amount of the outstanding Loan to zero, such prepayment shall be accompanied by the payment of all fees accrued to such date pursuant to the terms of this Agreement.