Interest Default Rate. (a) [Reserved].
Interest Default Rate. During the continuance of a Default, at the option of Access and to the extent not otherwise prohibited by the terms of the Sun Intercreditor Agreement, interest shall accrue on the Indebtedness at a rate per annum equal to 2% above the interest rate otherwise applicable thereto.
Interest Default Rate. (a) The Principal Amount Outstanding shall bear interest at the rate of eight percent (8%) per annum. Interest shall be computed on the actual number of days elapsed on the basis of a year consisting of 360 days.
(b) Any amounts outstanding under this Note that shall have been demanded by the Lender hereto and not paid shall bear interest from and after the date of such applicable demand at the rate of sixteen (16%) per annum (the "Demand Interest Rate"), increasing monthly by an annual rate which is one (1) percentage point above the then current Demand Interest Rate for each month that any amounts outstanding under this Note remain overdue. Any interest on the Note shall accrue and be compounded monthly until the obligation of Borrower, with respect to the payment of such interest, has been discharged (whether before or after judgment).
(c) Notwithstanding the foregoing, the effective annual rate under this Note (including the Demand Interest Rate) shall not exceed a maximum annual rate of twenty-four (24%) percent or the maximum annual rate permitted by law, whichever is less.
Interest Default Rate. The outstanding principal balance of the Loans (including any amounts added to principal under the Loan Documents) shall bear fixed, non-compounding interest at the Contract Rate. Payments of interest shall be due monthly in cash, in arrears on the first day of each month, commencing with August 1, 2023.
Interest Default Rate. (a) Subject to this Agreement, the Borrowers may elect an interest rate for each Revolving Loan A and Revolving Loan B based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate (as defined on Schedule B hereto) plus .25%. Subject to the terms and conditions of this Agreement, the Borrowers may elect an interest rate for the Term Loan based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate plus .50%. Each Prime Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Prime Rate (which rate shall change contemporaneously with any change in the Prime Rate), payable on the last day of each fiscal quarter, commencing on March 31, 1997, and when such Prime Rate Loan is due (whether at maturity, by reason of acceleration or otherwise). Libor Loans shall bear interest, and otherwise be governed, in accordance with Schedule B (the "Libor Terms").
(b) Overdue principal (whether at maturity, by reason of acceleration or otherwise) and, to the extent permitted by applicable law, overdue interest and fees or any other amounts payable hereunder or under the Notes, shall bear interest from and including the due date until paid, payable on demand, at a rate per annum equal to 3% above the rate then applicable to Prime Rate Loans. In addition, if the entire amount of any required principal and/or interest is not paid in full within ten days after the same is due, the Borrowers shall pay to the Bank a late fee equal to 5% of the required payment.
Interest Default Rate. No Interest shall accrue hereunder unless and until an Event of Default (as defined in Section 4(a)) has occurred. Interest on this Note shall commence accruing on March 9, 2022 at a rate of six percent (6.0%) per annum (the “6.0% Interest Rate”) and shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in arrears to the record holder of this Note in cash by wire transfer of immediately available funds in accordance with the Holder’s wire instructions on the first Business Day of each Calendar Quarter following March 9, 2022 (each, an “Interest Date”), with the first Interest Date hereunder being April 1, 2022. From and after the occurrence and during the continuance of any Event of Default, Interest shall accrue hereunder at a rate of eighteen percent (18.0%) per annum (the “Default Rate”, together with the 6.0% Interest Rate, each an “Interest Rate”) and shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in arrears on the first Business Day of the calendar month immediately succeeding the month during which an Event of Default has occurred or is continuing, as applicable (a “Default Interest Date”). Accrued and unpaid Interest, if any, shall also be payable as part of the Outstanding Amount upon any redemption or conversion hereunder occurring prior to a Default Interest Date. In the event that such Event of Default is subsequently cured or waived in writing by the Holder (and no other Event of Default then exists, including, without limitation, for the Company’s failure to pay such Interest at the Default Rate on the applicable Default Interest Date), the adjustment to the Interest Rate from the 6.0% Interest Rate to the Default Rate shall cease to be effective as of Interest shall cease to accrue hereunder as of the calendar day immediately following the date of such cure or waiver; provided that Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure or waiver of such Event of Default.” The Company and the Holder agree that the reference to “Default Rate” in the first paragraph of the July Note shall remain a reference to “Default Rate”.
Interest Default Rate. The Applicable Rate is subject to adjustment from time to time based on changes in Term SOFR and such adjustments shall be made on each Reset Date without notice to Borrowers. Interest on all Obligations shall be calculated on the basis of actual days elapsed and that an entire year’s interest is earned in three hundred sixty (360) days. This calculation method results in a higher effective interest rate than the numeric interest rate stated in this Agreement. Interest shall accrue from and including the date of any Advance to but excluding the date of any repayment thereof. Upon the occurrence of an Event of Default and during the continuance thereof, at Bank’s option, each Loan shall bear interest at the Default Rate, which interest shall be payable on demand. Each Borrower acknowledges the cost and expense to Bank due to an Event of Default is difficult to ascertain and that the Default Rate is a fair and reasonable estimate to compensate Bank for this. Any decision by Bank to defer or not impose the Default Rate shall not be a waiver of any other rights and remedies.
Interest Default Rate. Interest shall accrue on the outstanding principal balance of the Term Loan at a per annum rate equal to five percent (5.0%) (the “Interest Rate”). All interest shall be due and payable on the Maturity Date. Upon the occurrence and during the continuation of an Event of Default, the Interest Rate in effect at such time with respect to the Obligations shall be increased by two percent (2.0%) per annum. All interest and fees hereunder shall be computed on the basis of a year of 365/366 days and for the actual number of days elapsed in each calculation period. In no event shall the interest and other charges paid or agreed to be paid to Lender hereunder exceed the maximum rate permissible under applicable law.
Interest Default Rate. From (and including) the date of this Debenture through (and including) the Maturity Date, no interest shall accrue or be payable with respect to this Debenture. All past due principal of this Debenture shall accrue interest at the Default Rate from (but not including) the Maturity Date through (but not including) the date of payment. From and after the Maturity Date, interest will be calculated on the basis of the actual number of days elapsed over a year composed of 365 days (or 366 days, as the case may be). ----------------------------------
(3) The due date of the Senior Subordinated Debentures will be 10 years after the date of issuance.
Interest Default Rate. From (and including) the date of this Debenture through (and including) the Maturity Date, no interest shall accrue or be payable with respect to this Debenture. All past due principal of this Debenture shall accrue interest at the Default Rate from (but not including) the Maturity Date through (but not including) the date of payment. From and after the Maturity Date, interest will be calculated on the basis of the actual number of days elapsed over a year composed of 365 days (or 366 days, as the case may be).
