Common use of Interest on Loan Clause in Contracts

Interest on Loan. (a) Borrower shall pay interest to Lender with respect to the Loan in arrears on each June 30 and December 31, commencing June 30, 1996. Interest shall be payable in an amount equal to the quotient of (i) an amount equal to (A) the sum of the daily unpaid principal amount of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period from the Closing Date through June 30, 1996) multiplied by (B) a rate equal to 9% (provided that the rate applicable to the period prior to the date of this Agreement shall be 8%) ("Stated Rate"), divided by (ii) 365. (b) If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as an Event of Default shall be continuing the Stated Rate applicable to the Loan shall be increased by 8% per annum ("Default Interest Rate"), retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Date. (d) Notwithstanding anything to the contrary set forth in this Section, if at anytime until payment in full of all of the obligations in respect of the Loan, the Default Interest Rate exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto ("Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder with respect to the Loan to which such Default Interest Rate applies shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder with respect to the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender hereunder is equal to the total interest which Lender would have received had such Default Interest Rate been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable hereunder shall be the Default Interest Rate unless and until such Default Interest Rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section, shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid on the Loan, then to any due and payable principal on the Loan, then to other unpaid Obligations, and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.

Appears in 1 contract

Samples: Loan Agreement (On Stage Entertainment Inc)

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Interest on Loan. (a) Borrower shall pay interest to Lender with respect to monthly, in arrears, on the Loan in arrears on first day of each June 30 and December 31month, commencing on June 301, 1996. Interest shall be payable 1995 (each, an "INTEREST PAYMENT DATE"), in an amount equal to the quotient of (i) an amount equal to (A) the sum of the daily unpaid principal amount amounts of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period from the Closing Date through June 30, 1996) previous month multiplied by (B) a rate equal to 9the Index Rate plus 3.75% per annum (provided that the rate applicable to the period prior to the date of this Agreement shall be 8%) ("Stated RateSTATED RATE"), divided by (ii) 365360. (b) The Stated Rate shall be determined on the last day of each month (unless any such day is not a Business Day, in which event the next succeeding Business Day will be used) for use in calculating the interest which is payable for the following month. If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as an any Event of Default shall be continuing continuing, the Stated Rate interest rate applicable to the Loan shall be increased by 8equal to the Stated Rate plus 5.0% per annum (the "Default Interest RateDEFAULT RATE"), retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Date. (d) Notwithstanding anything to the contrary set forth in this Section, Section 2.6 if at anytime any time until payment in full of all of the obligations in respect of the LoanObligations, the Stated Rate or the Default Interest Rate Rate, as applicable, exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the "Maximum Lawful RateMAXIMUM LAWFUL RATE"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder with respect to the Loan to which such Default Interest Rate applies shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate the applicable rate is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder with respect to the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender from the making of advances hereunder is equal to the total interest which Lender would have received had such the Stated Rate or the Default Interest Rate Rate, as the case may be, been (but for the operation of this paragraph) the interest rate payable since the Closing Funding Date. Thereafter, the interest rate payable hereunder shall be the Stated Rate or the Default Interest Rate Rate, as the case may be, unless and until such the Stated Rate or the Default Interest Rate Rate, as the case may be, again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this SectionSection 2.6(d), shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by applicable law, promptly apply such excess first in the following order: (i) to any interest then due and not yet paid on the Loanpayable fees and expenses, then (ii) to any due and payable principal on interest, (iii) to any due and payable principal, (iv) to the Loanremaining principal, then (v) to other unpaid Obligations, and (vi) thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.

Appears in 1 contract

Samples: Revolving Credit Agreement (United Homes Inc)

Interest on Loan. (a1) Borrower shall pay From the Initial Advance Date through and including the Commitment Termination Date, interest accrues on the amount outstanding from time to Lender with respect time under the Loan at the rate of eleven and one-half percent (11-1/2%) per annum, calculated on the basis of a 360 day year for the number of days elapsed. Interest will accrue on the Initial Advance through, and will be capitalized on, March 31, 1999 and added to the Loan in arrears on each June 30 and December 31, commencing June 30, 1996principal amount outstanding at such time under the Loan. Interest on all other Advances will accrue through the last day of each calendar quarter and will be capitalized on such date and added to the principal amount outstanding at such time under the Loan. Interest accrued and uncapitalized on the Repayment Date shall be payable in an amount equal to the quotient of (i) an amount equal to (A) the sum of the daily unpaid principal amount of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period from the Closing Date through June 30, 1996) multiplied by (B) a rate equal to 9% (provided that the rate applicable to the period prior to the date of this Agreement shall be 8%) ("Stated Rate"), divided by (ii) 365such date. (b) If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as an Event of Default shall be continuing the Stated Rate applicable to the Loan shall be increased by 8% per annum ("Default Interest Rate"), retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Date. (d2) Notwithstanding anything to the contrary set forth in this SectionSection 2.3, if at anytime any time until payment in full of all of the obligations in respect of the LoanObligations, the Default Interest Rate applicable rate of interest under this Agreement exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the "Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder with respect to the Loan to which such Default Interest Rate applies shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate the applicable rate of interest under this Agreement is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder with respect to the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender from the making of Advances hereunder is equal to the total interest which Lender would have received had such Default Interest Rate the applicable rate of interest under this Agreement been (but for the operation of this paragraph) the interest rate payable since the Closing Initial Advance Date. Thereafter, the interest rate payable hereunder shall be the Default Interest Rate applicable rate of interest under this Agreement, unless and until such Default Interest Rate rate shall again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section, shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid on the Loan, then to any due and payable principal on the Loan, then to other unpaid Obligations, and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.

Appears in 1 contract

Samples: Loan Agreement (Securicor International LTD)

Interest on Loan. (a) Borrower Borrowers shall be obligated to pay interest on the unpaid principal amounts of the Loan owing to Lender with respect to from the Funding Date until the Loan is paid in arrears on each June 30 and December 31, commencing June 30, 1996. Interest shall be payable in an amount full at a floating rate per annum equal to the quotient of Index Rate in effect from month to month plus 3.00% per annum (i) an amount equal to (A) the sum of the daily unpaid principal amount of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period from the Closing Date through June 30, 1996) multiplied by (B) a rate equal to 9% (provided that the rate applicable to the period prior to the date of this Agreement shall be 8%) ("Stated Index Rate"), divided by (ii) 365payable monthly in arrears and due on the first day of each calendar month commencing on July 1, 1997 and on the date the Loan shall be repaid in full; provided, however, that upon the occurrence of a Default, interest on the Loan shall be calculated at a default rate per annum equal to the Index Rate in effect from month to month plus 5.00% per annum and shall be payable upon demand. (b) The Stated Index Rate shall be determined on the last day of each month (unless any such day is not a Business Day, in which event the next succeeding Business Day will be used) for use in calculating the interest which is payable for the following month. (c) If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (cd) So long as an Event All computations of Default interest shall be continuing made by Lender on the Stated basis of a year of 360 days, in each case for the actual number of days occurring in the period for which such interest is payable. Any change in the interest rate on Advances or any portion thereof resulting from a change in the Index Rate applicable to the Loan shall become effective as provided in Section 2.6(b) above. Each determination by Lender of an interest rate hereunder shall be increased by 8% per annum ("Default Interest Rate")conclusive and binding for all purposes, retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Dateabsent manifest error or bad faith. (de) Notwithstanding anything to the contrary set forth in this Section, if at anytime until payment in full of all of the obligations in respect of the LoanSection 2.6, the Default Interest Rate exceeds the highest rate of Borrowers shall never be required to pay unearned interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto ("Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder with respect to on the Loan to which such Default Interest Rate applies and shall never be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate is less than the Maximum Lawful Rate, Borrower shall continue required to pay interest hereunder with respect to on the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender hereunder is equal to the total interest which Lender would have received had such Default Interest Rate been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable hereunder shall be the Default Interest Rate unless and until such Default Interest Rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section, shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, and if the effective rate of interest which would otherwise be payable under this Agreement would exceed the Maximum Lawful Rate, or if Lender shallshall receive any unearned interest or shall receive monies that are deemed to constitute interest which would increase the effective rate of interest payable under this Agreement to a rate in excess of the Maximum Lawful Rate, then (i) in lieu of the amount of interest which would otherwise be payable under this Agreement, the Borrowers shall pay the Maximum Lawful Rate, and (ii) any unearned interest paid by the Borrowers or any interest paid by the Borrowers in excess of the Maximum Lawful Rate shall be credited on the principal of the Loan, and, thereafter, refunded to the Borrower Representative. It is further agreed that, without limitation of the foregoing, all calculations of the rate of interest contracted for, charged or received by Lender under this Agreement that are made for the purpose of determining whether such rate exceeds the Maximum Lawful Rate shall be made, to the extent permitted by usury laws applicable lawto Lender (now or hereafter enacted), promptly apply such excess first by amortizing, prorating and spreading in equal parts during the period of the full stated term of the Loan all interest at any time contracted for, charged or received by Lender in connection therewith. If at any time and from time to time (i) the amount of interest payable to Lender on any date shall be computed at the Maximum Lawful Rate pursuant to this Section 2.6 and (ii) in respect of any subsequent interest due and not yet paid on computation period the Loanamount of interest otherwise payable to Lender would be less than the amount of interest payable to Lender computed at the Maximum Lawful Rate, then to any due and payable principal on the Loan, then to other unpaid Obligations, and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.amount of

Appears in 1 contract

Samples: Revolving Credit Agreement (50 Off Stores Inc)

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Interest on Loan. (a) Subject to Section 2.7 and Section 2.8 below, Borrower shall pay interest on the Loan: at a rate per annum equal to Daily Simple SOFR plus the Applicable Margin (such rate, or any replacement rate (including the Applicable Margin) instituted pursuant to Section 2.7, the “Applicable Interest Rate”). (b) While an Event of Default exists or after acceleration, at the option of Lender, Borrower shall pay interest (“Default Interest”) on the Loan at the Default Rate. (c) In the event that any payment due under the terms hereunder is not received by Xxxxxx within ten (10) days of the date such payment is due (inclusive of the date when due), Borrower shall pay to Lender with respect a late charge equal to five percent (5%) of such payment. Such fee shall be payable on the earlier of (i) the date of demand by Xxxxxx and (ii) the date that Borrower makes the late payment. (d) Interest on the principal amount of the Loan in arrears on each June 30 shall accrue from and December 31, commencing June 30, 1996including the Closing Date to but excluding the date of any repayment thereof. Interest shall be payable in an amount equal to arrears on the quotient [first][last] day of each calendar month (i) an amount equal to (A) each a “Payment Date”), commencing on ___________, and on the sum of the daily unpaid principal amount of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period from the Closing Date through June 30, 1996) multiplied by (B) a rate equal to 9% (Maturity Date; provided that the rate applicable to the period prior to the (1) if any such date of this Agreement shall would be 8%) ("Stated Rate"), divided by (ii) 365. (b) If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof such date shall be extended to the next succeeding Business Day andunless such next succeeding Business Day would fall in the next calendar month, with respect to payments of principalin which case such date shall be the next preceding Business Day and (2) notwithstanding the foregoing, interest thereon if the Maturity Date is not a Business Day, such date shall be the next preceding Business Day. All Default Interest shall be payable at the then applicable rate during such extensionon demand. (ce) So long as an Event of Default Lender shall be continuing determine the Stated Rate interest rate applicable to the Loan hereunder and shall promptly notify Borrower of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be increased by 8% per annum ("Default Interest Rate")conclusive and binding for all purposes, retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Dateabsent manifest error. (d) Notwithstanding anything to the contrary set forth in this Section, if at anytime until payment in full of all of the obligations in respect of the Loan, the Default Interest Rate exceeds the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto ("Maximum Lawful Rate"), then in such event and so long as the Maximum Lawful Rate would be so exceeded, the rate of interest payable hereunder with respect to the Loan to which such Default Interest Rate applies shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate is less than the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder with respect to the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender hereunder is equal to the total interest which Lender would have received had such Default Interest Rate been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable hereunder shall be the Default Interest Rate unless and until such Default Interest Rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received by Lender pursuant to the terms hereof exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section, shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid on the Loan, then to any due and payable principal on the Loan, then to other unpaid Obligations, and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.

Appears in 1 contract

Samples: Term Loan Agreement

Interest on Loan. (a) Borrower shall be obligated to pay interest to Lender with respect to on the Loan in arrears on each June 30 and December 31, commencing June 30, 1996. Interest shall be payable in an amount equal to the quotient of (i) an amount equal to (A) the sum of the daily unpaid principal amount of the Loan outstanding on each day during the period from the immediately preceding interest payment date (or, in the case of June 30, 1996, interest payment, during the period owing to Lender from the Closing Date through June 30, 1996) multiplied by (B) until the Loan is paid in full at a rate per annum equal to 95.00% (per annum above the Base Rate in effect from time to time, payable on the first Business Day of each fiscal quarter, commencing on September 29, 1997, and on the Commitment Termination Date; provided however, that upon the occurrence and during the continuation of an Event of Default, the interest on the Loan shall be calculated at a rate applicable per annum equal to the period prior to the date of this Agreement shall be 8Base Rate plus 7.00%) ("Stated Rate"), divided by (ii) 365. (b) If any payment on the Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day and, with respect to payments of principal, interest thereon shall be payable at the then applicable rate during such extension. (c) So long as an Event All computations of Default interest shall be continuing made by Lender on the Stated Rate applicable to basis of a year of 360 days, in each case for the Loan actual number of days (including the first day but excluding the last day) occurring in the period for which such interest is payable. Each determination by Lender of an interest rate hereunder shall be increased by 8% per annum ("Default Interest Rate")conclusive and binding for all purposes, retroactive to the Closing Date and applicable to the total amount of the Loan as of the Closing Dateabsent manifest error or bad faith. (d) Notwithstanding anything to the contrary set forth in this SectionSection 2.4, if at anytime any time until payment in full of all of the obligations Obligations in respect of the Loan, Loan the Default Interest Rate amount of interest payable to Lender hereunder exceeds the amount payable under the highest rate of interest permissible under any law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto (the "Maximum Lawful RateMAXIMUM LAWFUL RATE"), then in such event and so long as the amount payable under the Maximum Lawful Rate would be so exceeded, the rate amount of interest payable hereunder with respect to the Loan to which such Default Interest Rate applies shall be equal to the Maximum Lawful Rate; provided, however, that if at any time thereafter such Default Interest Rate is less than amount payable under the Maximum Lawful Rate, Borrower shall continue to pay interest hereunder with respect to the Loan to which such Default Interest Rate applies at the Maximum Lawful Rate until such time as the total interest received by Lender hereunder is equal to the total interest which Lender would have received had such Default Interest Rate been (but for the operation of this paragraph) the interest rate payable since the Closing Date. Thereafter, the interest rate payable hereunder shall be the Default Interest Rate unless and until such Default Interest Rate again exceeds the Maximum Lawful Rate, in which event this paragraph shall again apply. In no event shall the total interest received payable by Lender pursuant to the terms hereof Borrower hereunder exceed the amount which Lender could lawfully have received had the interest due hereunder been calculated for the full term hereof at payable under the Maximum Lawful Rate. In the event the Maximum Lawful Rate is calculated pursuant to this paragraph, such interest shall be calculated at a daily rate equal to the Maximum Lawful Rate divided by the number of days in the year in which such calculation is made. In the event that a court of competent jurisdiction, notwithstanding the provisions of this Section, shall make a final determination that Lender has received interest hereunder or under any of the Loan Documents in excess of the Maximum Lawful Rate, Lender shall, to the extent permitted by applicable law, promptly apply such excess first to any interest due and not yet paid on the Loan, then to any due and payable principal on the Loan, then to other unpaid Obligations, and thereafter shall refund any excess to Borrower or as a court of competent jurisdiction may otherwise order.Lawful

Appears in 1 contract

Samples: Loan Agreement (Aureal Semiconductor Inc)

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