Interest Rate; Interest Calculation Clause Samples
The 'Interest Rate; Interest Calculation' clause defines how interest is determined and calculated on amounts owed under the agreement. It typically specifies the applicable interest rate, such as a fixed percentage or a rate tied to a benchmark like LIBOR, and outlines the method and frequency of interest accrual, for example, daily or monthly compounding. This clause ensures both parties understand the cost of borrowing or the penalty for late payments, providing clarity and preventing disputes over how much interest is due.
Interest Rate; Interest Calculation. (i) With respect to each Interest Period, interest shall accrue on the Principal Amount at the applicable Interest Rate. Except as expressly set forth in this Agreement to the contrary, interest shall accrue on all amounts advanced by Lender pursuant to the Loan Documents (other than the Principal Amount, which shall accrue interest in accordance with the immediately preceding sentence) at the Default Rate.
(ii) Interest, for any given Interest Period, shall be computed on the Principal Amount on the basis of a fraction, the denominator of which shall be 360 and the numerator of which shall be the actual number of days in the relevant Interest Period.
(iii) Upon the occurrence and during the continuance of an Event of Default and from and after the Maturity Date (if the entire Principal Amount is not repaid on the Maturity Date) interest on the outstanding Principal Amount of the Loan and, to the extent permitted by law, overdue interest and other amounts due in respect of the Loan shall accrue at the Default Rate calculated from the date such payment was due without regard to any grace or cure periods contained herein. Interest at the Default Rate shall be computed from the occurrence of the Event of Default until the actual receipt and collection of the Indebtedness (or that portion thereof that is then due). To the extent permitted by applicable law, interest at the Default Rate shall be added to the Indebtedness and shall be secured by the Security Instrument. This paragraph shall not be construed as an agreement or privilege to extend the date of the payment of the Indebtedness, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default, and Lender retains its rights under the Note to accelerate and to continue to demand payment of the Indebtedness upon the happening of any Event of Default.
Interest Rate; Interest Calculation. (a) Except as provided in 2(b) below, the interest rate is the aggregate of 3.98% per annum “Interest Rate”). Interest shall be calculated on the actual number of days elapsed on a 360 days year basis.
(b) From and after an event of default under this Agreement as described in paragraph 5 below, the Borrower shall pay to the Lender interest on such amount from the due date until payment is received by the Lender at a rate of 1% p.a. above the Interest Rate.
Interest Rate; Interest Calculation. (a) Except as provided in 2(b) below, the interest rate is 4,02% per annum “Interest Rate” which is the aggregate of Libor plus a margin of 1,70% p.a. plus swap cost if swapping from floating to fixed rate. Interest shall be calculated on the actual number of days elapsed on a 360 days year basis. If on any date Libor does not reflect the Lender’s cost of funds, the Lender shall notify the Borrower. Subsequent to such notice, the applicable reference rate for any draw downs under this agreement shall then be based on the greater of the Lender’s cost of funds and Libor..
(b) From and after an event of default under this Agreement as described in paragraph 5 below, the Borrower shall pay to the Lender interest on such amount from the due date until payment is received by the Lender at a rate of 1% p.a. above the Interest Rate.
(c) In consideration of the Loan, on the initial funding date of the Loan Borrower shall pay Lender a facility fee equal to 0.10% of the principal amount of the Loan.
Interest Rate; Interest Calculation. (a) Interest on the outstanding principal balance of the Loan shall accrue from and including the Closing Date to but excluding the Maturity Date at the Applicable Interest Rate. Borrower shall pay to Lender on each Payment Date the interest accrued on the Loan for the preceding Interest Period.
(b) Interest on the outstanding principal balance of the Loan shall be calculated by multiplying (x) the actual number of days elapsed in the period for which the calculation is being made by (y) a daily rate based on a three hundred sixty (360) day year by (c) the outstanding principal balance.
(c) The Loan shall be a LIBOR Loan, and Borrowers shall pay interest on the outstanding principal amount of the Loan at the Applicable Interest Rate; provided, however, that at any time that more than one (1) Note is issued and outstanding and the Notes are accruing at different interest rates the “Applicable Interest Rate” shall equal the weighted average interest rate of the Notes then outstanding.
(d) Any change in the rate of interest hereunder due to a change in the Applicable Interest Rate shall become effective as of the opening of business on the first day on which such change in the Applicable Interest Rate shall become effective. Each determination by Administrative Agent of the Applicable Interest Rate shall be conclusive and binding for all purposes, absent manifest error
(e) Administrative Agent shall promptly notify Borrowers and Lenders of the Applicable Interest Rate applicable to any Interest Period upon determination of such interest rate.