Interest Rate; Late Charge. (1) The outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at the Interest Rate. The Interest Rate shall be computed as follows:
(a) From the Closing Date to the first Interest Adjustment Date following the Closing Date, the Interest Rate shall be equal to the rate of nine and one half percent (9.5%) per annum.
(b) Lender shall adjust the Interest Rate in accordance with this Section 2.2(1)(b) effective on each Interest Adjustment Date. The adjusted Interest Rate which becomes effective on each Interest Adjustment Date shall be equal to the Then Current Index applicable to the Interest Adjustment Date plus the Margin per annum. For purposes of clarification and notwithstanding anything to the contrary contained in this Agreement, the Interest Rate shall in no event be less than nine and one half percent (9.5%) per annum.
(2) Interest owing for each month shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) and the numerator of which is the actual number of days elapsed from the first day of such month provided that interest owing during the First Interest Period shall be computed on the number of days elapsed from the Closing Date through and including the last day of the calendar month immediately following the month in which the Closing Date occurred ("First Interest Period"). Principal and other amortization payments, if any, shall be applied to the outstanding principal balance as and when actually received.
(3) If Borrower fails to pay any installment of interest or principal within five (5) days of (and including) the date on which the same is due (other than the principal payment due on the Maturity Date), Borrower shall pay to Lender a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. The foregoing late charge is intended to compensate Lender for the expenses incident to handling any such delinquent payment and for the losses incurred by Lender as a result of such delinquent payment. Borrower agrees that, considering all of the circumstances existing on the date this Agreement is executed, the late charge represents a reasonable estimate of the costs and losses Lender will incur by reason of late payment. Borrower and Lender further agree that proof of actual losses would be...
Interest Rate; Late Charge. The outstanding principal balance of the Loan shall bear interest at a rate of interest equal to four and seven-tenths percent (4.70%) per annum (the “Contract Rate”). Interest at the Contract Rate shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) days and the numerator of which is the actual number of days elapsed from the date of the initial disbursement under the Loan or the date of the preceding interest installment due date, as the case may be, to the date of the next interest installment due date or the Maturity Date. If Borrower fails to pay any installment of interest or principal within five (5) days of (and including) the date on which the same is due, Borrower shall pay to Lender a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. While any Event of Default exists, the Loan shall bear interest at the Default Rate.
Interest Rate; Late Charge. The outstanding principal balance of the Loan shall bear interest at a floating rate of interest equal to the Libor Rate plus two and 50/100 percent (2.50%) per annum (the “Contract Rate”). If Borrowers fail to pay any installment of interest or principal within five (5) days after the date on which the same is due excluding the final installment due on the Maturity Date, Borrowers shall pay to Administrative Agent, for the account of Lenders (other than any Defaulting Lender but subject to Section 2.19(c)), a late charge on such past due amount, as liquidated damages and not as a penalty, equal to five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. Administrative Agent shall pay to each Lender (other than any Defaulting Lender but subject to Section 2.19(c)) its portion of the late charge based on each Lender’s Pro Rata Share of the Loan in accordance with Section 2.6. The foregoing late charge is intended to compensate each Lender for the expenses incident to handling any such delinquent payment and for the losses incurred by each Lender as a result of such delinquent payment. Borrowers agree that, considering all of the circumstances existing on the date this Agreement is executed, the late charge represents a reasonable estimate of the costs and losses each Lender will incur by reason of late payment. Borrowers and each Lender further agree that proof of actual losses would be costly, inconvenient, impracticable and extremely difficult to fix. Acceptance of the late charge shall not constitute a waiver of the Event of Default arising from the overdue installment, and shall not prevent any Lender from exercising any other rights or remedies available to such Lender with respect to such Event of Default. While any Event of Default exists, the Loan shall bear interest at the Default Rate.
Interest Rate; Late Charge. The outstanding principal balance of the Loan shall bear interest at a rate of interest equal to seven and ninety-seven hundredths percent (7.97%) per annum (the "CONTRACT RATE"). Interest at the Contract Rate shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) days and the numerator of which is the actual number of days elapsed from the date of the initial disbursement under the Loan or the date of the preceding interest installment due date, as the case may be, to the date of the next interest installment due date or the Maturity Date. If Borrower fails to pay any installment of interest or principal within fifteen (15) days after the date on which the same is due, Borrower shall pay to Lender a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to four percent (4%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. While any Event of Default exists, the Loan shall bear interest at the Default Rate.
Interest Rate; Late Charge. (1) The outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at a variable rate of interest, adjusted monthly, equal to the Libor Rate plus the Applicable Margin (the “Contract Rate”). From the Closing Date through the end of the calendar quarter in which the first advance is made, the Applicable Margin is 1.0%. The Applicable Margin shall be adjusted by reference to the following grid:
Interest Rate; Late Charge. (a) Except during the existence of an Event of Default, the outstanding principal balance of the Loan shall bear interest at the rate of three and forty-one hundredths percent (3.41%) per annum. During the existence of any Event of Default, the Loan shall automatically bear interest at the Default Rate.
(b) Interest shall be computed for the calendar month immediately preceding the applicable Payment Date or the Maturity Date on the basis of a fraction, the denominator of which is three hundred sixty (360) and the numerator of which is thirty (30) (except for any partial month, in which case the numerator shall be the actual number of days which have then elapsed during the period in question). Each determination by Lender of the amount of interest due and payable on each Payment Date shall be conclusive and binding for all purposes, absent manifest error.
(c) If Lender does not receive any installment of Debt Service by 2:00 p.m. (Hartford, Connecticut time) on the fifth (5th) calendar day of the month in which such installment is due (excluding the full amount of the Obligations due on the Maturity Date, for which no late charge or grace period shall apply), Borrower shall pay to Lender, within the Demand Period, a one-time late charge on such overdue amount (for the additional expense, time and effort in collecting and handling such overdue payment, as liquidated damages and not as a penalty) equal to the lesser of (i) the maximum amount permitted by applicable law, and (ii) five percent (5%) of such delinquent amount. Any such late charge shall be in addition to, and not in lieu of, interest at the Default Rate and any other rights, powers and remedies available to Lender and shall be in addition to any attorneys’ fees and expenses incurred by Lender in connection with such overdue payment.
Interest Rate; Late Charge. The outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at a rate of interest equal to six and ninety-five hundredths percent (6.95%) per annum (the "Interest Rate"). Interest shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) and the numerator of which is the actual number of days elapsed from the date of the initial advance or the date on which the immediately preceding payment was due. If Borrower fails to pay any installment of interest or principal within five (5) days after the date on which the same is due, Borrower shall pay to Agent a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to the greater of (a) interest at the Default Rate on such amount from the date when due until paid, and (b) five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. While any Event of Default exists, the Loan shall bear interest at the Default Rate.
Interest Rate; Late Charge. The outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest as follows:
(a) the Senior Note shall bear interest at a fixed rate of interest equal to nine and twenty-eight one hundredths percent (9.28%) per annum (the "SENIOR NOTE CONTRACT RATE"); and
(b) the Junior Note shall bear interest at a floating rate of interest equal to three and twenty- five one hundredths percent (3.25%) per annum in excess of the GECC Composite Commercial Paper Rate, as defined in Schedule 2.2 (the "JUNIOR NOTE CONTRACT RATE"). Interest shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) and the numerator of which is the actual number of days elapsed from the date of the initial advance or the date on which the immediately preceding payment was due. If Borrower fails to pay any installment of interest or principal within five (5) days after the date on which the same is due, Borrower shall pay to Lender a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to the greater of (i) interest at the Default Rate on such amount from the date when due until paid, or (ii) five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. While any Event of Default exists, the Loan shall bear interest at the Default Rate.
Interest Rate; Late Charge. (2) Interest shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) and the numerator of which is the actual number of days elapsed from the date of the initial advance or the date on which the immediately preceding payment was due.
(3) If Borrower fails to pay any installment of interest or principal on the date on which the same is due, Borrower shall pay to the Administrative Agent (on behalf of the Lenders), as liquidated damages and not as a penalty, interest at the Default Rate on such amount from the date when due until paid, but not in excess of the maximum amount of interest allowed by applicable law. In addition, but without duplicating amounts due under the prior sentence, while any Event of Default exists, the Loans shall bear interest at the Default Rate; provided, however, that during the continuance of an Event of Default the -------- ------- Administrative Agent may suspend the right of Borrower to Continue any Loan as a Eurodollar Loan having an Interest Period of greater than one (1) month, in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into Eurodollar Loans having an Interest Period of greater than one (1) month.
Interest Rate; Late Charge. (1) The Loans comprising each Alternate Base Rate Borrowing shall bear interest at a rate of interest per annum equal to the Alternate Base Rate. The Loans comprising each Eurodollar Borrowing shall bear interest at a rate of interest per annum equal to the Adjusted Libor Rate plus the Applicable Margin (the "Contract Rate").
(2) Interest shall be computed on the basis of a fraction, the denominator of which is three hundred sixty (360) and the numerator of which is the actual number of days elapsed from the date of the initial advance or the date on which the immediately preceding payment was due.
(3) If Borrower fails to pay any installment of interest or principal on the date on which the same is due, Borrower shall pay to the Administrative Agent (on behalf of the Lenders), as liquidated damages and not as a penalty, interest at the Default Rate on such amount from the date when due until paid, but not in excess of the maximum amount of interest allowed by applicable law. In addition, but without duplicating amounts due under the prior sentence, while any Event of Default exists, the Loans shall bear interest at the Default Rate; provided, however, that during the continuance of an Event of Default the Administrative Agent may suspend the right of Borrower to Continue any Loan as a Eurodollar Loan having an Interest Period of greater than one (1) month, in which event all Loans shall be Converted (on the last day(s) of the respective Interest Periods therefor) into Eurodollar Loans having an Interest Period of greater than one (1) month.
