Interest Rate; Late Charge; Default Rate. (a) The Principal Balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at the Contract Rate. Interest on the Principal Balance shall be computed on the basis of the actual number of days elapsed in the period during which interest or fees accrue and a year of three hundred sixty (360) days. In computing interest on the Loan, the date of the making of a disbursement under the Loan shall be included and the date of payment shall be excluded.
Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at a rate equal to FOUR AND 48/100 PERCENT (4.48%) per annum (the “Contract Rate”). All interest accruing hereunder shall be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360).
Interest Rate; Late Charge; Default Rate. (a) Borrower shall pay interest on the entire principal amount of the Loan at the Interest Rate in accordance with the terms of Section 2.3(a).
Interest Rate; Late Charge; Default Rate. (a) The Principal Balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at the Interest Rate and be payable as hereinafter provided. Interest on the Principal Balance shall be computed on the basis of actual number of days elapsed in the period during which interest or fees accrue and a year of three hundred sixty (360) days. In computing interest on the Loan, the date of the making of a disbursement under the Loan shall be included and the date of payment shall be excluded. Such amendment shall become effective without any further action or consent of any other party to this Agreement so long as Agent shall not have received, within five (5) Business Days after the delivery of such amendment to the Lenders, written notices from Lenders aggregating to the Required Lenders that such Lenders object to such amendment (which such notices shall note with specificity the particular provisions of the amendment to which such Lenders object).
Interest Rate; Late Charge; Default Rate. (a) Except for any time when the Default Rate or the Adjusted Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at the Contract Rate. All interest accruing on the Loan shall be calculated on the basis of a three hundred sixty (360) day year and the actual number of days in the applicable period for which interest is being calculated. The “Contract Rate” shall be (unless otherwise calculated pursuant to the provisions of Section 2.8(a)(i)) (i) for the period from and including the Closing Date until and including the last day of the calendar month in which the Closing Date occurs (the “First Month”), an interest rate per annum equal to the greater of (A) eight and one-fourth percent (8.25%) in excess of LIBOR on the day that is two (2) London Banking Days prior to the Closing Date and (B) nine and one-fourth percent (9.25%), and (ii) for each Interest Period thereafter, an interest rate per annum equal to the greater of (A) eight and one-fourth percent (8.25%) in excess of LIBOR on the day that is two (2) London Banking Days prior to the commencement of such Interest Period and (B) nine and one-fourth percent (9.25%).
Interest Rate; Late Charge; Default Rate. Borrower shall pay interest on the outstanding principal balance of the Notes at a floating rate per annum equal to the Base Rate plus the Applicable Margin set forth in this Section 2.3 (the "Interest Rate"). The Interest Rate for each calendar month shall be fixed based upon (i) the Base Rate published prior to and in effect on the first (1st) business day of such month and (ii) the Applicable Margin determined by Agent based upon the Property Leverage Ratio calculated on the last day of the immediately preceding calendar month; provided, however, the Interest Rate from and including the Closing Date through the last day of the calendar month in which the Closing Date occurs shall be fixed based upon the Base Rate in effect on the business day immediately preceding the Closing Date and an Applicable Margin equal to two and two-fifths percent (2.4%), and provided further, the Applicable Margin for the period from October 1, 2004, through November 30, 2004, shall equal two and two-fifths percent (2.4%). Interest on all Notes shall be calculated based on a 360 day year and charged for the actual number of days elapsed. If Borrower fails to pay any installment of interest or any principal payment (other than the repayment of the outstanding principal balance at maturity) within five (5) days after the date on which the same is due, Borrower shall pay to Agent, in addition to interest at the Default Rate as more particularly set forth in the immediately following sentence, 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 (such amount being referred to as the "Late Charge"). In addition to the Late Charge payable pursuant to the immediately preceding sentence, while any Event of Default exists or if the Loan is not repaid in full on the Maturity Date, the Loan shall bear interest at the Default Rate.
Interest Rate; Late Charge; Default Rate. The outstanding principal balance of the Loan shall bear interest at a floating rate of interest equal to four and five hundredths percent (4.50%) per annum in excess of the Libor Rate (the “Contract Rate”). If Borrower fails 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, Borrower shall pay to Administrative Agent, for the account of the Lenders (other than any Defaulting 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 Administrative Agent shall pay to each Lender (other than any Defaulting Lender) 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. 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 each Lender will incur by reason of late payment. Borrower 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. LOAN AGREEMENT – Page 22[Heritage Wxxxx]
Interest Rate; Late Charge; Default Rate. (a) From the Closing Date until the initial Maturity Date and except for any time when the Default Rate is applicable pursuant to the terms of this Agreement, the outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at a rate equal to FOUR AND 46/100 PERCENT (4.46%) per annum (the "Contract Rate"). All interest accruing hereunder shall, except during each Extension Term, be calculated on the basis of a three hundred sixty (360) day year consisting of twelve (12) months of thirty (30) days each, except that any interest due at any time for a period of less than a full calendar month shall be calculated by multiplying the Contract Rate (or Default Rate, as the case may be) by a fraction, the numerator of which is the actual number of days elapsed in such partial month and the denominator of which is three hundred sixty (360).
Interest Rate; Late Charge; Default Rate. (a) The Principal Balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear interest at a floating rate of interest equal to the sum of (i) prior to the LIBOR Termination Date, the sum of one and seven-tenths percent (1.70%) per annum (the “Spread”) plus the Base LIBO Rate (the sum of the Base LIBO Rate plus the Spread being referred to herein as the “LIBO Rate”), and (ii) from and after the LIBOR Termination Date, the Alternative Index 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.
Interest Rate; Late Charge; Default Rate
