Interest Rate Provision Sample Clauses
An Interest Rate Provision sets out the terms under which interest will be charged or paid on outstanding amounts in a contract. Typically, it specifies the applicable interest rate, how it is calculated (such as simple or compound interest), and the circumstances under which interest accrues, such as on late payments or overdue balances. This clause ensures both parties are aware of the financial consequences of delayed payments, providing a clear mechanism for compensating the party owed money and encouraging timely fulfillment of payment obligations.
Interest Rate Provision. If any provision of the Agreement would oblige you to make a payment of interest or other amount payable to us in an amount or calculated at a rate which would be prohibited by law or would result in receipt by us of “interest” at a “criminal rate” (as such terms are construed under the Criminal Code (Canada)), then, notwithstanding such provision, such amount or rate shall be deemed to have been adjusted with retroactive effect to the maximum amount or rate of interest, as the case may be, as would not result in receipt by us of “interest” at a “criminal rate”, such adjustment to be effected, to the extent necessary (but only to the extent necessary), by reducing (i) any fees, commissions, premiums, and other amounts required to be paid to or on behalf of us which would constitute interest for purposes of the Criminal Code (Canada), or (ii) the amount or rate of interest required to be paid to us, as elected by us, and any amount previously paid by you which is included in such reduction shall be returned to you.
Interest Rate Provision. Without prejudicing the generality of Section 10(b) of the Lease, Lessor and Lessee agree as follows:
(a) As used in the Lease or in any other Lease Document, the term "Maximum Legal Rate of Interest", "highest rate permitted by law," or any similar term, shall mean and refer to the maximum rate of non-usurious interest, if any, that Lessor may from time to time charge Lessee and in regard to which Lessee would be prevented successfully from raising the claim or defense of usury under applicable law as now, or to the extent permitted by law, as may hereafter be, in effect (said law permitting the highest rate being herein referred to as the "Interest Law").
(b) It is the intention of Lessor and Lessee to conform strictly to the Interest Law applicable to this transaction.
Interest Rate Provision. Without prejudicing the generality of Section 10(c) of the Lease, Lessor and Lessee agree that notwithstanding any provision to the contrary in this Equipment Schedule or any other Lease Document:
(a) the aggregate of all interest and any other charges or consideration constituting interest, if any, under applicable interest law that is taken, reserved, contracted for, charged or received under this Equipment Schedule or under any other Lease Document or otherwise on or in connection with any indebtedness shall under no circumstance exceed the maximum amount of interest allowed by the applicable interest law; and (
Interest Rate Provision. If any proviSion of the Agreement woUld oblige yoU to make a payment of intereSt or other amoUnt payable to US in an amoUnt or calcUlated at a rate which woUld be prohibited by law or woUld reSUlt in receipt by US of “intereSt” at a “criminal rate” (aS SUch termS are conStrUed Under the Criminal Code (Canada)), then, not- withStanding SUch proviSion, SUch amoUnt or rate Shall be deemed to have been adjUSted with retroactive effect to the maximUm amoUnt or rate of intereSt, aS the caSe may be, aS woUld not reSUlt in receipt by US of “intereSt” at a “criminal rate”, SUch adjUStment to be effected, to the extent neceSSary (bUt only to the extent neceSSary), by redUcing (i) any feeS, commiSSionS, premiUmS, and other amoUntS reqUired to be paid to or on behalf of US which woUld conStitUte intereSt for pUrpoSeS of the Criminal Code (Canada), or (ii) the amoUnt or rate of intereSt reqUired to be paid to US, aS elected by US, and any amoUnt previoUSly paid by yoU which iS inclUded in SUch redUction Shall be retUrned to yoU.
Interest Rate Provision. Borrower agrees to a rate of Wall Street Journal Prime (the “Index”) plus 3.000 percentage points over the index, to accrue and be due not later than December 31, 2008. Until such time, the billable rate will be Wall Street Journal Prime (the “Index”) plus 0.750 percentage points over the index, resulting in an initial start rate is 6.75%, due monthly.