Interest Rate Provision Sample Clauses

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.
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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.
Sample 1
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.
Sample 1
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 (b) neither Lessee nor any other party liable for the payment of any such indebtedness shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the interest law applicable to any such indebtedness.
Sample 1
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. (c) Accordingly, it is agreed that notwithstanding any provision to the contrary in this Equipment Schedule or any other Lease Document, 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. (d) If any usurious interest in such respect is provided for, or shall be adjudicated to be so provided for, in this Equipmcnt Schedule or in any other Lease Document or otherwise, or if the acceleration of the maturity of any indebtedness or if the prepayment by Lessee of any indebtedness results in Lessee having paid any interest in excess of that permitted by applicable law, then in such event (i) the provisions of this Paragraph 10 shall govern and control, (ii) neither Lessee nor Lessee's successors or assigns or any other panty liable for the payment of any such indebtedness shall be obligated to pay the amount of such interest to the extent that it is in excess of the maximum amount of interest allowed by the Interest Law applicable to any such indebtedness, (iii) any excess shall be deemed a mistake and canceled automatically and, if theretofore paid, shall be credited on any such indebtedness by Lessor (or if said indebtedness shall have been paid in full, refunded to Lessee), and (iv) the effective rate of interest shall be automatically subject to reduction to the Maximum Legal Rate of Interest allowed under such Interest Law as now or...
Sample 1

Related to Interest Rate Provision

  • Interest Rate Protection Agreement As of the date hereof, Borrower has entered into, made all payments required under, and satisfied all conditions precedent to the effectiveness of, an interest rate protection agreement that satisfies all of the following conditions (such interest rate protection agreement together with (i) any extension thereof or (ii) any other interest rate protection agreement entered into pursuant to Section 2.8, being referred to herein as the “Interest Rate Protection Agreement”):

  • Interest Rate Protection No later than the 90th day after the Closing Date, the Borrower shall enter into, and for a minimum of three years thereafter maintain, Hedging Agreements acceptable to the Administrative Agent that result in at least 50% of the aggregate principal amount of its funded long-term Indebtedness being effectively subject to a fixed or maximum interest rate acceptable to the Administrative Agent.

  • Interest Rate Protection Agreements (a) Within ninety days after the Closing Date, the Borrower shall enter into and thereafter maintain interest rate protection agreements (protecting against fluctuations in interest rates) having a term of at least three years from the Closing Date, establishing a fixed or maximum interest rate of 10.5% per annum for an aggregate notional amount equal to at least 50% of the aggregate principal amount of all Term Loans then outstanding.

  • Interest Rate Payments Subject to Holder's right to charge the Default Rate (as hereinafter defined) pursuant to Section 4 hereof, this Note shall bear interest, and Maker shall make payments as follows:

  • Interest Rate Cap Agreement (a) The Interest Rate Cap Agreement in effect on the Closing Date has a LIBOR strike price equal to the Strike Price and a scheduled termination date of the Initial Maturity Date. The Interest Rate Cap Agreement (i) is in a form and substance reasonably acceptable to Lender, (ii) is with an Acceptable Counterparty, (iii) directs such Acceptable Counterparty to pay directly to an account pledged to Lender any amounts due Borrower under such Interest Rate Cap Agreement unless and until otherwise instructed by Lender (it being agreed as between Lender and Borrower that Lender will so instruct the Counterparty at such time as the Debt shall no longer exist, provided that the Debt shall be deemed to exist if the Properties are transferred by judicial or non-judicial foreclosure or deed-in-lieu thereof), and (iv) has a notional amount at least equal to the principal balance of the Loan outstanding on the Closing Date (it being understood that the notional amount of the Interest Rate Cap Agreement may be reduced, from time to time, as the principal balance of the Loan is reduced (in the amounts of such reduction in principal) pursuant to clause (g) below). Borrower shall collaterally assign to Collateral Agent (for the benefit of Lender), pursuant to the Collateral Assignment of Interest Rate Cap Agreement, all of its right, title and interest to receive any and all payments under the Interest Rate Cap Agreement, and shall deliver to Collateral Agent an executed counterpart of such Interest Rate Cap Agreement (which shall, by its terms, authorize the assignment to Collateral Agent (for the benefit of Lender) and require that payments be paid directly into an account pledged to Collateral Agent (for the benefit of Lender) as provided above in this Section 2.2.7). Provided no Event of Default has occurred and is continuing, amounts contained in the foregoing pledged account shall be released to Borrower on a monthly basis to the extent not applied toward debt service on the Loan.

  • Interest Rate Options The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the Loans comprising any Borrowing Tranche; provided that (i) there shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans and (ii) if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.9 [Indemnity] in connection with such conversion. If at any time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate.

  • INTEREST; INTEREST RATE (a) Interest on this Bond shall commence accruing at the Interest Rate (as defined in Section 30) from and including the Issuance Date and shall be computed on the basis of a three hundred and sixty (360)-day year comprised of twelve (12) thirty (30)-day months and shall be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (each, an “Interest Payment Date”) with the first Interest Payment Date being January 1, 2010. Interest shall be payable on each Interest Payment Date, to the record holders of this Bond as recorded in the Register (as defined in Section 3(g)) held by the Company on the applicable Record Date, at the Company’s option, (A) in whole in cash (“Cash Interest”), or (B) in whole in shares (“Interest Shares”) of the Company that are designated on the date hereof as common shares, par value $0.01 per share (the “Common Shares”), or (C) in a combination of Cash Interest and Interest Shares. In the event the Company decides to deliver Interest Shares on an Interest Payment Date, it must deliver a written notice (“Interest Election Notice”) to Holders no less than five (5) Trading Days prior to the Interest Payment Date (the date such notice is sent being the “Interest Notice Date”) pursuant to which notice, the Company elects to pay Interest entirely in Interest Shares or a combination of Cash Interest and Interest Shares and specifies the amount of Interest that shall be paid as Cash Interest and the amount of Interest that shall be paid in Interest Shares. Interest to be paid on an Interest Payment Date in Interest Shares shall be paid in a number of fully paid and nonassessable Common Shares equal to the quotient of (1) the amount of Interest payable on such Interest Payment Date less any Cash Interest paid and (2) the Interest Conversion Price in effect for the applicable Interest Payment Date (rounded down to the preceding whole number).

  • Interest Rate Agreements 13 Investment..................................................................13

  • Fixed Interest Rate Annual interest rate shall be /% and will not change during the duration.

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