Interest Rates, Interest Payments and Default Interest Sample Clauses
The 'Interest Rates, Interest Payments and Default Interest' clause defines the terms under which interest is calculated, paid, and adjusted in the event of late payments. It typically specifies the applicable interest rate for outstanding amounts, the schedule for regular interest payments, and the higher default interest rate that applies if a party fails to pay on time. This clause ensures that both parties understand the financial consequences of delayed payments and provides a deterrent against late payment by imposing additional costs, thereby protecting the lender or payee from the risk of non-timely payments.
Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Advances as follows:
(a) Each Eurodollar Rate Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (i) the Adjusted Eurodollar Rate for such Interest Period, plus (ii) the Applicable Revolving Margin.
(b) Each Reference Rate Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (i) the Reference Rate, plus (ii) the Applicable Revolving Margin.
(c) Each Eurodollar Rate Advance on the Term Loan shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (i) the Adjusted Eurodollar Rate for such Interest Period, plus (ii) the Applicable Term Margin.
(d) Each Reference Rate Advance on the Term Loan shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (i) the Reference Rate, plus (ii) the Applicable Term Margin.
(e) Any Advance not paid when due, whether at the date scheduled therefor or earlier upon acceleration, shall bear interest until paid in full at the Default Rate, which shall be (i) during the balance of any Interest Period applicable to such Advance, at a rate per annum equal to the sum of the rate applicable to such Advance during such Interest Period plus 2.0%, and (ii) otherwise, at a rate per annum equal to the sum of the rate otherwise applicable to such Advance plus 2.0% per annum.
(f) Interest shall be payable (i) with respect to each Eurodollar Rate Advance having an Interest Period of three months or less, on the last day of the Interest Period applicable thereto; (ii) with respect to any Reference Rate Advance, on the last day of each month; (iii) with respect to all Advances, upon any permitted prepayment (on the amount prepaid); and (v) with respect to all Advances, on the Termination Date; provided that interest under Section 3.3 (e) shall be payable on demand.
Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Loans as follows:
(a) Subject to paragraph (b) below, each Loan shall bear interest on the unpaid principal amount thereof at a variable rate per annum equal to the sum of (i) the Term SOFR in effect on the first day of such Interest Period, plus (ii) the Applicable Margin.
(b) Upon the occurrence and during the continuation of any Event of Default, each Loan shall, at the option of the Required Lenders (or automatically in the case of any insolvency Event of Default), bear interest until paid in full at a rate per annum equal to the sum of the interest rate otherwise applicable thereto plus 2.0%.
(c) Interest with respect to Loans shall be payable (i) on the last day of each Interest Period, (ii) upon any permitted prepayment of the Term Loans (on the amount prepaid), and (iii) on the Termination Date; provided, that with respect to any Loan, interest under paragraph (b) of this Section shall be payable on demand.
Interest Rates, Interest Payments and Default Interest. Effective as of February 1, 1997, interest shall accrue and be payable on the unpaid balance of the Revolving Note at a floating rate per annum equal to the sum of the Reference Rate plus 3.75% (the latter being the "Applicable Revolving Margin"); PROVIDED, HOWEVER, that any amount of principal of the Revolving Note not paid when due (whether at such date or upon acceleration following an Event of Default) shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Revolving Margin, plus (c) 31/2%. Interest shall accrue and be payable on the unpaid balance of the Term Note at a floating rate per annum equal to the sum of the Reference Rate plus 3.75% (the latter being the "Applicable Term Margin"); PROVIDED, HOWEVER, that any amount of principal of the Term Note not paid when due after giving effect to any applicable grace period, if any (whether at the date scheduled therefor or upon acceleration following an Event of Default) shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Term Margin, plus (c) 3 1/2%. Interest shall accrue and be payable on the unpaid balance of the Additional Term Note at a floating rate per annum equal to the sum of the Reference Rate plus 5.00% (the latter being the "Applicable Additional Term Margin"); PROVIDED, HOWEVER, that any amount of principal of the Additional Term Note not paid when due after giving effect to any applicable grace period, if any (whether at the date scheduled therefor or upon acceleration following an Event of Default) shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Additional Term Margin, plus (c) 3 1/2%. Interest shall accrue and be payable on the unpaid balance of the Special Term Note at a floating rate per annum equal to the sum of the Reference Rate plus 5.00% (the latter being the "Applicable Special Term Margin"); PROVIDED, HOWEVER, that any amount of principal of the Special Term Note not paid when due after giving effect to any applicable grace period, if any (whether at the date scheduled therefor or upon acceleration following an Event of Default) shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Special Term Margin, plus (c) 3 1/2%. PROVIDED, HOWEVER, that upon irrevocable payment in full of both the Additional Term Loan and the Specia...
Interest Rates, Interest Payments and Default Interest. Section 2.4 of the Credit Agreement is amended in its entirety as follows:
Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the unpaid balance of the Revolving Note at a floating rate per annum equal to the sum of the Reference Rate plus 1.75% (the latter being the "Applicable Revolving Margin"); PROVIDED, HOWEVER, that any amount of principal of the Revolving Note not paid when due (whether at such date or upon acceleration following an Event of Default) shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Revolving Margin, plus (c) 3 1/2%. Interest shall accrue and be payable on the unpaid balance of the Term Note at a floating rate per annum equal to the sum of the Reference Rate plus 1.75% (the latter being the "Applicable Term Margin"); PROVIDED, HOWEVER, that any amount of principal of the Term Note not paid when due after giving effect to any applicable grace period, if any (whether at the date scheduled therefor or upon acceleration following an Event of Default) shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Term Margin, plus (c) 3 1/2%. Interest shall be payable monthly in arrears and upon final payment of the respective Notes.
Interest Rates, Interest Payments and Default Interest. (a) The Advances. Interest shall accrue and be payable on the Revolving Loans as follows:
(i) Subject to subsection (a)(ii) below, each Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (A) the LIBOR Rate, plus (B) the Applicable Revolving Margin.
(ii) Upon the occurrence and during the continuation of an Event of Default, each Advance shall, at the option of the Lender, bear interest until paid in full at a rate per annum equal to the sum of (A) the LIBOR Rate, plus (B) the Applicable Revolving Margin, plus (C) 2.0%.
(iii) Interest shall be payable on the last day of each month, upon any permitted prepayment (on the amount prepaid) made in connection with a reduction of the Revolving Commitment Amount, and on the Termination Date; provided that interest under subsection (a)(ii) of this Section shall be payable on demand.
Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Advances and the Term Loans as follows:
(a) Each Advance on the Revolving Loan shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the sum of (i) the Adjusted Eurodollar Rate, plus (ii) the Applicable Margin.
(b) Each Advance on the Term Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the sum of (i) the Adjusted Eurodollar Rate, plus (ii) the Applicable Margin.
Interest Rates, Interest Payments and Default Interest. Section 2.4 of the Credit Agreement is amended to read in its entirety as follows:
Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the Advances as follows:
(a) Each Eurodollar Rate Advance shall bear interest on the unpaid principal amount thereof during the Interest Period applicable thereto at a rate per annum equal to the sum of (i) the Adjusted Eurodollar Rate for such Interest Period, plus (ii) the Applicable Margin.
(b) Each Reference Rate Advance shall bear interest on the unpaid principal amount thereof at a varying rate per annum equal to the sum of (i) the Reference Rate, plus (ii) the Applicable Margin.
Interest Rates, Interest Payments and Default Interest. Interest shall accrue and be payable on the unpaid balance of the Advances at a floating rate per annum equal to the sum of the Reference Rate plus 2% (the latter being the “Applicable Revolving Margin”); provided, however, that upon the happening of any Event of Default, then, at the option of the Lender, the Advances shall thereafter bear interest at a floating rate equal to the sum of (a) the Reference Rate, plus (b) the Applicable Revolving Margin, plus (c) 4%. Interest shall be payable monthly in arrears on the first day of each month and upon final payment of the Advances.