Subsequent Interest Sample Clauses
The Subsequent Interest clause defines how interest will accrue on amounts that remain unpaid after a specified due date. Typically, this clause sets an interest rate—either fixed or variable—that applies to overdue payments, and it may specify the frequency of compounding or the method of calculation. By establishing clear terms for interest on late payments, the clause incentivizes timely payment and compensates the party owed for the delay, thereby reducing disputes and financial uncertainty related to overdue amounts.
Subsequent Interest. Except with respect to burdens described in Paragraph 11.1, or as otherwise provided in this Agreement, a party who creates any burden against such party's interest in any Leasehold Interests shall be solely responsible for such burden; and in the event such party is required, pursuant to other provisions of this Agreement including the applicable Program Operating Agreement or a third party operating agreement, to assign its interest in any Leasehold Interests to any other party, such assignment shall convey and vest title to such interest in such assignee free and clear of any such burden.
Subsequent Interest. For each calendar quarter during the period from April 1, 2000 through and including March 31, 2001, the Lender shall have the option to receive the interest in cash or in shares of Common Stock. The number of shares of Common Stock issuable in payment of interest shall be determined by dividing accrued interest for the applicable quarter by the fair market value of the Common Stock as of the end of such quarter determined based on the average fair market value of the Common Stock on the last ten business days of such quarter. "Fair market value" shall be deemed to equal the mean between the low bid and high asked prices of the Common Stock as quoted on the OTC Bulletin Board display service operated by the National Association of Securities Dealers, Inc., or the closing market price of the Common Stock on a national securities exchange or the Nasdaq National Market on each applicable trading day, whichever is applicable, or if none of these are applicable, as shall be reasonably determined in good faith by the Board of Directors of the Borrower. If interest is payable in shares of Common Stock, Borrower shall deliver such shares to Lender on or before the 15th day following the end of such quarter. Cash interest payments shall be sent by wire transfer to an account specified by Lender."