Term Interest Rate Clause Samples

The Term Interest Rate clause defines the specific interest rate that will apply to a loan or financial obligation for the duration of its term. Typically, this clause outlines whether the rate is fixed or variable, how it is calculated, and the periods during which it applies. For example, it may specify that a loan will accrue interest at a fixed annual rate of 5% for five years, or that the rate will adjust periodically based on a benchmark index. The core function of this clause is to provide clarity and certainty regarding the cost of borrowing, helping both parties understand their financial obligations and manage risk over the life of the agreement.
Term Interest Rate. (i) Determination of Term Interest Rate. During each Term Interest Rate Period, the Bonds shall bear interest at the Term Interest Rate determined by the Remarketing Agent on a Business Day selected by the Remarketing Agent, but not more than 60 days prior to and not later than the effective date of such Term Interest Rate Period. The Term Interest Rate shall be the rate determined by the Remarketing Agent on such date, and communicated on such date to the Trustee, the Paying Agent and the Company, by written notice or by telephone promptly confirmed by telecopy or other writing, as being the lowest rate (based on an examination of Tax-Exempt obligations comparable to the Bonds known by the Remarketing Agent to have been priced or traded under then prevailing market conditions) which would enable the Remarketing Agent to sell the Bonds on the effective date of such Term Interest Rate Period at a price (without regard to accrued interest) equal to 100% of the principal amount thereof, provided however, that if, for any reason, a Term Interest Rate for any Term Interest Rate Period shall not be determined or become effective, then (A) in the event the then-current Term Interest Rate Period is for one year or less, the Rate Period for the Bonds shall automatically convert to a Daily Interest Rate Period and (B) in the event the current Term Interest Rate Period is for more than one year, the Rate Period for the Bonds shall automatically adjust to a Term Interest Rate Period of one year and one day; provided, however, that if the last day of any successive Term Interest Rate Period shall not be a day immediately preceding a Business Day, then such successive Term Interest Rate Period shall end on the first day immediately preceding the Business Day next succeeding such day or, if such Term Interest Rate Period would end after the day prior to the final maturity date of the Bonds, the next succeeding Rate Period shall be a Term Interest Rate Period ending on the day prior to the final maturity date of the Bonds; provided further that in the case of clause (B) above, if the Company delivers to the Trustee a Favorable Opinion of Bond Counsel prior to the end of the then-effective Term Interest Rate Period, the Rate Period for the Bonds will adjust to a Daily Interest Rate Period. If the Daily Interest Rate for the first day of a Daily Interest Rate Period described in clause (A) above is not determined as provided in Section 2.02(b)(i) hereof the Daily Interest R...
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Term Interest Rate. The aggregate outstanding principal balance of the Term Loan shall bear interest at a fixed rate of interest of Nine Percent (9%) per annum. All interest on the Term Loan shall be calculated on the basis of a 360 day year for the actual number of days elapsed in each period.
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Term Interest Rate. The term "Term Interest Rate" shall mean the variable per annum rate equal to the Bank’s Corporate Base Rate from time to time in effect and after an Event of Default or maturity (whether by lapse of time, the occurrence of the stated maturity date, acceleration or otherwise) until paid in full, the variable per annum rate determined by adding 3% to the Bank’s Corporate Base Rate from time to time in effect.
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Term Interest Rate. The Remarketing Agent will set a Term Interest Rate on a date not later than the Business Day before the beginning of any period determined by the Company prior to the effective date of the Term Interest Rate (a “Term Interest Rate Period”) in which interest on any of the Bonds will be payable at a Term Interest Rate. The last day of each such Term Interest Rate Period shall be determined by the Company in accordance with Section 3.02(b)(1). Each Term Interest Rate will be the minimum rate necessary (as determined by the Remarketing Agent with respect to any Term Interest Rate Period based on the examination of tax-exempt obligations comparable to the Bonds known by the Remarketing Agent to have been priced or traded under then-prevailing market conditions) for the Remarketing Agent to sell the Bonds for delivery on the effective date of the Term Interest Rate at their principal amount (without regard to accrued interest). The Remarketing Agent shall use its best efforts to cause the Bonds in a Term Interest Rate required to be remarketed on the date set for mandatory tender for such Bonds pursuant to “Mandatory Tender at Beginning of a New Term Interest Rate Period” or “Mandatory Tender Upon a Change in the Determination Method” under paragraph 7 in the form of the Bonds, to be remarketed (in such Determination Method or Methods) on the first date thereafter at which time all such Bonds can be sold at par, at a rate not exceeding the Maximum Rate; provided, that no failure to remarket for any reason shall excuse the Event of Default arising from failure to purchase all of the Bonds on any date set for mandatory tender.
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Term Interest Rate. The definition of "Term Interest Rate" is hereby amended and restated as follows:
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Term Interest Rate. The interest rate for each loan shall be determined by adding a spread to the pricing benchmark, where the pricing benchmark is the [SOFR term rate/▇▇▇▇▇ term rate/EURIBOR term rate/TORF term rate, etc.] for the term of [week/month/year] applicable on the [draw down date/effective date of this Agreement] (the first interest rate determination date), and the spread is [plus/minus] basis points (one basis point equals 0.01%). The spread shall remain unchanged during the loan term. For multiple draw downs, the interest rate for each draw down shall be calculated separately. After the first interest rate determination date, **regardless of whether the loan has been drawn down**, the loan interest rate shall be adjusted according to the following option (A/B/C), with interest calculated separately for each period: A. Adjusted every (1/3/6/12) months. The interest rate determination date for the second and subsequent periods shall be the corresponding date after the completion of one period from the first interest rate determination date. On such date, the loan interest rate shall be adjusted based on the applicable pricing benchmark and spread. If there is no corresponding date in the adjustment month, the last day of the month shall be deemed the corresponding date. B. The first day of each interest period (i.e., the day following the end of the previous interest period) shall be the interest rate determination date. On such date, the loan interest rate shall be adjusted based on the applicable pricing benchmark and spread. C. No adjustment shall be made during the entire loan term. **The interest rate determination date shall be determined in accordance with the rules specified in Article 1.1 of Part II.
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Term Interest Rate. This Note shall have an initial term of one year, during which time interest on the Principal Amount will accrue from the date of this Note at an annual interest rate of 2.5
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Related to Term Interest Rate

  • Maximum Interest Rate In no event shall any interest rate provided for hereunder exceed the maximum rate legally chargeable under applicable law with respect to loans of the Type provided for hereunder (the “Maximum Rate”). If, in any month, any interest rate, absent such limitation, would have exceeded the Maximum Rate, then the interest rate for that month shall be the Maximum Rate, and, if in future months, that interest rate would otherwise be less than the Maximum Rate, then that interest rate shall remain at the Maximum Rate until such time as the amount of interest paid hereunder equals the amount of interest which would have been paid if the same had not been limited by the Maximum Rate. In the event that, upon payment in full of the Obligations, the total amount of interest paid or accrued under the terms of this Agreement is less than the total amount of interest which would, but for this Section 3.3, have been paid or accrued if the interest rate otherwise set forth in this Agreement had at all times been in effect, then the Borrower shall, to the extent permitted by applicable law, pay the Agent, for the account of the applicable Lenders, an amount equal to the excess of (a) the lesser of (i) the amount of interest which would have been charged if the Maximum Rate had, at all times, been in effect or (ii) the amount of interest which would have accrued had the interest rate otherwise set forth in this Agreement, at all times, been in effect over (b) the amount of interest actually paid or accrued under this Agreement. If a court of competent jurisdiction determines that the Agent and/or any Lender has received interest and other charges hereunder in excess of the Maximum Rate, such excess shall be deemed received on account of, and shall automatically be applied to reduce, the Obligations other than interest, and if there are no Obligations outstanding, the Agent and/or such Lender shall refund to the Borrower such excess.

  • Interest Rate The LHIN may charge the HSP interest on any amount owing by the HSP at the then current interest rate charged by the Province of Ontario on accounts receivable.

  • Fixed Interest Rate The loan interest rate hereunder is determined by the latest þ1-year ☐5-year and above ☐ other LPR published on the natural day before þ the Effective Date of this Contract ☐the loan issuance date plus (plus/less) 105.000000 basis points (LPR, the loan prime rate published by the National Interbank Funding Center, 1 basis point =0.01%, the same below), subject to the loan receipts or the electronic data and vouchers generated by E-banking such as online banking. During the term of loan, the loan interest rate shall not be adjusted.

  • Applicable Interest Rate 5.10.1 In respect of Pre-Delivery Interest Periods or Interest Periods pursuant to Clause 5.3.1 and subject to Clause 5.3.1, Clause 5.12 and Clause 6, the rate of interest applicable to the Loan (or relevant part in the case of the division of the Loan under Clause 5.8) during a Pre-Delivery Interest Period or an Interest Period shall be the Floating Interest Rate. 5.10.2 In respect of Interest Periods pursuant to Clause 5.3.2 and subject to Clause 5.3.2, Clause 5.12 and Clause 6, the rate of interest applicable to the Loan (or relevant part in the case of the division of the Loan under Clause 5.8) during an Interest Period shall be the Fixed Rate.

  • Applicable Interest Rates (a) U.S.