Default Rate of Interest definition

Default Rate of Interest means a rate of interest per annum equal to the sum of: (i) two percent (2%), (ii) the Chase Bank Rate, and (iii) the then Applicable Margin for Chase Bank Rate Loans, which rate the Agent shall be entitled to charge the Borrowers on all Obligations due the Lenders or the Agent by the Borrowers to the extent provided in Section 10.2 of this Financing Agreement.
Default Rate of Interest means the rate of interest otherwise payable on the principal of the Securities plus 1% per annum.
Default Rate of Interest means an interest rate equal to three percent (3.00%) per annum plus the applicable rate of interest being charged hereunder.

Examples of Default Rate of Interest in a sentence

  • To the extent interest due on any Interest Payment Date is not paid, interest shall accrue thereon at the Default Rate of Interest, except as provided herein, until such unpaid interest and interest accrued thereon are paid in full.

  • Default Rate of Interest: If you are in default and until such time as the default is cured, and in substitution for any other rate of interest specified in this Agreement, interest may be charged at the rate of 24% per annum (or the maximum rate permitted by applicable law) on the debit balance of all margin accounts which are carried by Clearing Firm.

  • To the extent interest due on any Interest Payment Date is not paid, interest shall accrue thereon (to the extent permitted by applicable law) at the Default Rate of Interest until such unpaid interest and interest accrued thereon are paid in full.

  • The daily default percentage rate is the Default Rate of Interest divided by 365.

  • Upon the occurrence of an Event of Default interest will accrue at the Default Rate of Interest as provided in Section 12.02.


More Definitions of Default Rate of Interest

Default Rate of Interest shall have the meaning set forth in Section 3.2 hereof.
Default Rate of Interest means a rate of interest per annum equal to the lesser of (a) the Maximum Legal Rate or (b) the sum of (i) two percent (2%) and (ii) the applicable contract rate of interest based upon the applicable increment over the Chase Bank Rate as determined under Section 8 hereof, which the Agent on behalf of the Lenders shall be entitled to charge each Company on all Obligations to the extent provided in Section 10, Paragraph 2(ii) of this Agreement.
Default Rate of Interest means the rate equal to two percent per annum plus the applicable rate of interest being charged hereunder.
Default Rate of Interest means the rate per annum equal to the lesser of (a) the Wall Street Journal prime rate as quoted in the money rates section of the Wall Street Journal which is also the base rate on corporate loans at large United States money center commercial banks as its prime commercial or similar reference interest rate, with adjustments to be made on the same date as any change in the rate, and (b) the maximum rate permitted by applicable law.
Default Rate of Interest means a rate of interest equal to two percent (2%) per annum greater than the interest rate accruing on the Obligations pursuant to Section 8.1 hereof, which CIT shall be entitled to charge the Company in the manner set forth in Section 8.2 of this Financing Agreement. Depository Account shall mean each bank account (and the related lockbox, if any) subject to CIT’s control that is established by CIT or the Company pursuant to Section 2.1(j) or Section 3.2(c) of this Financing Agreement.
Default Rate of Interest means a rate of interest per annum equal to the sum of two and one quarter percent (2.25%) and the Chase Manhattan Rate, which the Agent on behalf of the Lenders shall be entitled to charge the Company on all Obligations owed to the Agent on behalf of the Lenders by the Company to the extent provided in Section 10.2 hereof.
Default Rate of Interest means the lesser of 10% per annum or the highest rate allowed by law under Utah law. Any forbearance, failure or delay by Payee in exercising any right or remedy under this Note or otherwise available to Payee shall not be deemed to be a waiver of such right or remedy, nor shall any single or partial exercise of any right or remedy preclude the further exercise of such right or remedy. The Debtor hereby waives presentment by Payee for payment, demand, notice of dishonor and nonpayment of this Note, and consents to any and all extensions of time, renewals, waivers or modifications that may be granted by Payee with respect to the payment or other provisions of this Note.