Interest and Default Rate Sample Clauses

Interest and Default Rate. (a) Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate. (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. (ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. (iii) Upon the request of the Required Lenders, while any Event of Default exists (including a payment default), all outstanding Obligations (including L/C Fees) may accrue at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. (iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. (d) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the actual number of days in the calendar year of calcul...
Sample 1See All (5)
AutoNDA by SimpleDocs
Interest and Default Rate. 60 2.09..... Fees...................................................................... 61
Sample 1
Interest and Default Rate. (a) Interest shall accrue on the Outstanding Amount of Floor Plan Loans and Swing Line Loans at a variable rate (the “Floor Plan Rate”) per year equal to (i) the LIBOR Rate plus 1.25% per annum, in the case of Eurodollar Loans, and (ii) the Base Rate plus 0.25% per annum, in the case of Base Rate Loans. Adjustments to the Floor Plan Rate shall be effective monthly on each Interest Rate Determination Date. The Floor Plan Rate shall remain fixed during each applicable Interest Period based upon the Floor Plan Rate established hereunder on the applicable Interest Rate Determination Date. The Floor Plan Rate shall not exceed any maximum interest rate permitted by applicable law. (b) Notwithstanding any contrary provision set forth herein, if any Event of Default has occurred and is continuing, upon request of the Required Lenders, or automatically in the case of an Event of Default under Sections 10.1(g) or (h), the Floor Plan Borrowers shall pay interest on the Outstanding Amount of Floor Plan Loans and Swing Line Loans at a rate (the “Floor Plan Default Rate”) per annum equal to the lesser of: (i) the rate per annum otherwise payable under clause (a) above or, as applicable under Section 4.3 hereof, plus two percent (2%) per annum; or (ii) the highest rate permitted by law. All such interest shall be payable on demand by the Administrative Agent.
Sample 1
Interest and Default Rate. (a) Interest shall accrue on the Outstanding Amount of each Term Loan at a variable rate (the “Term Loan Rate”) per year equal to, (i) for each Term Loan that is a Eurodollar Loan, the LIBOR Rate plus the Applicable Margin in effect from time to time for such Term Loan and (ii) for each Term Loan that is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time for such Term Loan. Thereafter, the applicable Borrower may elect to convert such Borrowing into a different Type as provided in Section 4.16. Adjustments to the Term Loan Rate shall be effective monthly on each Interest Rate Determination Date. The Term Loan Rate shall remain fixed during each applicable Interest Period based upon the Term Loan Rate established hereunder on the applicable Interest Rate Determination Date (subject to adjustments to the Applicable Margin as provided in the definition thereof). The Term Loan Rate shall not exceed any maximum interest rate permitted by applicable law. (b) Notwithstanding any contrary provision set forth herein, if any Event of Default has occurred and is continuing, upon request of the Required Lenders, or automatically in the case of an Event of Default under Sections 10.1(g) and (h), the applicable Borrowers shall pay interest on each Term Loan at a rate per annum equal to the lesser of: (i) the rate per annum otherwise payable under clause (a) above or, as applicable under Section 4.3 hereof, plus two percent (2%) per annum; or (ii) the highest rate permitted by law. All such interest shall be payable on demand by the Administrative Agent. (c) The applicable Borrowers shall pay interest on each Incremental Term Loan as provided in the definitive documentation establishing such Incremental Term Loan (to the extent inconsistent with the foregoing provisions of this Section).
Sample 1
Interest and Default Rate. Unless and until the occurrence of an Event of Default (as such term is defined below), the principal amount of this Note shall not bear interest. Upon the occurrence of an Event of Default interest shall accrue under this Note on the outstanding principal balance at the interest rate of eighteen percent (18%) per annum compounded monthly (the "Default Rate"). The occurrence of any one or more of the following events, circumstances, or conditions shall constitute a default hereunder ("Event of Default"): (a) failure of Borrower (which term shall mean and include Borrower and/or each borrower, endorser, surety, and guarantor of this Note) to pay to Holder within five (5) days of the due date (whether at scheduled maturity, upon acceleration or otherwise) any installment of principal or of interest due under this Note or any fees owing to Holder; (
Sample 1
Interest and Default Rate. 58 2.09 Fees 59
Sample 1
Interest and Default Rate. Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
Sample 1
AutoNDA by SimpleDocs
Interest and Default Rate. 50 Fees ........................................................................................................................51 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate ........................................................................................................................52
Sample 1
Interest and Default Rate 
Sample 1Sample 2Sample 3See All (235)

Related to Interest and Default Rate

  • Default Rate Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall accrue interest at a fixed per annum rate equal to the rate that is otherwise applicable thereto plus five percentage points (5.00%) (the “Default Rate”). Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Collateral Agent.

  • Post-Default Rate Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower or any Guarantor hereunder or under any other Loan Document is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to two percent (2%) plus the rate applicable to ABR Loans as provided in Section 3.02(a), but in no event to exceed the Highest Lawful Rate.

  • Default Rate Interest In the event that the Corporation does not make timely payment of all or any portion of a Tax Benefit Payment to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest and Extension Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment to such Member. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be included in the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

  • Late Fee; Default Rate If any payment is not made within ten (10) days after the date such payment is due, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

  • Payment of accrued default interest Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due.

  • Post-Default Interest Upon the occurrence, and during the continuance, of any Event of Default, the unpaid principal amount of each Advance shall bear interest at a rate per annum equal at all times to 2% per annum above the rate per annum otherwise required to be paid on such Advance in accordance with subsection (a), (b) or (c) above; provided that any amount of principal which is not paid when due (whether at stated maturity, by acceleration or otherwise) shall bear interest, from the date on which such amount is due until such amount is paid in full, payable on demand, at a rate per annum equal at all times to the greater of (x) 2% per annum above the Base Rate in effect from time to time and (y) 2% per annum above the rate per annum required to be paid on such Advance immediately prior to the date on which such amount became due.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Payment of default interest on overdue amounts The Borrower shall pay interest in accordance with the following provisions of this Clause 7 on any amount payable by the Borrower under any Finance Document which the Agent, the Security Trustee or the other designated payee does not receive on or before the relevant date, that is: (a) the date on which the Finance Documents provide that such amount is due for payment; or (b) if a Finance Document provides that such amount is payable on demand, the date on which the demand is served; or (c) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable.

  • Notification of interest periods and default rates The Agent shall promptly notify the Lenders and the Borrower of each interest rate determined by the Agent under Clause 7.3 and of each period selected by the Agent for the purposes of paragraph (b) of that Clause; but this shall not be taken to imply that the Borrower is liable to pay such interest only with effect from the date of the Agent’s notification.

  • Interest and Late Charges If Tenant fails to pay when due any Rent or other amounts or charges which Tenant is obligated to pay under the terms of this Lease, the unpaid amounts shall bear interest at the maximum rate then allowed by law. Tenant acknowledges that the late payment of any Monthly Installment of Base Rent will cause Landlord to lose the use of that money and incur costs and expenses not contemplated under this Lease, including without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, in addition to interest, if any such installment is not received by Landlord within ten (10) days from the date it is due, Tenant shall pay Landlord a late charge equal to ten percent (10%) of such installment. Landlord and Tenant agree that this late charge represents a reasonable estimate of such costs and expenses and is fair compensation to Landlord for the loss suffered from such nonpayment by Tenant. Acceptance of any interest or late charge shall not constitute a waiver of Tenant's default with respect to such nonpayment by Tenant nor prevent Landlord from exercising any other rights or remedies available to Landlord under this Lease.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!