Interest on Loans definition

Interest on Loans means an amount charged to a member for borrowing funds from a Credit Union

Interest on Loans. (not at the time overdue) shall be payable monthly in arrears on the first Business Day of each month commencing with July 1, 1998."

Interest on Loans. EXCEPT AS OTHERWISE PROVIDED IN SECTIONS 5.21 AND 2.12,"

Examples of Interest on Loans in a sentence

• Interest on Loans shall be due and payable in arrears on each Interest Payment Date.

• Interest on Loans to which the Base Rate Option applies shall be due and payable in arrears on each Payment Date.

• Interest on Loans to which the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period.

• Interest on Loans to which the Euro-Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period.

• Interest on Loans shall be payable in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).

More Definitions of Interest on Loans

Interest on Loans. For any day during an Interest Period, the percentage rate per annum which is the aggregate of the applicable: Margin; Compounded Reference Rate; and Credit Adjustment Spread. [Cost of funds as fallback:] [If there is no RFR or central bank rate for any Loan, the interest rate for [a Lender's participation in] that Loan will be the aggregate of the applicable Margin and [that Lender's] / [the weighted average of the Lenders'] reported cost of funds for that Loan.]3

Interest on Loans. Section 2.13 of the Credit Agreement is hereby amended by deleting subsection (c) thereof in its entirety and substituting the following subsection (c):

Interest on Loans. The rate of interest on the Loans will be the Prime Rate plus one-half of one percent (1/2%). Interest based on the Prime Rate will be calculated on the basis of a 360 day year for the actual days elapsed. Interest is payable, in arrears, on the first day of every month.

Interest on Loans of the Original Credit Agreement is hereby amended by deleting subsections (a) and (b) and inserting the following in lieu thereof: (a) Unless an Event of Default shall have occurred and the Default Rate applies, the outstanding principal amount of all Loans will bear interest at the Base Rate plus three percent (3.0%) per annum. Notwithstanding anything to the contrary herein contained, the Borrower may not borrow any amounts after the date hereof at the LIBOR Rate nor have the LIBOR Rate apply to any Loans whether by direct borrowings or by conversions. (b) reserved. (F) Section 10.5 “Notices” of the Original Credit Agreement is hereby amended by adding the following new subsection (j):

Interest on Loans of the Original Credit Agreement is hereby amended by deleting the text contained therein and inserting the following in lieu thereof:

Interest on Loans shall be payable in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein).

Interest on Loans shall be payable in arrears on each applicable Interest Payment Date (or at such other times as may be specified herein). All interest shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day). Administrative Agent shall determine each interest rate applicable to the Committed Amount in accordance with this Agreement, and Administrative Agent's determination thereof shall be conclusive in the absence of manifest error.