Interest Rate Factor definition
Interest Rate Factor shall be calculated by dividing the annual Interest Rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" shall be determined by the number of days from the last day of the previous month (excluding such last day of the previous month) up until and including the date upon which the Interest will be due. The "Interest" shall be calculated by multiplying the applicable Interest Rate Factor by the outstanding Principal balance of the Loan as of the date each Interest payment is due unless there has been a modification of the Principal balance during such period (such as by a payment) in which event Interest will be calculated based on the outstanding Principal balances from time to time. Interest on the Loan shall be due and payable on the last day of each month up to and including the Due Date of the Loan provided such day is a Business Day ("Business Day"). Business Day shall mean any day other than Saturday, Sunday, or any other day on which commercial banks located in the State of New York are required or authorized by law to be closed for business. Borrower will pay Interest on any overdue installment of Principal or Interest for the period for which overdue, on demand, at a rate equal to eighteen percent (18.00%) per annum. In no event shall Interest exceed the maximum legal rate permitted by law, and any Interest that exceeds the maximum legal rate shall be reduced to the maximum legal rate permitted by law. All payments, including insufficient payments, shall be credited, regardless of their designation by ▇▇▇▇▇▇▇▇▇, first to collection expenses due hereunder, then to outstanding late charges, then to Interest due and payable but not yet paid, then to the Yield Maintenance Payment (if any) and the remainder, if any, to Principal. All payments by Borrowers or any endorser of this Note on account of Principal, Interest or fees hereunder shall be made in lawful money of the United States of America.
Interest Rate Factor shall be calculated by dividing the annual interest rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" shall be determined respectively for each month an Interest Payment is due by the number of days from the last day of the previous month (excluding such last day of the month), up until and including the last day of the month in which the Interest Payment is due. The "Number of Elapsed Days" shall be determined in such a manner up until the Due Date of the Loan.
Interest Rate Factor means $240,000 plus an amount equal to (a) $4,000 multiplied by (b) the difference between (i) 483 basis points and (ii) the 10-year Treasury Rate as of the Closing Date expressed as a number of basis points (i.e., 4.83% is equal to 483 basis points), which is estimated to be $184,000.
More Definitions of Interest Rate Factor
Interest Rate Factor means the product obtained by first dividing the annual interest rate by three hundred sixty (360) days, and then multiplying the resulting quotient by the actual number of days in the month for which the monthly installment applies.
Interest Rate Factor shall be calculated by dividing the annual interest rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" for the Interest due on December 31, 2003, shall be determined by the number of days from the date of this Agreement up until and including December 31, 2003. For Interest due on March 31, 2004, June 30, 2004, and August 31, 2004, the "Number of Elapsed Days" shall be determined respectively by the number of days from the last day of the previous quarter (excluding such last day of the previous quarter), up until and including the date upon which the Interest Payment is due.
Interest Rate Factor shall be calculated by dividing the annual interest rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" for the Interest due on December 31, 2003, shall be determined by the number of days from the date of this Agreement up until and including December 31, 2003. For Interest due on March 31, 2004, June 30, 2004, and August 31, 2004, the "Number of Elapsed Days" shall be determined respectively by the number of days from the last day of the previous quarter (excluding such last day of the previous quarter) up until and including the date upon which the Interest Payment is due. The "Interest" shall be calculated by multiplying the applicable Interest Rate Factor by the outstanding principal balance of the Loan as of the date each Interest payment is due unless there has been a modification of the principal balance during such period (such as by a payment) in which event interest will be calculated based on the outstanding balances from time to time. Interest on the Loan shall be due and payable on December 31, 2003, March 31, 2004, June 30, 2004 and August 31, 2004 provided such day is a Business Day ("Business Day"). Business Day shall mean any day other than Saturday, Sunday, or any other day on which commercial banks located in the State of New Jersey are required or authorized by law to be closed for business. Borrower will pay interest on any overdue installment of principal or interest for the period for which overdue, on demand, at a rate equal to eighteen percent (18.00%) per annum. In no event shall interest exceed the maximum legal rate permitted by law. All payments, including insufficient payments, shall be credited, regardless of their designation by Borrowers, first to collection expenses due hereunder, then to outstanding late charges, then to interest due and payable but not yet paid, then to the Yield Maintenance Payment (if any) and the remainder, if any, to principal. All payments by Borrowers or any endorser of this Note on account of principal, interest or fees hereunder shall be made in lawful money of the United States of America.
Interest Rate Factor. The Interest Rate Factor will apply when computing Full Surrender and Partial Surrender, and when the Contract Fund Value is applied to an Annuity Option. The Interest Rate Factor is determined by the following formula: (1+a) (1+b) FA-LTG 2 09-01 where: (a) is the Initial Index Rate; (b) is the Current Index Rate plus 0.25%; and (n) is the number of whole months left in the Current Guarantee Period. The Interest Rate Factor is one (1) during a Window Period. Interest Rate Factor Override The Interest Rate Factor is limited to the extent that the Contract Fund Value multiplied by the Interest Rate Factor cannot be less than the Contract Fund Value which would result from a Guaranteed Interest Rate as specified in the Contract Schedule. Interest Rate Factor Adjustment for Partial Surrender The Interest Rate Factor Adjustment for Partial Surrender is equal to: where: (a) is the Partial Surrender payment; (b) is the Contingent Deferred Sales Charge for Partial Surrender; and (c) is the Interest Rate Factor. There is no Interest Rate Factor Adjustment for Partial Surrenders during the Window Period.