Late Rate definition

Late Rate means, as of any time, a rate of interest per annum equal to 11%.

Late Rate means the lesser of 2% over the Debt Rate and the maximum interest rate from time to time permitted by law.

Late Rate means an interest rate equal to the lesser of 13.5% per annum or the maximum rate permitted by applicable law (computed on the basis of a 360-day year of twelve 30-day months).

Examples of Late Rate in a sentence

• In the event that Lessee shall fail to maintain insurance as herein provided in Section 12.1 or, if applicable, Section 12.3, Lessor or Policy Provider may at its option, upon prior written notice to Lessee, provide such insurance and, in such event, Lessee shall, upon demand from time to time reimburse Lessor for the cost thereof together with interest from the date of payment thereof at the Late Rate, on the amount of the cost to Lessor of such insurance which Lessee shall have failed to maintain.

• Except in the event Holder elects to extend the Maturity Date and Late Rate (as defined below), this Note shall bear interest at a rate equal to Ten Percent (10%) per annum.

• The Late Rate shall be the lesser of (i) fifteen percent (15%) per annum or (ii) the maximum rate permitted by applicable law.

• In the event that Lessee shall fail to maintain insurance as herein provided in Section 12.1 or, if applicable, Section 12.3, Lessor may at its option, upon prior written notice to Lessee, provide such insurance and, in such event, Lessee shall, upon demand from time to time reimburse Lessor for the cost thereof together with interest from the date of payment thereof at the Late Rate, on the amount of the cost to Lessor of such insurance which Lessee shall have failed to maintain.

• The Borrowers hereby further agree to pay interest on the unpaid principal balance of the Loan, in arrears, on each Interest Payment Date; provided, however, any such interest accruing at the Late Rate shall be due and payable on demand.

More Definitions of Late Rate

Late Rate means (i) with respect to the portion of any payment of Rent that would be required to be distributed to any holder of a Note pursuant to the terms of the Operative Agreements, the lesser of 2% over the Debt Rate and the maximum interest rate from time to time permitted by Law, and (ii) with respect to the portion of any payment of Rent that would be required to be distributed to the Owner Trustee in its individual or trust capacity or any Holder, the lesser of 2% over the Holder Yield and the maximum interest rate from time to time permitted by Law.

Late Rate means an interest rate per annum equal to the Debt Rate --------- plus 1.5% per annum.

Late Rate with respect to the portion of any payment that would be required to be distributed to the Holders pursuant to the Indenture or otherwise under the Basic Documents, Nonaffiliated Partner (whether directly or pursuant to the Indenture), Beneficiaries or Nonaffiliated Partner Trustee, in its individual capacity, the rate per annum (calculated on the basis of a 360- day year consisting of twelve 30-day months) equal to the lesser of (a) 2% over the Debt Rate and (b) the maximum interest rate from time to time permitted by law.

Late Rate means interest at the annual rate equal to the higher of (i) 8.23%, and (ii) the Prime Rate plus 1%.

Late Rate as defined in subsection 2.10.

Late Rate means, with respect to any Rent or other payment not paid on the date when due, the lesser of (x) 18% per annum and (y) the maximum interest rate from time to time permitted by law.

Late Rate means a rate of 10% per annum higher than the rate from time to time specified as the Cash Rate Target by the Reserve Bank of Australia