Overdue Payment Rate definition

Overdue Payment Rate means the Prime Rate + 2% per annum.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Overdue Payment Rate means the Prime Rate plus 2.00% per annum changing when and as the Prime Rate changes; provided, however, that such Overdue Payment Rate shall not at any time exceed the maximum rate permitted by Applicable Law.

Overdue Payment Rate means 3% per annum over and above the highest Account Debtor Discount Rate in effect at such time.

Examples of Overdue Payment Rate in a sentence

Any late payments shall be subject to interest at the Overdue Payment Rate.
The Lessee will also pay, on demand, as Supplemental Rent, an amount equal to interest at the Overdue Payment Rate on any part of any payment of Rent not paid on the date it becomes due for any period for which the same shall be overdue.
During a Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the Overdue Payment Rate and all Initial Discounts and Purchase Price Adjustments shall be calculated by reference to the Prime Rate.
In addition, if any such payment of Stipulated Loss Value and Rent is not paid in full when due in accordance with the provisions of this Section 10(a), the Lessee shall pay on demand interest on such unpaid amount at the Overdue Payment Rate from and including the due date to but excluding the date on which payment in full is received by the Lessor.
All amounts due for payment by the Seller or Servicer to the Administrative Agent or any Buyer pursuant to this Agreement shall accrue interest at the Overdue Payment Rate from the date on which payment thereof is due until the date on which payment thereof is made in accordance with the terms of this Agreement.

More Definitions of Overdue Payment Rate

Overdue Payment Rate means a rate per annum equal to one percent (1%) above the Base Rate.

Overdue Payment Rate means 2% per annum over and above the highest Account Debtor Discount Rate in effect at such time. “PATRIOT Act” has the meaning set forth in Section 13(l). “Performance Guarantor” means Hanes and any other Person that has guaranteed the performance obligations of the Sellers under this Agreement. “Performance Guaranty” means a performance guaranty entered into by any Performance Guarantor in favor of the Buyer. “Person” means an individual, partnership, sole proprietorship, corporation (including a business trust), limited liability company, limited partnership, joint stock company, trust, unincorporated association, joint venture or other entity, or a government or any political subdivision or agency thereof. “Post-Closing Date” means September 17, 2020, or such later date as may be consented to by the Buyer in writing in its sole discretion. “Prime Rate” means, for any day, the rate of interest in effect for such day as publicly announced from time to time by Buyer as its “reference rate” or “prime rate”, as applicable. Such “reference rate” or “prime rate” is set by Buyer based upon various factors, including Buyer’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer. “Proposed Receivables” means, with respect to any Purchase Date, the Receivables proposed by Seller to the Buyer for purchase hereunder and described in a Purchase Request to be purchased on such Purchase Date. “Purchase Date” means each date on which the Buyer purchases Receivables. “Purchase Price” has the meaning set forth in Section 1(e) hereof. “Purchase Request” has the meaning set forth in Section 1(a) hereof. “Purchase Sublimit” means, with respect to each Account Debtor, the dollar amount set forth on Schedule II to this Agreement as the “Purchase Sublimit,” as such Schedule may be modified or supplemented from time to time, as agreed to in writing by the Sellers and the Buyer in their respective sole and absolute discretion. “Purchased Receivables” has the meaning set forth in Section 1(a) hereof. “Receivable” means any right to payment of a monetary obligation, whether or not earned by performance, owed to any Seller or the Buyer (as assignee of Seller) by an Account Debtor, whether constituting an account, instrument, document, contract right, chattel paper, payment intangible o...

Overdue Payment Rate means 18% per annum.

Overdue Payment Rate means 3% per annum over and above the highest Discount Rate for any Purchased Receivable outstanding at such time.

Overdue Payment Rate means the interest rate published in The Wall Street Journal, Eastern edition, as the “prime rate” as of the date a payment required by this Agreement to which the Overdue Payment Rate is applied is first due and payable, plus an additional four percent (4%) per annum.

Overdue Payment Rate means 12% per annum. --------------------

Overdue Payment Rate means Chemical Bank, New York, prime rate plus 3 per cent per annum.