Charging interest Clause Samples

The 'Charging interest' clause establishes the right of one party, typically a lender or service provider, to impose interest charges on overdue payments or outstanding balances. In practice, this clause specifies the applicable interest rate, the method of calculation (such as daily or monthly compounding), and the circumstances under which interest will accrue, such as late payment of invoices. Its core function is to incentivize timely payments and compensate the party owed money for the delay, thereby reducing the risk of non-payment and encouraging financial discipline.
Charging interest. Interest shall be applied to each individual transaction on the designated account and shall accrue on a daily basis commencing on the date of the relevant transaction. Interest will cease to accrue if we receive, your payment for the full balance, by the payment due date printed on your statement.
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Charging interest. You must pay us interest on the money owing until it is repaid. Interest is payable by you daily but debited to your account on the first repayment date and then monthly on each repayment date. It will also be debited on the last day of the facility. If any of the money is to be used for construction of or improvements to a building, interest is also debited on the date the final instalment of the money is paid to your builder. We calculate interest by applying the daily percentage rate to the unpaid daily balance of your account at the end of each day from (and including) the day the money is first paid to you until (and excluding) the day the money owing is repaid.
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Charging interest. We charge interest on your balance at the end of each day.
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Charging interest. Prior to the Enrollment Date: You will not pay any interest on the Eligible Purchase for any statement period in which You convert that Eligible Purchase to an Instalment Plan if the Bank receives payment of the full balance owing for the Monthly Instalment Payment during the statement period following the statement on which Your enrollment first appears. As of the Enrollment Date: Once an Eligible Purchase is enrolled in an Instalment Plan, as of the Enrollment Date, the Eligible Purchase (divided into fixed monthly payments) that forms part of the Instalment Plan is charged interest each month from the Enrollment Date at the Instalment Interest Rate that applies to the Instalment Plan until the last day in the applicable Payment Period.
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Charging interest. The interest rate is the maximum set by the Department of Health and reflects the cost of Government borrowing. This rate may go up or down on 1 January and 1 July each year. The interest rate at 1 January 2016 was 2.15% per annum. The interest will be compounded on a daily basis. You will receive statements twice a year, confirming the total value of the loan and interest under the DPA. These show how the amount due is calculated and what the outstanding sum on your DPA is.
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Charging interest. The loan will have interest charged on it in the same way a normal loan would be charged on money borrowed from a bank. The maximum interest rate that will be charged is fixed by the Government. The maximum rate to be charged is linked to the cost of Government borrowing, and will change on 1st January and 1st July every year. The rate Bristol City Council charges is shown at the end of this leaflet. The interest will be compounded on a calendar monthly basis. The interest will apply from the day you enter into the Deferred Payment Agreement. You will receive regular statements advising you how your charge is being calculated and what the outstanding sum on your account is.
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Related to Charging interest

  • Calculating Interest Assume that you have a single interest rate of 15.99%, your ADB is $2,250 and there are 30 days in the billing period.

  • Varying Interests All items of income, gain, loss, deduction or credit shall be allocated, and all distributions shall be made, to the Persons shown on the records of the Company to have been Members as of the last calendar day of the period for which the allocation or distribution is to be made. Notwithstanding the foregoing, if during any taxable year there is a change in any Member's Sharing Ratio, the Members agree that their allocable shares of such items for the taxable year shall be determined on any method determined by the Management Committee to be permissible under Code Section 706 and the related Treasury Regulations to take account of the Members' varying Sharing Ratios.

  • Maximum Interest Regardless of any provision contained in any of the Loan Documents, in no contingency or event whatsoever shall the aggregate of all amounts that are contracted for, charged or received by Agent or any Lender pursuant to the terms of this Agreement or any of the other Loan Documents and that are deemed interest under Applicable Law exceed the highest rate permissible under any Applicable Law (the “Maximum Rate”). No agreements, conditions, provisions or stipulations contained in this Agreement or any of the other Loan Documents or the exercise by Agent of the right to accelerate the payment or the maturity of all or any portion of the Obligations, or the exercise of any option whatsoever contained in any of the Loan Documents, or the prepayment by any Obligor of any of the Obligations, or the occurrence of any contingency whatsoever, shall entitle Agent or Lenders to charge or receive in any event, interest or any charges, amounts, premiums or fees deemed interest by Applicable Law (such interest, charges, amounts, premiums and fees referred to herein collectively as “Interest”) in excess of the Maximum Rate and in no event shall any Obligor be obligated to pay Interest exceeding such Maximum Rate, and all agreements, conditions or stipulations, if any, which may in any event or contingency whatsoever operate to bind, obligate or compel any Obligor to pay Interest exceeding the Maximum Rate shall be without binding force or effect, at law or in equity, to the extent only of the excess of Interest over such Maximum Rate. If any Interest is charged or received with respect to the Obligations in excess of the Maximum Rate (“Excess”), each Obligor stipulates that any such charge or receipt shall be the result of an accident and bona fide error, and such Excess, to the extent received, shall be applied first to reduce the principal Obligations and the balance, if any, returned to the Obligors, it being the intent of the parties hereto not to enter into an usurious or otherwise illegal relationship. The right to accelerate the maturity of any of the Obligations does not include the right to accelerate any Interest that has not otherwise accrued on the date of such acceleration, and neither Agent nor any Lender intends to collect any unearned Interest in the event of any such acceleration. Each Obligor recognizes that, with fluctuations in the rates of interest set forth in this Agreement, and the Maximum Rate, such an unintentional result could inadvertently occur. All monies paid to Agent or any Lender hereunder or under any of the other Loan Documents, whether at maturity or by prepayment, shall be subject to any rebate of unearned Interest as and to the extent required by Applicable Law. By the execution of this Agreement, each Obligor covenants that (i) the credit or return of any Excess shall constitute the acceptance by each Obligor of such Excess, and (ii) each Obligor shall not seek or pursue any other remedy, legal or equitable, against Agent or any Lender, based in whole or in part upon contracting for, charging or receiving any Interest in excess of the Maximum Rate. For the purpose of determining whether or not any Excess has been contracted for, charged or received by Agent or any Lender, all Interest at any time contracted for, charged or received from any Obligor in connection with any of the Loan Documents shall, to the extent permitted by Applicable Law, be amortized, prorated, allocated and spread in equal parts throughout the full term of the Obligations. Obligors, Agent and Lenders shall, to the maximum extent permitted under Applicable Law, (i) characterize any non-principal payment as an expense, fee or premium rather than as Interest and (ii) exclude voluntary prepayments and the effects thereof. The provisions of this Section 3.10 shall be deemed to be incorporated into every Loan Document (whether or not any provision of this Section is referred to therein). All such Loan Documents and communications relating to any Interest owed by any Obligor and all figures set forth therein shall, for the sole purpose of computing the extent of Obligations, be automatically recomputed by the Obligors, and by any court considering the same, to give effect to the adjustments or credits required by this Section 3.10.

  • Compensating Interest The Servicer shall remit to the Trustee on each Remittance Date an amount from its own funds equal to the Compensating Interest payable by the Servicer for the related Distribution Date.

  • Participating Interests Effective in the case of each Standby L/C and Commercial L/C (if applicable) as of the date of the opening thereof, the Issuing Lender agrees to allot and does allot, to itself and each other Revolving Credit Lender, and each such Lender severally and irrevocably agrees to take and does take in such Letter of Credit and the related L/C Application (if applicable), an L/C Participating Interest in a percentage equal to such Lender’s Revolving Credit Commitment Percentage.