Computation and Payment of Interest Clause Samples
The Computation and Payment of Interest clause defines how interest is calculated and paid on outstanding amounts under an agreement. Typically, it specifies the applicable interest rate, the method of calculation (such as simple or compound interest), and the frequency of payments or accruals. For example, it may state that overdue payments accrue interest at a specified annual rate, calculated daily and payable monthly. This clause ensures both parties understand the financial consequences of late payments and provides a clear mechanism for compensating the party owed money, thereby reducing disputes and encouraging timely payment.
Computation and Payment of Interest. (1) Interest on the Loans and all other Obligations shall be computed on the daily principal balance on the basis of a 360 day year for the actual number of days elapsed in the period during which it accrues. In computing interest on the Loans, the date of funding of the Loans or the first day of an Interest Period applicable to a LIBOR Loan or, with respect to a Base Rate Loan being converted from a LIBOR Loan, the date of conversion of such LIBOR Loan to such Base Rate Loan, shall be included; and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan, shall be excluded; provided that if a Loan is repaid on the same day on which it is made, one day’s interest shall be paid on that Loan.
(2) Interest on Base Rate Loans and all other Obligations other than LIBOR Loans shall be payable to Lender monthly in arrears on the first day of each month, on the date of any prepayment of Loans, and at maturity, whether by acceleration or otherwise. Interest on LIBOR Loans shall be payable to Lender on the last day of the applicable Interest Period for such LIBOR Loan, on the date of any prepayment of such LIBOR Loan, and at maturity, whether by acceleration or otherwise. In addition, for each LIBOR Loan having an Interest Period longer than three (3) months, interest on such Loan shall also be payable on the last day of each three (3) month interval during such Interest Period.
Computation and Payment of Interest. Interest on the Loans and all other Obligations shall be computed on the daily principal balance on the basis of a 360 day year for the actual number of days elapsed in the period during which it accrues. In computing interest on any Loan, the date of funding of the Loan or the first day of an Interest Period applicable to such Loan or, with respect to a Base Rate Loan being converted from a LIBOR Loan, the date of conversion of such LIBOR Loan to such Base Rate Loan, shall be included; and the date of payment of such Loan or the expiration date of an Interest Period applicable to such Loan, or with respect to a Base Rate Loan being converted to a LIBOR Loan, the date of conversion of such Base Rate Loan to such LIBOR Loan, shall be excluded; provided that if a Loan is repaid on the same day on which it is made, one day's interest shall be paid on that Loan. Interest on Base Rate Loans and all other Obligations (other than LIBOR Loans) shall be payable to Agent for benefit of Lenders monthly in arrears on the first day of each month, on the date of any prepayment of Loans, and at maturity, whether by acceleration or otherwise. Interest on LIBOR Loans shall be payable to Agent for benefit of Lenders on the last day of the applicable Interest Period for such Loan, on the date of any prepayment of the Loans, and at maturity, whether by acceleration or otherwise. In addition, for each LIBOR Loan having an Interest Period longer than three (3) months, interest accrued on such Loan shall also be payable on the last day of each three (3) month interval during such Interest Period.
Computation and Payment of Interest i) The Borrower shall pay interest monthly irrespective of dates of payments of instalments of the Loan being fixed, calculated on the amount of the Loan outstanding from time to time at the rate mentioned in Para 4 above.
ii) All interest payable pursuant to this agreement shall accrue from day to day and shall be calculated on the basis of a year of 365 days.
iii) The Borrower shall pay to the Bank, interest on the principal amount of the loan outstanding from time to time on monthly basis on the First day of the next month on immediately available funds during normal banking hours. The first of such interest amount shall be payable for the broken period from the date of first disbursement to the end of month as mentioned above. The interest for the last broken period shall be payable together with the repayment of the last instalment of the said loan.
iv) The statement of the Bank as to the amount of interest payable pursuant to this paragraph shall, in the absence of manifest error, be conclusive and such statement shall be sent to the borrower 15 days in advance of the due date of payment.
Computation and Payment of Interest. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed. Accrued interest on the Loan shall be payable in arrears on each Interest Payment Date, provided that (i) interest accrued pursuant to subsection (b) of this Section shall be payable on demand or, in the absence of demand, in arrears on the last Business Day of each calendar month and (ii) in the event of any repayment or prepayment of the Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment.
Computation and Payment of Interest. Interest on the Loan and all other Obligations owing to Lender shall be computed on the daily principal balance of the Note on the basis of actual days elapsed and a three hundred sixty (360)‑day year. Interest on the Loan is payable in arrears. Payments of interest shall be paid to Lender as specified in Section 2.3. In addition, all accrued and unpaid interest shall be paid to Lender on the earlier of the date of prepayment (to the extent prepayment is permitted under Section 2.4) and maturity, whether by acceleration or otherwise. The Loan shall commence to bear interest on the date the proceeds of the Loan are to be disbursed to or for the order of Borrower, provided, however, if the proceeds are disbursed to an escrowee, the Loan shall commence to bear interest from and including the date of disbursement to such escrowee regardless of the date such proceeds are disbursed from escrow.
Computation and Payment of Interest. All Interest shall be computed on the daily unpaid Principal balance of this Note based on a three hundred sixty (360) day year. Accrued Interest hereunder shall be payable monthly in arrears on or before the fifth day of each calendar month commencing on February 5, 2014. All Interest shall be paid in cash.
Computation and Payment of Interest. Interest on the Term Loan and all other Obligations shall be computed on the daily principal balance on the basis of a 360 day year for the actual number of days elapsed in the period during which it accrues. In computing interest on the Term Loan, the date of funding of the Term Loan shall be included and the date of any payment of principal of the Term Loan shall be excluded. Interest on the Term Loan and all other Obligations shall be payable to Agent for the benefit of Lenders quarterly in arrears on the last day of each quarter (each, a “Quarterly Interest Payment Date”) by automatic wire transfer to Agent’s bank account, and on the date of any prepayment of the Term Loan, and at maturity, whether by acceleration or otherwise.
Computation and Payment of Interest i) The Borrower shall pay interest monthly irrespective of dates of payments of instalments of the Loan being fixed, calculated on the amount of the Loan outstanding from time to time at the rate mentioned in Para 4 above.
ii) All interest payable pursuant to this agreement shall accrue from day to day and shall be calculated for each interest period on each calculation date based on a year of 365 days per year and actual number days elapsed.
iii) The Borrower shall pay to the Bank, interest on the principal amount of the loan outstanding from time to time on monthly basis on the First day of the next month on immediately available funds during normal banking hours. The first of such interest amount shall be payable for the broken period from the date of first disbursement to the end of month as mentioned above. The interest for the last broken period shall be payable together with the repayment of the last instalment of the said loan.
iv) The statement of the Bank as to the amount of interest payable pursuant to this paragraph shall, in the absence of manifest error, be conclusive and such statement shall be sent to the borrower 15 days in advance of the due date of payment.
Computation and Payment of Interest. (a) (a) (x) Dollar Denominated Revolving Loans maintained as Prime Rate Loans shall bear interest at the Prime Rate plus the Applicable Prime Rate Margin, (y) Dollar Denominated Revolving Loans maintained as LIBOR Rate Loans shall bear interest at the LIBOR Rate plus the Applicable LIBOR Rate Margin and (z) Euro Denominated Revolving Loans shall bear interest at the applicable LIBOR Rate plus the Applicable LIBOR Rate Margin plus any Mandatory Costs.
(b) Interest shall be computed on the basis of a 360-day year for the actual number of days elapsed, except that interest computed in the case of Prime Rate Loans shall be computed on the basis of a 365-day year (or 366 days in a leap year). Interest on the outstanding principal portion of the Revolving Loans shall be payable, (x) in the case of Prime Rate Loans, monthly, in arrears on the first Business Day of each month and (y) in the case of Euro Rate Loans, at the end of each LIBOR Period or, for Euro Rate Loans with a LIBOR Period in excess of three months, at the earlier of (a) each three months from the commencement of such Euro Rate Loan or (b) the end of the LIBOR Period. The failure to so pay shall not be a Default hereunder to the extent that Excess Availability at such time exceeds the amount of interest then due but shall be deemed a request for Revolving Loans in accordance with Section 2.15 hereof and subject to the conditions in Section 3.23 hereof in an aggregate amount equal to the lesser of the amount of interest then due or such Excess Availability and if such Revolving Loan is made it shall be deemed to be an Advance hereunder. If such Revolving Loans are not able to be advanced to Borrower as a result of the failure to satisfy the conditions to borrowing in Section 3.23 hereof or the failure of a Lender to fund its pro rata portion of an Advance, or such amount exceeds Excess Availability, Borrower shall immediately pay the excess amount of such interest. Otherwise, all interest will be payable in cash (i) on termination of this Agreement, pursuant to Section 14.16, (ii) on acceleration of the time for payment of the Indebtedness, pursuant to Section 12.2, and (iii) on the date the Indebtedness is paid in full. The rate of interest on the Revolving Loans shall change simultaneously with each change in the Prime Rate or in the case of the LIBOR Rate, on the first day of the LIBOR Period. In no event shall the rate of interest exceed the maximum rate permitted by applicable law. If Borrower...
Computation and Payment of Interest. Interest shall be based on a 365 day year and compounded monthly. Interest shall be paid monthly commencing on June 20,3004, and continuing on the twentieth (20th) day of each month thereafter. If interest is not paid as it becomes due, it may be added to, become and be treated as a part of the principal, and shall thereafter bear like interest.