Default Rate Product Sample Clauses

The Default Rate Product clause establishes the interest rate or pricing terms that apply to a financial product when a default event occurs. In practice, this means that if a borrower fails to meet their payment obligations, the lender is entitled to charge a higher interest rate or impose additional fees on the outstanding balance. For example, a loan agreement may specify that the interest rate increases by a certain percentage if the borrower misses a payment. The core function of this clause is to incentivize timely payments and compensate the lender for the increased risk and administrative costs associated with borrower default.
Default Rate Product. You may be transferred to our Default Rate Product at the end of your term if you do not respond to our renewal notice. The Energy Charge for the Default Rate Product will vary from month to month as determined by Just Energy. If these Terms of Service are included with a contract expiration notice and you take no action, you will be transferred to our Default Rate Product. Unless otherwise noted in the Contract Expiration Notice, these Terms of Service will apply to the Default Rate Product with the exception of paragraphs 3, 5, 15 and the definition of Energy Charge in paragraph 1. The Electricity Facts Label for our Default Rate Product will be enclosed with your contract expiration notice. If you are transferred to our Default Rate Product at contract expiration, you can cancel service under the Default Rate Product at any time without paying Exit Fees.
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Default Rate Product. Unless you are on a variable price or other month- to-month product, you may be transferred to our Default Rate Product at the end of your term if you do not respond to our renewal notice. The Energy Charge for the Default Rate Product at the end of your term if you do not respond to our renewal notice. The Energy Charge for the Default Rate Product will vary from month to month as determined by Just Energy. If these Terms of Service are included with a contract expiration notice and you take no action, you will be transferred to our Default Rate Product. Unless otherwise noted in the Contract Expiration Notice, these Terms of Service will apply to the Default Rate Product with the exception of paragraphs 3, 5, 15 and the definition of Energy Charge in paragraph 1. The Electricity Facts Label for our Default Rate Product will be enclosed with your contract expiration notice. If you are transferred to our Default Rate Product at contract expiration, you can cancel service under the Default Rate Product at any time without paying Exit Fees. If you are transferred to a Default Rate Product, we will continue to purchase and retire the number of renewable energy credits represented by the level of JustGreen participation that you select at the time of your initial enrollment (and you will continue to pay for same at the price set forth in your notice of renewal offer).
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Default Rate Product. Unless you are on a variable price or other month-to-month product, you may be transferred to our Default Rate Product at the end of your term if you do not respond to our renewal notice. The Energy Charge for the Default Rate Product at the end of your term if you do not respond to our renewal notice. The Energy Charge for the Default Rate Product will vary from month to month as determined by Just Energy. If these Terms of Service are included with a contract expiration notice and you take no action, you will be transferred to our Default Rate Product. Unless otherwise noted in the Contract Expiration Notice, these Terms of Service will apply to the Default Rate Product with the exception of paragraphs 3, 5, 15 and the definition of Energy Charge in paragraph 1. The Electricity Facts Label for our Default Rate Product will be enclosed with your
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Related to Default Rate Product

  • Default Rate Interest In the event that the Corporation does not make timely payment of all or any portion of a Tax Benefit Payment to a Member on or before the Final Payment Date as determined pursuant to Section 3.1(a), the amount of “Default Rate Interest” calculated in respect of the Net Tax Benefit (including previously accrued Imputed Interest and Extension Rate Interest) for a Taxable Year will equal interest calculated at the Default Rate from the Final Payment Date for a Tax Benefit Payment as determined pursuant to Section 3.1(a) until the date on which the Corporation makes such Tax Benefit Payment to such Member. For the avoidance of doubt, the amount of any Default Rate Interest as determined with respect to any Net Tax Benefit payable by the Corporation to a Member shall be included in the Hypothetical Tax Liability of the Corporation for purposes of calculating Realized Tax Benefits and Realized Tax Detriments pursuant to this Agreement.

  • Default Rate of Interest Interest shall accrue on an overdue amount from (and including) the relevant date until the date of actual payment (as well after as before judgment) at the rate per annum determined by the Agent to be 2 per cent. above: (a) in the case of an overdue amount of principal, the higher of the rates set out at paragraphs (a) and (b) of Clause 7.3; or (b) in the case of any other overdue amount, the rate set out at paragraph (b) of Clause 7.3.

  • Default Rate Immediately upon the occurrence and during the continuance of an Event of Default, Obligations shall accrue interest at a fixed per annum rate equal to the rate that is otherwise applicable thereto plus five percentage points (5.00%) (the “Default Rate”). Payment or acceptance of the increased interest rate provided in this Section 2.3(b) is not a permitted alternative to timely payment and shall not constitute a waiver of any Event of Default or otherwise prejudice or limit any rights or remedies of Collateral Agent.

  • Default Rate and Payment Dates (a) If all or a portion of the principal amount of any Loan which is a LIBOR Rate Loan shall not be paid when due or continued as a LIBOR Rate Loan in accordance with the provisions of Section 2.9 (whether at the stated maturity, by acceleration or otherwise), such overdue principal amount of such Loan shall be converted to an Alternate Base Rate Loan at the end of the Interest Period applicable thereto. (i) If all or a portion of the principal amount of any LIBOR Rate Loan shall not be paid when due, such overdue amount shall bear interest at a rate per annum which is equal to the rate that would otherwise be applicable thereto plus 2%, until the end of the Interest Period applicable thereto, and thereafter at a rate per annum which is equal to the Alternate Base Rate plus the sum of the Applicable Percentage then in effect for Alternate Base Rate Loans and 2% (the “ABR Default Rate”) or (ii) if any interest payable on the principal amount of any Loan or any fee or other amount, including the principal amount of any Alternate Base Rate Loan, payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at a rate per annum which is equal to the ABR Default Rate, in each case from the date of such non-payment until such amount is paid in full (after as well as before judgment). Upon the occurrence, and during the continuance, of any other Event of Default hereunder, at the option of the Required Lenders, the principal of and, to the extent permitted by law, interest on the Loans and any other amounts owing hereunder or under the other Credit Documents shall bear interest, payable on demand, at a per annum rate which is (A) in the case of principal, the rate that would otherwise be applicable thereto plus 2% or (B) in the case of interest, fees or other amounts, the ABR Default Rate (after as well as before judgment). (c) Interest on each Loan shall be payable in arrears on each Interest Payment Date; provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand.

  • Calculation of default rate of interest The rates referred to in Clause 6.2 are: (a) the rate applicable to the overdue principal amount immediately prior to the relevant date (but only for any unexpired part of any then current Interest Period); (b) the Margin applicable to the overdue amount, the Mandatory Cost (if any) plus, in respect of successive periods of any duration (including at call) up to 6 months which the Lender may select from time to time: (i) LIBOR; or (ii) if the Lender determines that Dollar deposits for any such period are not being made available to it by leading banks in the London Interbank Market in the ordinary course of business, a rate from time to time determined by the Lender by reference to the cost of funds to it from such other sources as the Lender may from time to time determine.