Floating Rate of Interest Sample Clauses

The Floating Rate of Interest clause defines how the interest rate on a loan or financial obligation will vary over time based on a specified benchmark or reference rate, such as LIBOR or the prime rate, plus a fixed margin. In practice, this means that the interest payments owed by the borrower will fluctuate periodically, typically adjusting at set intervals (e.g., monthly or quarterly) in line with changes in the underlying benchmark rate. The core function of this clause is to ensure that the interest charged reflects current market conditions, thereby allocating the risk of interest rate changes between the parties.
Floating Rate of Interest. The Lender shall be entitled to revise the rate of Interest at any time and from time to time as per its policy, market conditions and/or applicable laws and regulations, if any, during the tenor of the Loan at its sole discretion. The Lender shall inform the Borrower about the variation in the rate of Interest in due course.
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Floating Rate of Interest. Each floating rate of interest provided for under this Agreement will change automatically, without notice, whenever the Bank’s Prime Rate or the U.S. Base Rate, as the case may be, changes.
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Floating Rate of Interest. (a) Subject to the provisions of this section and Section 2.03, the unpaid principal balance of the ▇▇▇▇▇▇▇▇ Loan will bear interest from the Funding Date at the rate of 2.38% per annum (the “Initial Floating Rate”) fixed to June 29, 2016. (b) On September 29, 2016 and on the 29th day of each December, March, June and September thereafter (each such date, a “Floating Rate Adjustment Date”), the rate of interest on the ▇▇▇▇▇▇▇▇ Loan will be Adjusted to that rate per annum equal to the greater of (a) the three month LIBOR plus the Floating Rate Spread (defined in Section 2.02(c)), or (b) 2.000% per annum (a “Floating Rate Adjustment” and the Initial Floating Rate, as Adjusted, the “Adjusted Floating Rate”). Beginning on each Floating Rate Adjustment Date and continuing until the next Floating Rate Adjustment Date or the Maturity Date, whichever is earlier, the unpaid principal balance of the ▇▇▇▇▇▇▇▇ Loan will bear interest at the then applicable Adjusted Floating Rate. (c) Subject to the provisions of this Section 2.02(c), the term “Floating Rate Spread” shall mean 1.750% per annum. On March 29, 2019, March 29, 2022, and March 29, 2025, each, Lender may change the Floating Rate Spread to that rate per annum determined by Lender, consistent with rates quoted by Lender for substantially similar loans secured by real estate substantially similar to the Collateral, in each instance as determined by Lender.
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Floating Rate of Interest. The Debentures will bear interest from and including May 9, 2023 to but excluding May 9, 2028, at a floating rate of interest equal to the 3-month CDOR plus 0.78% payable quarterly in arrears on the 9th day of each of February, May, August and November in each year, commencing August 9, 2023. The Corporation shall provide to the Trustee its interest calculation in respect of any floating rate interest period.
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Related to Floating Rate of Interest

  • Alternate Rate of Interest If prior to the commencement of any Interest Period for a Eurodollar Borrowing: (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period; or (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for such Interest Period; then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

  • Limit on Rate of Interest (a) No Payment shall exceed Lawful Rate. Notwithstanding any other term of this Agreement, the Borrower shall not be obliged to pay any interest or other amounts under or in connection with this Agreement in excess of the amount or rate permitted under or consistent with any applicable law, rule or regulation.

  • Rate of Interest The Rate of Interest payable from time to time in respect of Floating Rate Notes will be determined in the manner specified in the applicable Final Terms.

  • 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.

  • Normal rate of interest Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of the Margin and LIBOR for that Interest Period.