Interest Adjustment Clause Samples
An Interest Adjustment clause defines how interest is calculated and applied when payments are made at times different from those originally scheduled. Typically, this clause ensures that if a payment is made early or late, the amount is adjusted to reflect the time value of money, either by adding or subtracting interest for the period of deviation. This mechanism ensures fairness between parties by compensating for the financial impact of timing differences, thereby preventing either party from gaining or losing due to early or late payments.
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Interest Adjustment. All agreements between the Borrower and the Lender are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced by a Note or otherwise, shall the amount paid or agreed to be paid to the Lender for the use or the forbearance of the indebtedness evidenced hereby exceed the maximum permissible under applicable law. As used herein, the term “applicable law” shall mean the law in effect as of the date hereof provided, however, that in the event there is a change in the law which results in a higher permissible rate of interest, then this Agreement, the Note and the other Loan Documents shall be governed by such new law as of its effective date. In this regard, it is expressly agreed that it is the intent of the Borrower and the Lender in the execution, delivery and acceptance of this Agreement, the Note and the other Loan Documents to contract in strict compliance with the laws of the State of New York from time to time in effect. If, under or from any circumstances whatsoever, fulfillment of any provision hereof or of any of the other Loan Documents at the time of performance of such provision shall be due, shall involve transcending the limit of such validity prescribed by applicable law, then the obligation to be fulfilled shall automatically be reduced to the limits of such validity, and if under or from any circumstances whatsoever the Lender should ever receive as interest an amount which would exceed the highest lawful rate, such amount which would be excessive interest shall be applied to the reduction of the principal balance evidenced by the Note and not to the payment of interest. This provision shall control every other provision of all agreements between the Borrower, each other party obligated on a Note and the Lender.
Interest Adjustment. Any distribution (other than a distribution from a segregated or individual Account) made to a Participant or Beneficiary more than 90 days after the most recent valuation date may include interest on the amount of the distribution as an expense of the Trust Fund. The interest, if any, accrues from such valuation date to the date of the distribution at the rate the Employer specifies in its Adoption Agreement.
Interest Adjustment. Purchaser and Seller agree to make such adjustment to interest paid on the Branch Deposits as may be necessary to reconcile the differences in their respective methods of calculation of interest to insure that depositors are paid the full amount of interest due to them.
Interest Adjustment. Notwithstanding anything to the contrary ------------------- contained in this Agreement or the Revolving Credit Note, the rate of interest payable on the Revolving Credit Note shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by the Bank is that which would have been received by the Bank except for the operation of the first sentence of this Section 10.11.
Interest Adjustment. Where a Maturity Date is not a Business Day and the due date for repayment of the Advance is adjusted to the following Business Day, an interest adjustment is also payable at the discretion of the Corporation on the payment date specified in the notice provided by the Corporation to the Borrower setting out details of the Interest Adjustment, which will be calculated as follows: Interest Adjustment Amount = (P+I) x R x D 36500 where: P = the principal amount of the Advance; I = the interest amount due on the stated Maturity Date of the Advance; R = the Corporation's overnight lending rate applicable on the Business Day prior to the stated Maturity Date of the Advance expressed as a percentage per annum to two decimal places; and D = the number of calendar days from and including the stated Maturity Date to, but not including, the Business Day after the stated Maturity Date.
Interest Adjustment. Any transfer, withdrawal, or surrender of Contract Value from a Fixed Subaccount, will be increased or decreased by an Interest Adjustment, unless the transfer, surrender or withdrawal is effective:
a. During the Right to Examine Contract period (shown on the front cover).
b. On the Expiration Date of a Guaranteed Period.
c. As a result of the death of the Owner or the death of the Annuitant.
d. Subsequent to the onset of the "permanent and total disability" of the Owner. "Permanent and total disability" is disability that prevents the Owner from engaging in any occupation for remuneration or profit, and which has existed continuously for a period of 12 months prior to the 65/th/ birthday of the disabled Owner, provided that written proof of total disability is sent to LNY at its Servicing Office.
e. Subsequent to the diagnosis of a terminal illness of the Owner. Diagnosis of the terminal illness must be subsequent to the Contract Date and result in a life expectancy of less than one year, as determined by a qualified professional medical practitioner.
f. Subsequent to the admittance of the Owner into an accredited nursing home or equivalent health care facility. Admittance in such a facility must be subsequent to the Contract Date and continue for 90 consecutive days prior to the surrender or withdrawal.
Interest Adjustment. All agreements between the Borrower (and each Guarantor and each other party obligated for payment on a Note) and the Bank are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced by a Note or otherwise, shall the amount paid or agreed to be paid to the Bank for the use or the forbearance of the indebtedness evidenced hereby exceed the maximum permissible under applicable law. As used herein, the term "
Interest Adjustment. All agreements between the Borrower, the Administrative Agent and the Banks are hereby expressly limited so that in no contingency or event whatsoever, whether by reason of acceleration of maturity of the indebtedness evidenced hereby or otherwise, shall the amount paid or agreed to be paid to any Bank for the use or the forbearance of the indebtedness evidenced hereby exceed the maximum permissible under applicable law. As used herein, the term "
Interest Adjustment. To take a Withdrawal from your contract, you must notify us. The minimum amount that you may request to be withdrawn from your contract at any time is $500. If you request a Withdrawal that causes the Contract Value to be less than $2,000, we will treat your request as a surrender of your contract. We reserve the right to pay Withdrawal amounts directly to you. We may defer payment of any Withdrawals of any type from your contract (except for the payment of Death Benefits, annuity payments, and required minimum distributions under Internal Revenue Code section 401(a)(9)) for up to six months. Interest will be paid on any amount deferred for ten days or more, from the date the documentation necessary to complete the transaction is received by us at a rate at least equal to the rate required by the state of New York.
Interest Adjustment. Notwithstanding anything to the contrary contained in this Agreement, the rate of interest payable shall never exceed the maximum rate of interest permitted under applicable law. If at any time the rate of interest otherwise prescribed herein shall exceed such maximum rate, and such prescribed rate is thereafter below such maximum rate, the prescribed rate shall be increased to the maximum rate for such period of time as is required so that the total amount of interest received by Lenders is that which would have been received by Lenders except for the operation of the first sentence of this Section 10.19.