Interest and Default Rate Sample Clauses
The 'Interest and Default Rate' clause defines the rates of interest that apply to outstanding amounts under an agreement, including a higher rate that is triggered if a party defaults on its payment obligations. Typically, this clause specifies the standard interest rate for late payments and outlines the increased default rate that applies once a payment becomes overdue, often calculated as a percentage above a reference rate. Its core practical function is to incentivize timely payments and compensate the non-defaulting party for the risk and inconvenience of delayed payments, thereby reducing the likelihood of late payment and providing a clear remedy if it occurs.
POPULAR SAMPLE Copied 2 times
Interest and Default Rate. 60 2.09..... Fees...................................................................... 61
Interest and Default Rate. (a) Interest shall accrue on the Outstanding Amount of each Term Loan at a variable rate (the “Term Loan Rate”) per year equal to, (i) for each Term Loan that is a Eurodollar Loan, the LIBOR Rate plus the Applicable Margin in effect from time to time for such Term Loan and (ii) for each Term Loan that is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time for such Term Loan. Thereafter, the applicable Borrower may elect to convert such Borrowing into a different Type as provided in Section 4.16. Adjustments to the Term Loan Rate shall be effective monthly on each Interest Rate Determination Date. The Term Loan Rate shall remain fixed during each applicable Interest Period based upon the Term Loan Rate established hereunder on the applicable Interest Rate Determination Date (subject to adjustments to the Applicable Margin as provided in the definition thereof). The Term Loan Rate shall not exceed any maximum interest rate permitted by applicable law.
(b) Notwithstanding any contrary provision set forth herein, if any Event of Default has occurred and is continuing, upon request of the Required Lenders, or automatically in the case of an Event of Default under Sections 10.1(g) and (h), the applicable Borrowers shall pay interest on each Term Loan at a rate per annum equal to the lesser of: (i) the rate per annum otherwise payable under clause (a) above or, as applicable under Section 4.3 hereof, plus two percent (2%) per annum; or (ii) the highest rate permitted by law. All such interest shall be payable on demand by the Administrative Agent.
(c) The applicable Borrowers shall pay interest on each Incremental Term Loan as provided in the definitive documentation establishing such Incremental Term Loan (to the extent inconsistent with the foregoing provisions of this Section).
Interest and Default Rate. Subject to the provisions of subsection (b) below, (i) each Eurocurrency Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period plus the Applicable Rate and (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate plus the Applicable Rate.
Interest and Default Rate. 50 Fees ........................................................................................................................51 Computation of Interest and Fees; Retroactive Adjustments of Applicable Rate ........................................................................................................................52
Interest and Default Rate. Unless and until the occurrence of an Event of Default (as such term is defined below), the principal amount of this Note shall not bear interest. Upon the occurrence of an Event of Default interest shall accrue under this Note on the outstanding principal balance at the interest rate of eighteen percent (18%) per annum compounded monthly (the "Default Rate"). The occurrence of any one or more of the following events, circumstances, or conditions shall constitute a default hereunder ("Event of Default"): (a) failure of Borrower (which term shall mean and include Borrower and/or each borrower, endorser, surety, and guarantor of this Note) to pay to Holder within five (5) days of the due date (whether at scheduled maturity, upon acceleration or otherwise) any installment of principal or of interest due under this Note or any fees owing to Holder; (
Interest and Default Rate. (a) Interest shall accrue on the Outstanding Amount of Floor Plan Loans and Swing Line Loans at a variable rate (the “Floor Plan Rate”) per year equal to (i) the LIBOR Rate plus 1.25% per annum, in the case of Eurodollar Loans, and (ii) the Base Rate plus 0.25% per annum, in the case of Base Rate Loans. Adjustments to the Floor Plan Rate shall be effective monthly on each Interest Rate Determination Date. The Floor Plan Rate shall remain fixed during each applicable Interest Period based upon the Floor Plan Rate established hereunder on the applicable Interest Rate Determination Date. The Floor Plan Rate shall not exceed any maximum interest rate permitted by applicable law.
(b) Notwithstanding any contrary provision set forth herein, if any Event of Default has occurred and is continuing, upon request of the Required Lenders, or automatically in the case of an Event of Default under Sections 10.1(g) or (h), the Floor Plan Borrowers shall pay interest on the Outstanding Amount of Floor Plan Loans and Swing Line Loans at a rate (the “Floor Plan Default Rate”) per annum equal to the lesser of: (i) the rate per annum otherwise payable under clause (a) above or, as applicable under Section 4.3 hereof, plus two percent (2%) per annum; or (ii) the highest rate permitted by law. All such interest shall be payable on demand by the Administrative Agent.
Interest and Default Rate. 58 2.09 Fees 59
Interest and Default Rate
Interest and Default Rate