Interest and Fees Clause Samples
The INTEREST AND FEES clause sets out the terms under which interest and additional charges may be applied to outstanding amounts or late payments under an agreement. Typically, it specifies the interest rate, the method of calculation, and any administrative or late fees that may accrue if payments are not made on time. This clause ensures that parties are aware of the financial consequences of delayed payments, thereby encouraging timely fulfillment of payment obligations and compensating the party owed for any delay.
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Interest and Fees. (a) The unpaid principal amount of each ABR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise and both before and after default and judgment) at a rate per annum that shall at all times be equal to the Applicable Margin for ABR Loans plus the ABR in effect from time to time.
(b) The unpaid principal amount of each LIBOR Loan shall bear interest from the date of the Borrowing thereof until maturity (whether by acceleration or otherwise and both before and after default and judgment) at a rate per annum that shall at all times be equal to the Applicable Margin for LIBOR Loans plus the relevant LIBOR.
(c) If all or a portion of (i) the principal amount of any Loan or (ii) any interest thereon or fees 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 that is (x) in the case of overdue principal, equal to the rate that would otherwise be applicable thereto plus, to the extent permitted by applicable law, 2.00% (after as well as before maturity and judgment), (y) in the case of any overdue interest with respect to any Loan, equal to the rate of interest applicable to such Loan plus, to the extent permitted by applicable law, 2.00%, or (z) in the case of any overdue fees or other amounts owing hereunder, equal to the rate of interest then applicable to Loans maintained as ABR Loans plus 2.00%, in each case from and including the date of such non-payment to but excluding the date on which such amount is paid in full (after as well as before maturity and judgment). All interest payable pursuant to this Section 2.8(c) shall be payable upon demand.
(d) Interest on each Loan shall accrue from and including the date such Loan is made to but excluding the date of any repayment thereof and shall, except as otherwise provided pursuant to Section 2.8(c), be payable (i) in respect of each ABR Loan, quarterly in arrears on the last Business Day of each of March, June, September and December (for the three-month period (or portion thereof) ended on such day), (ii) in respect of each LIBOR Loan, on the last day of each LIBOR Period applicable thereto and, in the case of a LIBOR Period in excess of three months, on each date occurring at three-month intervals after the first day of such LIBOR Period and (iii) in respect of each Loan on any payment or prepayment (on the amount paid or prepaid), a...
Interest and Fees. (a) On each Settlement Date for a Tranche, the Borrower shall pay to the relevant Funding Agent all accrued and unpaid Interest with respect to such Tranche.
(b) The Collection Agent shall be entitled to receive a fee (the "Servicing Fee") on the average daily Outstanding Balance of the Pool Receivables, payable in arrears on each Servicing Fee Payment Date at a rate per annum equal to the Servicing Fee Percentage. Upon three Business Days' notice to the Funding Agents, the Collection Agent (if not an Originator, the Borrower or its designee or an Affiliate of the Borrower or an Originator) may, with the prior written consent of the Administrative Agent and the Required Committed Lenders, elect to be paid, as such fee, another percentage per annum on the average daily Outstanding Balance of the Pool Receivables. Notwithstanding anything herein to the contrary, the Servicing Fee shall be payable only from Collections pursuant to, and subject to the priority of payments 44 set forth in, Sections 2.06 and 2.07. To the extent such Collections are not sufficient to pay the Servicing Fee in full, none of the Borrower, the Administrative Agent, the Funding Agents or the Lenders shall have any liability for the deficiency.
(c) The Borrower shall pay to the Administrative Agent and each Funding Agent certain fees (collectively, the "Fees") in the amounts and on the dates set forth in (i) the fee agreement of even date herewith between the Borrower and the Administrative Agent (as the same may be amended or restated from time to time, the "Administrative Agent Fee Letter") and (ii) the fee agreement of even date among the Borrower, the Administrative Agent and the Funding Agents (as the same may be amended or restated from time to time, the "Lender Fee Letter").
(d) On or before the Business Day immediately before the end of each Tranche Period, the relevant Funding Agent shall furnish the Borrower with an invoice setting forth the amount of the accrued and unpaid Interest and Fees for such Tranche Period with respect to the Tranches held by the Lender(s) in such Funding Agent's Lender Group. To the extent necessary, such Interest shall be calculated using an estimate of the CP Rate for the remaining days in such Tranche Period, provided that such Interest shall be adjusted as follows: if the Funding Agent shall have used an estimate of the CP Rate with respect to the preceding Tranche Period, the Funding Agent shall compute the actual CP Rate and Interest for such ...
Interest and Fees. Any prepayment made pursuant to this Section 2.05 shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment.
Interest and Fees. Any prepayment made pursuant to this Section 2.05 shall be accompanied by (i) accrued interest on the principal amount being prepaid to the date of prepayment, (ii) any Funding Losses payable pursuant to Section 2.08, (iii) the Applicable Premium payable in connection with such prepayment of the Term Loan, and (iv) if such prepayment would reduce the amount of the outstanding Loans to zero at a time when the Total Revolving Credit Commitment has been terminated, such prepayment shall be accompanied by the payment of all fees accrued to such date pursuant to Section 2.06.
Interest and Fees. 35 3.1 Interest ............................................................................. 35 3.2 Closing Fee .......................................................................... 37 3.3 Servicing Fee ........................................................................ 37 3.4 Unused Line Fee ...................................................................... 37 3.5 Changes in Laws and Increased Costs of Loans ......................................... 37
Interest and Fees. (a) On each Settlement Date, the Borrower shall, in accordance with the terms and priorities for payment set forth in Section 4.01, pay to each Lender, each LC Participant, the LC Bank, the Administrative Agent and the Structuring Agent certain fees (collectively, the “Fees”) in the amounts set forth in the fee letter agreements from time to time entered into, among the Borrower, the Lenders, the LC Participants, the LC Bank and/or the Administrative Agent (each such fee letter agreement, as amended, restated, supplemented or otherwise modified from time to time, collectively being referred to herein as the “Fee Letter”). Commitment Fees (as defined in the Fee Letter) shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender as provided in Section 2.06.
(b) Each Loan of each Lender and the Capital thereof (without duplication) shall accrue interest on each day when such Capital remains outstanding at the then applicable Interest Rate for such Loan. The Borrower shall pay all Interest (including, for the avoidance of doubt, all Interest accrued on LIBOR Loans during an Interest Period regardless of whether the applicable Tranche Period has ended), Fees and Breakage Fees accrued during each Interest Period on each Settlement Date in accordance with the terms and priorities for payment set forth in Section 4.01.
Interest and Fees. In respect of Advances under each Non-Revolving Facility, the Borrower agrees to pay the following:
(a) interest on Prime Rate Loans at the Prime Rate plus the Applicable Margin per annum, payable monthly in arrears on the last day of each and every month;
(b) in respect of each Bankers' Acceptance, a stamping fee equal to the Applicable Margin, multiplied by the face amount of the Bankers' Acceptance with the product thereof further multiplied by the number of days to maturity of the Bankers' Acceptance and divided by 365, payable at the time of acceptance;
(c) in respect of each BA Equivalent Note, a stamping fee equal to the Applicable Margin multiplied by the face amount of the BA Equivalent Note with the product thereof further multiplied by the number of days to maturity of the BA Equivalent Note and divided by 365, payable at the time of acceptance;
(d) a standby fee payable in Canadian Dollars with respect to the unused portion of Facility C, calculated on a daily basis as being the difference between (i) the Facility C Maximum Amount (less the Commitments of any Non-Funding Lenders under Facility C) and (ii) the Outstanding Principal Amount under Facility C, multiplied by the Applicable Margin and divided by 365; which standby fee shall be payable quarterly in arrears on the last Business Day of each Fiscal Quarter based on the number of days in such Fiscal Quarter (including the first day and excluding the last day in such Fiscal Quarter) and on the Maturity Date; and
(e) a standby fee payable in Canadian Dollars with respect to the unused portion of Facility D, calculated on a daily basis as being the difference between (i) the Facility D Maximum Amount (less the Commitments of any Non-Funding Lenders under Facility D) and (ii) the Outstanding Principal Amount under Facility D, multiplied by the Applicable Margin and divided by 365; which standby fee shall be payable quarterly in arrears on the last Business Day of each Fiscal Quarter based on the number of days in such Fiscal Quarter (including the first day and excluding the last day in such Fiscal Quarter) and on the Maturity Date. Except as otherwise provided in this Agreement, such payments shall be made to the Agent on behalf of the Lenders; and the Agent shall promptly remit to each Lender its Proportionate Share of each such payment.
Interest and Fees. Any prepayment made pursuant to this Section 2.04 shall be accompanied by accrued interest on the principal amount being prepaid to the date of prepayment, and if such prepayment would reduce the amount of the outstanding Loan to zero, such prepayment shall be accompanied by the payment of all fees accrued to such date pursuant to the terms of this Agreement.
Interest and Fees. 6 3.1 Interest..................................................... 6 3.2 Fees......................................................... 6
Interest and Fees. Any payment, repayment prepayment made pursuant to this Section 2.05 shall be accompanied by (i) accrued interest on the principal amount being prepaid to the date of prepayment and (ii) the Applicable Premium payable in connection with such payment, repayment or prepayment of the Loans (if applicable).