Interest Default Rate Sample Clauses

Interest Default Rate. (a) [Reserved].

Interest Default Rate. (a) The Principal Amount Outstanding shall bear interest at the rate of eight percent (8%) per annum. Interest shall be computed on the actual number of days elapsed on the basis of a year consisting of 360 days. (b) Any amounts outstanding under this Note that shall have been demanded by the Lender hereto and not paid shall bear interest from and after the date of such applicable demand at the rate of sixteen (16%) per annum (the "Demand Interest Rate"), increasing monthly by an annual rate which is one (1) percentage point above the then current Demand Interest Rate for each month that any amounts outstanding under this Note remain overdue. Any interest on the Note shall accrue and be compounded monthly until the obligation of Borrower, with respect to the payment of such interest, has been discharged (whether before or after judgment). (c) Notwithstanding the foregoing, the effective annual rate under this Note (including the Demand Interest Rate) shall not exceed a maximum annual rate of twenty-four (24%) percent or the maximum annual rate permitted by law, whichever is less.

Interest Default Rate. The outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear fixed, non-compounding interest at the Contract Rate. Payments of interest shall be due monthly in cash, in arrears on the first day of each month, commencing with August 1, 2023. If any Obligations are outstanding after August 14, 2023, the Obligations shall automatically bear interest at the Default Rate.

Interest Default Rate. (a) Borrower will pay to Lender interest on the outstanding principal balance of the Loan computed at the Loan Rate. Interest at the Loan Rate will accrue on each and every Disbursement from and after the date it is made by Lender in the manner specified herein. Prior to the Amortization Commencement Date, accrued interest will compound into the outstanding principal balance of the Loan on January 1 of each year, commencing January 1, 2026. Commencing on the Amortization Commencement Date, accrued interest will be due and payable on each date that the Monthly Principal Installments is due. All unpaid, accrued interest must be paid in full at the time all Disbursements are due and payable under this Agreement. (b) Interest will be computed for the actual number of days principal is unpaid, using a daily factor obtained by dividing the stated interest rate by 360. (c) If any Event of Default exists, then the aggregate amount of all outstanding Disbursements and, to the extent permitted by law, all accrued and unpaid interest in respect thereof, and any other amounts due pursuant to the Loan Documents, will at Lender’s option and without notice to Borrower, accrue interest at the Default Rate, calculated from the date such payment was due without regard to any grace or cure periods contained herein. (d) In connection with each Disbursement, Borrower agrees that the funded amount of such Disbursement shall be reduced by an original issue discount equal to the product of (i) ten percent (10%) and (ii) the amount of such Disbursement (the “OID”), which OID shall be retained by Le▇▇▇▇, for its own benefit, provided, however, that for the avoidance of doubt, Bo▇▇▇▇▇▇ ▇grees that, notwithstanding such deduction from the funded amount of the each Disbursement, Borrower remains liable to pay (1) the full principal amount of such Disbursement (inclusive of such OID), without giving effect to such deduction, which shall be due and payable in full, if not earlier in accordance with this Agreement, on the Maturity Date and (2) accrued interest shall be payable on the full outstanding principal amount of each Disbursement (inclusive of such OID), without giving effect to such deduction. The parties hereto agree to treat such OID as original issue discount under the Code and to account for the annual income and expense for such original issue discount consistently and as required by the Code. (e) In the event that the interest and/or charges in the nature of interest, if a...

Interest Default Rate. (a) Subject to this Agreement, the Borrowers may elect an interest rate for each Revolving Loan A and Revolving Loan B based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate (as defined on Schedule B hereto) plus .25%. Subject to the terms and conditions of this Agreement, the Borrowers may elect an interest rate for the Term Loan based on either (i) the Alternative Prime Rate or (ii) the applicable Adjusted Libor Rate plus .50%. Each Prime Rate Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the Prime Rate (which rate shall change contemporaneously with any change in the Prime Rate), payable on the last day of each fiscal quarter, commencing on March 31, 1997, and when such Prime Rate Loan is due (whether at maturity, by reason of acceleration or otherwise). Libor Loans shall bear interest, and otherwise be governed, in accordance with Schedule B (the "Libor Terms"). (b) Overdue principal (whether at maturity, by reason of acceleration or otherwise) and, to the extent permitted by applicable law, overdue interest and fees or any other amounts payable hereunder or under the Notes, shall bear interest from and including the due date until paid, payable on demand, at a rate per annum equal to 3% above the rate then applicable to Prime Rate Loans. In addition, if the entire amount of any required principal and/or interest is not paid in full within ten days after the same is due, the Borrowers shall pay to the Bank a late fee equal to 5% of the required payment.

Interest Default Rate. No Interest shall accrue hereunder unless and until an Event of Default (as defined in Section 4(a)) has occurred. Interest on this Note shall commence accruing on March 9, 2022 at a rate of six percent (6.0%) per annum (the “6.0% Interest Rate”) and shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in arrears to the record holder of this Note in cash by wire transfer of immediately available funds in accordance with the Holder’s wire instructions on the first Business Day of each Calendar Quarter following March 9, 2022 (each, an “Interest Date”), with the first Interest Date hereunder being April 1, 2022. From and after the occurrence and during the continuance of any Event of Default, Interest shall accrue hereunder at a rate of eighteen percent (18.0%) per annum (the “Default Rate”, together with the 6.0% Interest Rate, each an “Interest Rate”) and shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in arrears on the first Business Day of the calendar month immediately succeeding the month during which an Event of Default has occurred or is continuing, as applicable (a “Default Interest Date”). Accrued and unpaid Interest, if any, shall also be payable as part of the Outstanding Amount upon any redemption or conversion hereunder occurring prior to a Default Interest Date. In the event that such Event of Default is subsequently cured or waived in writing by the Holder (and no other Event of Default then exists, including, without limitation, for the Company’s failure to pay such Interest at the Default Rate on the applicable Default Interest Date), the adjustment to the Interest Rate from the 6.0% Interest Rate to the Default Rate shall cease to be effective as of Interest shall cease to accrue hereunder as of the calendar day immediately following the date of such cure or waiver; provided that Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure or waiver of such Event of Default.” The Company and the Holder agree that the reference to “Default Rate” in the first paragraph of the July Note shall remain a reference to “Default Rate”.

Interest Default Rate. Interest shall accrue on the outstanding principal balance of the Term Loan at a per annum rate equal to five percent (5.0%) (the “Interest Rate”). All interest shall be due and payable on the Maturity Date. Upon the occurrence and during the continuation of an Event of Default, the Interest Rate in effect at such time with respect to the Obligations shall be increased by two percent (2.0%) per annum. All interest and fees hereunder shall be computed on the basis of a year of 365/366 days and for the actual number of days elapsed in each calculation period. In no event shall the interest and other charges paid or agreed to be paid to Lender hereunder exceed the maximum rate permissible under applicable law.

Interest Default Rate. From (and including) the date of this Debenture through (and including) the Maturity Date, no interest shall accrue or be payable with respect to this Debenture. All past due principal of this Debenture shall accrue interest at the Default Rate from (but not including) the Maturity Date through (but not including) the date of payment. From and after the Maturity Date, interest will be calculated on the basis of the actual number of days elapsed over a year composed of 365 days (or 366 days, as the case may be).

Interest Default Rate. (i) All sums payable to the Bank under Section 2.02(a) shall bear interest, from the Drawing Date until such sums are paid in full (it being understood and agreed that any sum paid to the Bank after 3:00 p.m. on a Business Day shall bear interest as if it was paid at 9:00 a.m. on the next following Business Day), at a fluctuating rate per annum (computed for the actual number of days elapsed, based on a 360 day year) equal to the Base Rate; provided that any sum payable to the Bank under subparagraph (ii) (B) or (iii) of Section 2.02(a) which is outstanding in excess of five (5) days (the "Interest Trigger Date") shall thereafter bear interest at a fluctuating rate per annum (computed for the actual number of days elapsed, based on a 360 day year) equal to the lesser of (i) the Base Rate or (ii) LIBOR in effect on each Reset Date plus one and one half percent (1.5%), as determined by the Bank on the Interest Trigger Date, until such sum or interest and all other amounts due and payable under this Agreement have been paid in full. Interest accruing pursuant to this Section 2.02(b) shall be due and payable on the first Business Day of each calendar month after the Drawing Date and on the date the respective sum is paid. All payments under Sections 2.02(a) and 2.02(b) shall be applied first to the payment of interest due and payable under this Section 2.02(b) and then to the reduction of the principal balance of sums due and payable under Section 2.02(a). (ii) Upon the occurrence and during the continuance of an Event of Default, (a) any sum payable to the Bank hereunder shall bear interest at the Default Rate, and (b) the Letter of Credit Fee shall be increased to two and three quarters of one percent (2.75%) per annum. The Default Rate and the increased Letter of Credit Fee payable hereunder shall accrue before and after any judgment has been entered. The Borrower acknowledges that the increased Letter of Credit Fee and the Default Rate provided for herein reflect, among other things, the fact that, upon default, the Letter of Credit shall have become a substantially greater risk given its default status and that the Bank is entitled to additional compensation for such risk.