Interest on Clause Samples
The "Interest on" clause defines the obligation to pay interest on certain amounts owed under the agreement, such as late payments or outstanding balances. Typically, it specifies the applicable interest rate, the method of calculation (for example, daily or monthly), and the circumstances under which interest accrues, such as after a missed payment deadline. This clause ensures that parties are incentivized to make timely payments and compensates the owed party for the time value of money, thereby discouraging delays and allocating the financial risk of late payments.
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Interest on each Swingline Loan shall be payable on the Interest Payment Date with respect thereto.
Interest on a Cash Deposit shall accrue and be applied or refunded in accordance with the terms in the applicable
Interest on. The Senior Notes; Payment Of Interest.......................... 9 Section 1.3........... Execution, Authentication And Delivery Of Securities...................... 10
Interest on the Loans shall be paid (in an amount set forth in a statement delivered by the Agent to the Borrower, provided, however, that the failure of the Agent to deliver such statement shall not limit or otherwise affect the obligations of the Borrower hereunder) in immediately available funds to the Agent at its Principal Office for the account of the applicable Lending Office of each Bank as follows:
(1) For each ABR Loan and Swing Line Loan on the first day of each calendar month commencing on the first such date after such Loan;
(2) For each LIBOR Loan, on the last day of the Interest Period with respect thereto, except that, if such Interest Period is longer than three months, interest shall also be paid on the last day of the third month of such Interest Period; and
(3) If not sooner paid, then on the Termination Date or such earlier date as the Loans may be due or declared due hereunder.
Interest on. Delayed Payments
Interest on. Libor Loans shall accrue from day to day, both before and after default, demand, maturity and judgment, shall be calculated on the basis of the actual number of days elapsed and on the basis of a year of 360 days, and shall accrue and be payable to the Lender in U.S. dollars in arrears on the last day of the relevant Interest Period.
Interest on a Cash Deposit shall accrue and be applied or refunded in accordance with the terms in the appropriate AT&T-22STATE Tariff. AT&T-22STATE will not pay interest on a Letter of Credit or a Surety Bond.
Interest on the Borrower Loans shall be computed on ------------ the basis of a year of 360 days and actual days elapsed (including the first day but excluding the last day) occurring in the period for which payable.
Interest on each Advance shall accrue for each day that such Advance is outstanding at the Advance Rate for such day on the basis of a year of 360 days consisting of twelve 30-day months. The Servicer (or, if applicable, the Trustee or the Fiscal Agent) shall be entitled to reimbursement for Advances (including Nonrecoverable Advances) and interest thereon at the Advance Rate by retaining amounts paid on the Mortgage Loan or other collections or recoveries with respect to the Mortgage Loan (including Loss Proceeds and Net Proceeds and withdrawals from any of the Sub-Accounts, other than the Basic Carrying Costs SubAccount). Such rights of reimbursement shall be senior to the rights of Certificateholders to receive any amounts recovered with respect to the Mortgage Loan.
Interest on the outstanding balance of the Loans shall become due and payable on the respective due dates of the installments as set forth in Section 1.2 above (or if applicable, on the date of any repayment pursuant to Section 1.4 below or any other prepayment) and shall accrue from the respective Disbursements Dates (as set forth in Section 1.1 above) at the Applicable Rate (as defined below) (but in no event higher than the highest rate permitted under applicable law) on the basis of a 365-day year and actual number of days elapsed. The term “Applicable Rate” as used herein shall mean the following: (a) for interest accruing from the respective Disbursement Dates (as set forth in Section 1.1 above) to December 31, 2004: 4% per annum; (b) for interest accruing from January 1, 2005 to December 31, 2005: 5% per annum; and (c) for interest accruing from January 1, 2006 to December 31, 2007: 6% per annum.