Interest on the Clause Samples
The 'Interest on the' clause establishes the obligation to pay interest on certain amounts, typically those that are overdue or outstanding under the agreement. In practice, this clause specifies the interest rate, the method of calculation (such as daily or monthly), and the types of payments or debts to which it applies, such as late payments or unpaid invoices. Its core function is to incentivize timely payment and compensate the party owed for the time value of money, thereby discouraging delays and allocating the financial risk of late payments.
Interest on the. Class A-1 Notes shall be payable on each Distribution Date on the principal amount outstanding of the Class A-1 Notes until the principal amount thereof is paid in full, at a rate per annum equal to the Class A-1 Rate. The "Class A-1 Rate" for each Accrual Period shall be equal to Three-Month [or such other designated maturity or formula, as necessary, for the initial Accrual Period] LIBOR as determined on the second Business Day before the beginning of that Accrual Period plus [specified percentage points]%. Payments of interest on this Note on each Distribution Date, together with the installment of principal, if any, to the extent not in full payment of this Note, shall be made by check mailed to the Person whose name appears as the Registered Holder of this Note (or one or more Predecessor Notes) on the Note Register on the Record Date, except that with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency, unless Definitive Notes have been issued (initially, such nominee to be Cede & Co.), payments shall be made by wire transfer in immediately available funds to the account designated by such nominee. Such checks shall be mailed to the Person entitled thereto at the address of such Person as it appears on the Note Register as of the applicable Record Date without requiring that this Note be submitted for notation of payment, and the mailing of such check shall constitute payment of the amount thereof regardless of whether such check is returned undelivered. Any reduction in the principal amount of this Note (or any one or more Predecessor Notes) effected by any payments made on any Distribution Date shall be binding upon all future Noteholders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not noted hereon. If funds are expected to be available, as provided in the Indenture, for payment in full of the then remaining unpaid principal amount of this Note on a Distribution Date, then the Indenture Trustee, in the name of and on behalf of the Issuer, shall notify the Person who was the Noteholder hereof as of the preceding Record Date by notice mailed no later than five days prior to such Distribution Date and the amount then due and payable shall be payable only upon presentation and surrender of this Note at the Indenture Trustee's Corporate Trust Office or at the office of the Indenture Trustee's agent appointed for such purposes...
Interest on the. Term Notes shall be payable on the dates specified in Section 6.1(d).
Interest on the. New Loan shall initially accrue and be added to the New Loan as principal until the first calendar month in which WGP commences operations in the Facility (“Accrued Interest”). During this period, Accrued Interest becoming principal shall be paid along with the New Loan principal and the Accrued Consulting Fee in accordance with clauses 6.3 and 6.4 of this Annex No.
Interest on the. Notes of each Class will accrue at the applicable Interest Rate from and including the most recent Distribution Date on which interest has been paid (or, in the case of the first Distribution Date, from and including the Closing Date) to, but excluding, the following Distribution Date (each, an "Interest Period"). The interest which accrues during an Interest Period shall accrue on the principal amount of the Notes of each Class outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date); provided, that if such principal balance is further reduced by a payment of principal on the Insured Distribution Date which immediately follows such prior Distribution Date, then such interest shall accrue (i) from and including such prior Distribution Date to, but excluding, such related Insured Distribution Date, on the principal balance outstanding as of the end of the prior Distribution Date (or, in the case of the first Distribution Date, as of the Closing Date) and (ii) from and including such Insured Distribution Date, to, but excluding, the following Distribution Date, on the principal balance outstanding as of the end of such Insured Distribution Date. Interest on the Notes for any Distribution Date due but not paid on such Distribution Date will be due on the next Insured Distribution Date together with, to the extent permitted by law, interest on such amount at the applicable Interest Rate. The amount of interest distributable on the Notes on each Distribution Date will equal interest accrued during the related Interest Period, plus any shortfall amount carried-forward. Interest on the Class A-1 Notes and the Class A-2 Notes will be calculated on the basis of a 360-day year and the actual number of days elapsed in the applicable Interest Period. Interest on the Class A-3 Notes will be calculated on the basis of a 360-day year consisting of twelve 30-day months.
E. Principal....................
Interest on the. Class A-1 Notes will be calculated on the basis of actual days elapsed in a year of 360 days. All calculations of the amount of interest accrued on the Class A-2, Class A-3, Class A-4, Class B, Class C and Class D Notes, and all calculations of the amount of the Servicing Fee, shall be made on the basis of a 360-day year consisting of twelve 30- day months.
Interest on the. Fleet Loans and the Fleet Commitment Fee shall be computed on the basis of a year of 360 days and actual days elapsed (including the first day but excluding the last) occurring in the period for which payable.
Interest on the. Term Notes shall be payable on the dates specified in Section 3.1(d). All outstanding principal of the Term Notes shall be due and payable on the Term Loan Maturity Date.
Interest on the. Revolving Loans shall be payable by Borrower on the first day of each month, calculated upon the basis of a three hundred sixty (360) day year and upon the closing daily balances in the loan account of Borrower for each day during the immediately preceding month, at the per annum rate set forth as the Interest Rate in Section 10.
1. The Interest Rate shall increase or decrease by an amount equal to each increase or decrease, respectively, in the Prime Rate as stated in the Wall Street Journal, monthly on the first day of the month. On and after any Event of Default or termination or non-renewal hereof, interest on all unpaid matured obligations shall accrue at a rate equal to four percent (4%) per annum in excess of the Interest Rate otherwise payable until such time as all Obligations are indefeasibly paid in full (notwithstanding entry of any judgment against Borrower or the exercise of any other right or remedy by Lender), and all such interest shall be payable on demand. In no event shall charges constituting interest exceed the rate permitted under any applicable law or regulation, and if any provision of this Agreement is in contravention of any such law or regulation, such provision shall be deemed amended to conform thereto.
Interest on the. Term Loan shall be due and payable in arrears on each Payment Date and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.
Interest on the. Standby Drawing shall accrue daily, shall be calculated on the outstanding daily balance of the Standby Drawing on the basis of actual days elapsed and a 360 day year and shall, subject to Clause 17, be payable by the Issuer to the Liquidity Facility Provider in arrear on each Interest Payment Date when the Standby Drawing has during the immediately preceding Interest Period been outstanding