Interest Rate and Payment Dates Clause Samples
The 'Interest Rate and Payment Dates' clause defines the rate at which interest will accrue on outstanding amounts and specifies the schedule for when interest payments are due. Typically, this clause outlines whether the interest is fixed or variable, how it is calculated, and the exact dates or intervals (such as monthly or quarterly) when payments must be made. Its core practical function is to ensure both parties have a clear understanding of financial obligations, reducing the risk of disputes over payment timing or amounts.
Interest Rate and Payment Dates. (a) The Eurodollar Loans shall bear interest for each Interest Period with respect thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin.
(b) Alternate Base Rate Loans shall bear interest for the period from and including the date thereof until maturity on the unpaid principal amount thereof at a rate per annum equal to the Alternate Base Rate.
(i) If all or a portion of the principal amount of any Loan 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 equal to the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this subsection 2.8 plus 2%, and (ii) if all or a portion of any interest payable on any Loan or any commitment fee or other amount 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 equal to the rate then applicable to Alternate Base Rate Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of such non-payment until such amount is paid in full (as well after as before judgment).
(d) Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to paragraph (c) of this subsection 2.8 shall be payable from time to time on demand.
Interest Rate and Payment Dates. (a) Each Loan shall bear interest on the unpaid principal amount thereof (which principal amount includes the Original Principal and any Capitalized Interest Amount with respect thereto) at a rate per annum from time to time equal to the lesser of (i) 12.0% and (ii) the rate that is twenty-five one-hundredths of one percent (0.25%) less than the rate payable from time to time under the Bank Credit Agreement on Eurodollar Loans (as defined in the Bank Credit Agreement) that are Term Loans (as defined in the Bank Credit Agreement) including any default rate applicable thereto pursuant to Section 7.5(e) of the Bank Credit Agreement, provided, however, that at any time the Eurodollar Base Rate (as defined in the Bank Credit Agreement) equals or exceeds 3%, the rate described in this clause (ii) shall not exceed 5.25% over the Eurodollar Base Rate then in effect (plus an additional 2.0%, if the default rate is then applicable to Term Loans pursuant to Section 7.5(e) of the Bank Credit Agreement) (the rate described in this clause (ii), the "Maximum Rate").
(b) If all or a portion of any Loan, any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration, as a result of an event requiring a mandatory prepayment or otherwise), then, for so long as such amount remains unpaid, such overdue amount shall bear interest at a rate per annum equal to the lesser of (i) 14.0% and (ii) the Maximum Rate.
(c) Interest accrued from time to time in respect of each Loan shall be payable in arrears on each Interest Capitalization Date by adding the amount of accrued interest (a "Capitalized Interest Amount") on such date to the principal amount of such Loan (and any Capitalized Interest Amount shall bear interest from and after such Interest Capitalization Date as provided hereunder as if it had been part of the Original Principal of such Loan); provided, that any accrued and unpaid interest outstanding on the Effective Date under the 2004 Term Loan Agreement shall be treated as a Capitalized Interest Amount for all purposes of this Agreement. Any accrued and unpaid interest on the Loans shall be payable in full in cash on the Termination Date.
(d) Interest shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.
Interest Rate and Payment Dates. (a) Each Eurodollar Loan shall bear interest for each day during each Interest Period therefor on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin.
(b) Each Base Rate Loan shall bear interest for each day on the unpaid principal amount thereof, at a rate per annum equal to the Base Rate determined for such day.
(c) Each C$ Prime Loan shall bear interest for each day on the unpaid principal amount thereof, at a rate per annum equal to the Canadian Prime Rate determined for such day.
(d) If all or a portion of (i) the principal amount of any Loan, (ii) any interest payable thereon or (iii) any Facility Fee, Acceptance Fee or other amount 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 which is (x) in the case of overdue principal, the rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section 4.3 plus 1% or (y) in the case of any overdue interest, Facility Fee, Acceptance Fee or other amount, the rate described in Section 4.3(b) (in the case of amounts payable in Dollars) or 4.3(c) (in the case of amounts payable in C$) plus 1%, in each case from the date of such non-payment to (but excluding) the date on which such amount is paid in full (as well after as before judgment).
(e) Interest shall be payable in arrears (i) with respect to Eurodollar Loans having an Interest Period of three months or less, on the last day of such Interest Period, (ii) with respect to Eurodollar Loans having an Interest Period longer than three months, on each day which is three months, or a whole multiple thereof, after the first day of such Interest Period and the last day of such Interest Period, (iii) with respect to Base Rate Loans and C$ Prime Loans, on the last day of each March, June, September and December, and (iv) with respect to all Loans, upon each repayment, prepayment or conversion thereof; provided that interest accruing pursuant to Section 4.3(d) shall be payable on demand. Interest payable in respect of U.S. R/C Loans shall be payable in Dollars by CFC and interest payable in respect of C$ Loans shall be payable in C$ by CCCL (subject to Section 12).
(f) The amount of interest on any Eurodollar Loans to be paid on any date as specified in paragraph (e) above shall in each case be determined under the assump...
Interest Rate and Payment Dates. (a) All Loans shall bear interest on the unpaid principal amount thereof at a rate per annum equal to the Applicable Rate.
(b) If all or a portion of any Loan, any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration, as a result of an event requiring a mandatory prepayment or otherwise), then, for so long as such amount remains unpaid, such overdue amount shall bear interest at a rate per annum equal to the Applicable Rate plus 2%.
(c) Interest on the outstanding principal amount of each Loan from time to time shall accrue and be payable in arrears in cash on each Interest Payment Date, provided that interest accruing pursuant to paragraph (b) of this Section shall be payable from time to time on demand.
(d) Interest shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.
Interest Rate and Payment Dates. (a) Each Loan shall bear interest on the unpaid principal amount thereof at a rate per annum from time to time equal to 8.00%.
(b) If all or a portion of any Loan, any interest payable thereon or any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration, as a result of an event requiring a mandatory prepayment or otherwise), then, for so long as such amount remains unpaid, such overdue amount shall bear interest at a rate per annum equal to the rate otherwise in effect plus 2%.
(c) Interest accrued from time to time in respect of each Loan shall be payable in cash in arrears on each Interest Payment Date; provided, that interest accruing pursuant to paragraph (b) of this Section 3.3 shall be payable from time to time on demand. Any accrued and unpaid interest on the Loans shall be payable in full in cash on the Termination Date.
(d) Interest shall be calculated on the basis of a 365 (or 366, as the case may be) day year for the actual days elapsed.
Interest Rate and Payment Dates. (a) Each LIBOR Loan shall bear interest for each day during each Interest Period with respect thereto at a rate per annum equal to the LIBOR Rate determined for such Interest Period plus the Applicable Margin.
(b) Each Reference Rate Loan shall bear interest for the period from and including the date thereof until maturity at a rate per annum equal to the Reference Rate plus the Applicable Margin.
(c) If all or a portion of (i) the principal amount of any Sterling Loan or any reimbursement obligation, (ii) any interest payable thereon or (iii) any facility fee, commission or other amount 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 which is (A) the rate pursuant to paragraph (a) of this subsection plus 2% or (B) the rate described in paragraph (b) of this subsection 2.12 plus 2%, in each case from the date of such non-payment until such amount is paid in full (as well after as before judgment). The Sterling Administrative Agent may choose any Interest Period from time to time (including one Interest Period of shorter than one month) with respect to any overdue amount bearing interest based upon paragraph (a) of this subsection.
(d) Interest shall be payable in arrears on each Interest Payment Date, except that interest payable pursuant to subsection 2.12(c) shall be payable upon demand.
Interest Rate and Payment Dates. The Eurodollar Loans shall bear interest for each Interest Period with respect thereto on the unpaid principal amount thereof at a rate per annum equal to the Eurodollar Rate determined for such Interest Period plus the Applicable Margin.
Interest Rate and Payment Dates. (a) The Borrower shall pay to the Bank interest on the unpaid principal amount of the Term Loan commencing on June 1, 2017 and continuing through and including the Maturity Date, at a rate per annum equal to the greater of (x) the Prime Rate plus 2.50%, and (y) 6.00%. Any change in the interest rate resulting from a change in the Prime Rate shall be effective as of the opening of business on the day on which such change in the Prime Rate becomes effective.
(b) Notwithstanding the foregoing, if an Event of Default has occurred and is continuing, then, so long as such Event of Default is continuing, the interest rate of the obligation which shall be in effect at the time of the Event of Default, shall be increased by five (5%) percentage points above the interest rate per annum in effect at this time of the Event of Default without the Bank being obligated to give any notice of said increase (the “Default Rate”) to Borrower. The Default Rate shall increase at the rate of one (1%) percentage point per month beginning on the first day of the month following the month in which the Default Rate became effective and on the first day of each month thereafter up to the maximum rate permitted by law, until the Term Loan is paid in full.
(c) Accrued interest on the Term Loan shall be payable in arrears on the first day of each month, provided that accrued and unpaid interest on past due amounts shall be due and payable upon demand.
(d) All interest hereunder shall be computed on the basis of a year of 360 days, and in each case shall be payable for the actual number of days elapsed (including the first day but excluding the last day).
Interest Rate and Payment Dates. (a) Each Loan shall bear interest for each day at the Interest Rate.
(b) If all or a portion of (i) any principal of any Loan, (ii) any interest payable thereon, or (iii) any other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), the principal of the Loans and any such overdue interest or other amount shall bear interest at the Interest Rate plus 3%, in each case from the date of such non-payment until such overdue principal, interest or other amount is paid in full (as well after as before judgment).
(c) Interest shall be payable in arrears on the last Business Day of each month, provided that interest accruing pursuant to paragraph (b) of this subsection shall be payable from time to time on demand.
Interest Rate and Payment Dates. 1.1 Initial Rate and Initial Payment. Interest shall accrue on the outstanding balance of the principal amount outstanding hereunder from time to time from and after the date hereof at the rate of 12.11878% per annum until the first Rate Adjustment Date (as defined below). On each successive Rate Adjustment Date, the rate of interest at which interest accrues shall be adjusted to the then applicable Note Rate (as defined in Section 1.4). Interest for the period beginning on the date of this Note and ending on and including the last day of the month in which this Note is dated shall be payable on the date hereof. Thereafter, interest shall be paid in arrears and shall be computed on the basis of a 360-day year and actual number of days elapsed for any whole or partial month in which interest on the Loan is being calculated and shall be charged on the principal balance outstanding from time to time. In no event shall Holder compute the interest in a manner that would cause Holder to contract for, charge or receive interest that would exceed the Maximum Lawful Rate (as defined in Section 1.9) or the Maximum Lawful Amount (as defined in Section 1.9).