Interest Rate Calculation Sample Clauses
The Interest Rate Calculation clause defines how interest is determined and applied to outstanding amounts under an agreement. It typically specifies the applicable interest rate, the method of calculation (such as simple or compound interest), and the frequency at which interest accrues or is payable. This clause ensures both parties understand the cost of borrowing or the penalty for late payments, providing clarity and preventing disputes over how interest charges are computed.
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Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any Loan Document, shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Interest Rate Calculation. Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months;
Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any Loan Document, shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect,
Interest Rate Calculation. (a) Interest shall accrue from the date hereof until the Maturity Date on the unpaid principal amount at the rate of nine percent (9%) per annum. Any principal or interest payments not paid when due, whether on the Maturity Date or any Monthly Payment Date, by notice of prepayment, by acceleration or otherwise, shall bear interest at the rate of the lesser of sixteen percent (16%) per annum or the maximum rate permitted by law.
(b) Interest shall be computed on the basis of a 360-day year and on the actual number of days elapsed in any quarter with respect to periods of less than one Calendar Quarter.
Interest Rate Calculation. (a) The outstanding principal balance under the Loan shall bear interest at a per annum rate of interest equal to the Contract Rate. The interest due on the principal balance of the Loan outstanding as of any Payment Date shall be computed for the actual number of days elapsed during the period in question on the basis of a year consisting of three hundred sixty-five (365) days and shall be calculated by determining the daily principal balance outstanding for each day of such period in question.
(b) Borrower recognizes and acknowledges that any default on any payment, or portion thereof, due hereunder or to be made under any of the other Loan Documents, will result in losses and additional expenses to Agent in servicing the Loan, and in losses due to Lenders’ loss of the use of funds not timely received. Borrower further acknowledges and agrees that in the event of any such Default, Lenders would be entitled to damages for the detriment proximately caused thereby, but that it would be extremely difficult and impracticable to ascertain the extent of or compute such damages. Therefore, upon the Term Loan Maturity Date and/or upon the occurrence and during the existence of an Event of Default (or upon any acceleration), interest shall automatically accrue hereunder, without notice to Borrower, at the Default Rate. The Default Rate shall be calculated and due from the date that the Event of Default occurred.
(c) Notwithstanding anything herein to the contrary, if at any time the interest rate for any Loan (if applicable), together with all fees, charges and other amounts that are treated as interest on such Loan under applicable law (collectively, “charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) that may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder (if applicable), together with all charges payable in respect of the Loan, shall be limited to the Maximum Rate. To the extent lawful, the interest and charges that would have been paid in respect of such Loan but were not paid as a result of the operation of this Section shall be cumulated and the interest (if any) and charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the amount collectible at the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds Effec...
Interest Rate Calculation. Upon the terms and subject to the conditions contained in the Obligations, and based on information received from the Facility Agent (but only in connection with the Floating Rate Note), the Indenture Trustee shall calculate the Applicable Interest Rate on the Obligations in the manner and at the times provided in the Obligations and shall communicate the same to the Shipowner, the Secretary and any paying agent identified to it in writing as soon as practicable after each determination. The Indenture Trustee, based on information received from the Facility Agent (but only in connection with the Floating Rate Note), shall, upon the request of the Holder of the Obligations, determine the Applicable Interest Rate then in effect with respect to the Obligations.
Interest Rate Calculation. Throughout the term of this Note, interest shall be calculated on the basis of a 365-day year, but shall be computed for the actual number of days in the period for which interest is charged. If any payment of interest or principal to be made by Maker shall become due on a day other than a Business Day (as hereinafter defined), such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing any interest with respect to such payment. As used herein, the term “
Interest Rate Calculation. All interest hereunder shall be calculated on the basis of a 360 day year consisting of twelve 30 day months.
Interest Rate Calculation. The Calculation Agent shall exercise due care to determine the applicable interest rates under all Floating Rate Securities for which it acts as Calculation Agent and shall communicate the same to Brazil and the Fiscal Agent. The Calculation Agent will, upon the request of any holder of any Floating Rate Security, provide the interest rate then in effect with respect to such Floating Rate Security and, if determined, the interest rate with respect to such Floating Rate Security which will become effective as of the following Interest Reset Date (under and as defined in such Floating Rate Security).
Interest Rate Calculation. The interest rate shall be per the specifications detailed in the Confirmation, calculated based on the reference rate or formula as explicitly outlined in the same Confirmation.