Normal rate of interest Clause Samples
The "Normal rate of interest" clause defines the standard interest rate that will apply to outstanding amounts under the agreement. Typically, this clause specifies the percentage rate, the basis for its calculation (such as per annum), and the circumstances under which it is charged, such as on overdue payments or outstanding balances. By clearly establishing the applicable interest rate, this clause ensures both parties understand the cost of late payments and helps prevent disputes over interest charges.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of the Margin and LIBOR for that Interest Period.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on the Advance in respect of an Interest Period relative to the Advance shall be the aggregate of (i) the Margin and (ii) the Reference Rate for that Interest Period.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on each Advance in respect of an Interest Period relative to that Advance shall be the aggregate of (i) the Margin, (ii) the Mandatory Cost (if any), (iii) LIBOR for that Interest Period and (iv) if a Lender (the “Applicable Lender”) notifies the Agent at least 5 Business Days before the start of that Interest Period that its Cost of Funding exceeds LIBOR (including the amount of such excess) on the Quotation Date for that Interest Period, additionally in respect of that Applicable Lender’s Contribution in the relevant Advance, the Correction Rate applicable to the Applicable Lender for that Interest Period.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on each Tranche in respect of an Interest Period relative to that Tranche shall be the aggregate of (i) the Margin, (ii) the Mandatory Cost (if any), (iii) LIBOR for that Interest Period and (iv) if a Lender (the "Applicable Lender") notifies the Agent at least 3 Business Days before the start of that Interest Period that its Cost of Funding exceeds LIBOR on the Quotation Date for that Interest Period, additionally in respect of that Applicable Lender's Contribution, the LIBOR Correction Rate applicable to that Applicable Lender for that Interest Period.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on the Loan in respect of an Interest Period shall be the aggregate of (a) the Margin, (b) the Relevant Interest Rate for that Interest Period, and (c) the Mandatory Cost Rate.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on Tranche A or, in the case of Tranche B, an Advance under that Tranche in respect of an Interest Period applicable to it shall be the aggregate of:
(a) the Margin; and
(b) the Mandatory Cost (if any); and
(c) LIBOR.
Normal rate of interest. (a) The rate of interest on the Advance or any part of the Advance for any day during an Interest Period is the percentage rate per annum which is the aggregate of:
(i) the Margin; and
(ii) the Compounded Reference Rate for that day.
(b) If any day during an Interest Period for the Advance or any part of the Advance is not a RFR Banking Day, the rate of interest on the Advance or any part of the Advance for that day will be the rate applicable to the immediately preceding RFR Banking Day.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on a Loan in respect of an Interest Period shall be the aggregate of the Margin, the Mandatory Cost (if any) and LIBOR for that Interest Period and the Agent shall calculate and confirm to the Borrower the Margin on the first day of each Interest Period, and such Margin shall apply until the next Interest Period, and in the absence of any such certification, the Borrower may request the Agent to provide the same and the Agent’s failure to notify the Borrower hereunder shall not affect the Borrower’s obligation to pay the appropriate interest at any time.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest shall be:
(a) on the GIEK Facility Loan, as selected by the Borrower in its Drawdown Notice to the Administrative Agent, either:
(i) the CIRR Rate applicable to the relevant Collateral Vessel; or
(ii) the aggregate of the GIEK Facility Loan Margin and LIBOR for the applicable Interest Period; and
(b) on the Commercial Facility Loan, the aggregate of the Commercial Facility Loan Margin, the Mandatory Costs, if applicable, and LIBOR for the applicable Interest Period.
Normal rate of interest. Subject to the provisions of this Agreement, the rate of interest on each Advance or the Loan in respect of an Interest Period applicable to it shall be the aggregate of:
(a) the Margin;
(b) the Mandatory Cost (if any);
(c) LIBOR; and
(d) in the case of any Interest Period having a duration of less than 6 months and for which LIBOR is not determined in accordance with the Reference Bank’s Cost of Funding, additionally in the case of the Contribution of ING Bank N.V., London Branch, the Short Term Supplement Rate, for that Interest Period but excluding any Mandatory Costs to the extent charged on the date of this Agreement.