Rates of Interest Sample Clauses
The 'Rates of Interest' clause defines the specific interest rates that will apply to amounts owed under the agreement, such as late payments or outstanding balances. Typically, this clause outlines how the interest rate is calculated—whether it is a fixed percentage, a variable rate tied to a benchmark, or another method—and specifies when and how interest accrues. Its core practical function is to provide clarity and predictability regarding financial obligations, ensuring both parties understand the cost implications of delayed payments and reducing the potential for disputes over interest charges.
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Rates of Interest. Borrowers agree to pay interest in respect of all unpaid principal amounts of the Revolving Loans from the respective dates such principal amounts are advanced until paid (whether at stated maturity, on acceleration or otherwise) at a rate per annum equal to the applicable rate indicated below:
(i) for Revolving Loans made or outstanding as Base Rate Loans, the Applicable Margin plus the Base Rate in effect from time to time; or
(ii) for Revolving Loans made or outstanding as LIBOR Loans, the Applicable Margin plus LIBOR for the applicable Interest Period selected by Borrowers in conformity with this Agreement; or
(iii) for Revolving Loans constituting Swingline Loans, the Applicable Margin plus the LIBOR Index Rate in effect from time to time. During a Seasonal Overadvance Period, upon the satisfaction of the Seasonal Overadvance Conditions, the delivery of the Seasonal Overadvance Notice, and Agent’s acceptance of the same (and the inclusion of the Seasonal Overadvance Amount in the Borrowing Base), all Revolving Loans up to the Seasonal Overadvance Amount (which shall be deemed to be the first Revolving Loans made and outstanding) shall bear interest based upon the rates set forth above, as applicable, plus 0.50%. Upon determining LIBOR for any Interest Period requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone and, if so requested by Borrowers, confirm the same in writing. Such determination shall, absent manifest error, be final, conclusive and binding on all parties and for all purposes. The applicable rate of interest for all Loans (or portions thereof) bearing interest based upon the Base Rate shall be increased or decreased, as the case may be, by an amount equal to any increase or decrease in the Base Rate, with such adjustments to be effective as of the opening of business on the day that any such change in the Base Rate becomes effective. Interest on each Loan shall accrue from and including the date on which such Loan is made, converted to a Loan of another Type or continued as a LIBOR Loan to (but excluding) the date of any repayment thereof; provided, however, that, if a Loan is repaid on the same day made, one day’s interest shall be paid on such Loan.
Rates of Interest. Subject to the provisions of Sections 2.2E and 2.8 hereof, each Revolving Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity, whether by acceleration or otherwise, at a rate determined by reference to the Base Rate or the Adjusted LIBOR Rate, as the case may be. The applicable basis for determining the rate of interest with respect to Revolving Loans shall be selected by the Borrower initially at the time a Borrowing Certificate is delivered to the Agent pursuant to Section 2.1B hereof. The basis for determining the interest rate with respect to any Revolving Loan may be changed from time to time pursuant to Section 2.2D hereof. If on any day a Revolving Loan is outstanding with respect to which notice has not been delivered to the Agent in accordance with this Loan Agreement specifying the applicable basis for determining the rate of interest on such Revolving Loan then, for that day, that Revolving Loan shall bear interest determined by reference to the Base Rate. Subject to the provisions of Sections 2.2E and 2.8 hereof, Revolving Loans shall bear interest through maturity as follows:
(i) if a Base Rate Loan, then at a rate per annum equal to the sum of the Base Rate plus the Applicable Base Rate Margin; provided that, on each Leverage Ratio Determination Date, commencing with the first such date to occur after the Closing Date, the Applicable Base Rate Margin in effect for the Pricing Period commencing on such Leverage Ratio Determination Date and continuing for the term of the Pricing Period that begins on such Leverage Ratio Determination Date shall be the Applicable Base Rate Margin corresponding to the Pricing Level in effect for such Pricing Period, as follows: Applicable Pricing Level Base Rate Margin ------------- ---------------- Pricing Level I 0% Pricing Level II 0% Pricing Level III 0% Pricing Level IV 0%
(ii) if a LIBOR Rate Loan, then at a rate per annum equal to the sum of the Adjusted LIBOR Rate plus the Applicable LIBOR Rate Margin; provided that, on each Leverage Ratio Determination Date, commencing with the first such date to occur after the Closing Date, the Applicable LIBOR Rate Margin in effect for the Pricing Period commencing on such Leverage Ratio Determination Date and continuing for the term of the Pricing Period that begins on such Leverage Ratio Determination Date shall be the Applicable LIBOR Rate Margin corresponding to the Pricing Level in effect for such Pricing Period, as...
Rates of Interest. Interest shall accrue on the principal amount of the Base Rate Portions outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Said rate of interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective as of the opening of business on the day that any such change in the Base Rate occurs. If Borrower Representative exercises the LIBOR Option as provided in Section 3.1, interest shall accrue on the principal amount of the LIBOR Portions outstanding at the end of each day at a rate per annum equal to the Applicable Margin then in effect plus the LIBOR Rate applicable to each LIBOR Portion for the corresponding Interest Period.
Rates of Interest. (a) Each Borrower agrees to pay interest in respect of the unpaid principal amount of each Base Rate Loan made to it from the date the proceeds thereof are made available to it until prepayment pursuant to Section 3 or maturity (whether by acceleration or otherwise) at a rate per annum which shall be the Base Rate in effect from time to time.
(b) Each Borrower agrees to pay interest in respect of the unpaid principal amount of each Eurodollar Loan made to it from the date the proceeds thereof are made available to it until prepayment pursuant to Section 3 or maturity (whether by acceleration or otherwise) at a rate per annum which shall be the relevant Quoted Rate plus the Applicable Eurodollar Margin.
(c) Each Borrower agrees to pay interest in respect of overdue principal of, and (to the extent permitted by law) overdue interest in respect of, each Loan made to it, on demand, at a rate per annum which shall be 2% in excess of the Base Rate in effect from time to time.
(d) Interest shall be computed on the actual number of days elapsed on the basis of a 360-day year; provided, however, that for any rate of interest determined by reference to the Prime Rate, interest shall be computed on the actual number of days elapsed on the basis of a year of 365 or 366 days.
(e) In computing interest on the Loans, the date of the making of a Loan shall be included and the date of payment shall be excluded, provided, however, that if a Loan is repaid on the same day on which it is made, such day shall nevertheless be included in computing interest thereon.
Rates of Interest. Interest shall accrue on the principal amount of the Base Rate Portions outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect plus the Base Rate. Said rate of interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective as of the opening of business on the day that any such change in the Base Rate occurs. If Borrower, on its own behalf and on behalf of each other Co-Borrower, exercises its LIBOR Option as provided in Section 3.1, interest shall accrue on the principal amount of the LIBOR Portions outstanding at the end of each day at a rate per annum equal to the Applicable Margin then in effect plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period.
Rates of Interest. Unless an Event of Default is continuing, the Term Loan shall bear interest on the outstanding principal amount thereof at a rate per annum equal to the applicable LIBOR rate plus 0.85 % during each Interest Period (“Term Loan Interest Rate”). If any part of the Term Loan or any other amount due and payable hereunder is not paid when due (whether at maturity, by reason of notice of prepayment or acceleration or otherwise), such unpaid amount shall bear, to the maximum extent permitted by Applicable Law, interest for each day during the period from the date such amount became so due until it shall be paid in full (whether before or after judgment) at a rate per annum equal to the applicable Post‑Default Rate. Interest shall be computed on the basis of a year of three hundred sixty (360) days and paid for the actual number of days elapsed. Interest for any period shall be calculated from and including the first (1st) day thereof to but excluding the last day thereof. Nothing contained in this Agreement or in the Term Loan Note shall require the Borrower at any time to pay interest at a rate exceeding the Maximum Permissible Rate.
Rates of Interest. Borrowers jointly and severally agree to pay interest in respect of all unpaid principal amounts of the Revolver Loans from the respective dates such principal amounts are advanced until paid (whether at stated maturity, on acceleration or otherwise) at a rate per annum equal to the applicable rate indicated below:
(i) for Revolver Loans made or outstanding as Base Rate Loans, the Applicable Margin plus the Base Rate in effect from time to time; or
(ii) for Revolver Loans made or outstanding as LIBOR Loans, the Applicable Margin plus the relevant Adjusted LIBOR Rate for the applicable Interest Period selected by a Borrower in conformity with this Agreement. Upon determining the Adjusted LIBOR Rate for any Interest Period requested by Borrowers, Agent shall promptly notify Borrowers thereof by telephone and, if so requested by Borrowers, confirm the same in writing. Such determination shall, absent manifest error, be final, conclusive and binding on all parties and for all purposes. The applicable rate of interest for all Loans (or portions thereof) bearing interest based upon the Base Rate shall be increased or decreased, as the case may be, by an amount equal to any increase or decrease in the Base Rate, with such adjustments to be effective as of the opening of business on the day that any such change in the Base Rate becomes effective. Interest on each Loan shall accrue from and including the date on which such Loan is made, converted to a Loan of another Type or continued as a LIBOR Loan to (but excluding) the date of any repayment thereof; provided, however, that, if a Loan is repaid on the same day made, one day’s interest shall be paid on such Loan.
Rates of Interest. The Parties agree that the rates of interest in this Agreement on late payments or repayments of overpayments represent a substantial commercial remedy for the purposes of the Late Payment of Commercial Debts (Interest) ▇▇▇ ▇▇▇▇.
Rates of Interest. The unpaid principal of the Prime Rate Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Prime Rate in effect from day to day, or (ii) the Maximum Rate. The unpaid principal of each LIBOR Balance shall bear interest at a rate per annum which shall from day to day be equal to the lesser of (i) the Adjusted LIBOR Rate for the Interest Period in effect with respect to such LIBOR Balance, or (ii) the Maximum Rate. Each change in the interest rate applicable to a Prime Rate Balance shall become effective without prior notice to Borrower automatically as of the opening of business on the date of such change in the Prime Rate. Interest on this Amended Note shall be calculated on the basis of the actual days elapsed in a year consisting of 365 days.
Rates of Interest. Interest shall accrue on the principal amount of the Base Rate Portions outstanding at the end of each day at a fluctuating rate per annum equal to the Applicable Margin then in effect for the Base Rate Portions plus the Base Rate. Said rate of interest shall increase or decrease by an amount equal to any increase or decrease in the Base Rate, effective as of the opening of business on the day that any such change in the Base Rate occurs. If a Borrower exercises its LIBOR Option as provided in Section 3.1, interest shall accrue on the principal amount of the LIBOR Portions outstanding at the end of each day at a rate per annum equal to the Applicable Margin then in effect for the LIBOR Portions plus the LIBOR applicable to each LIBOR Portion for the corresponding Interest Period.