Calculation of Interest/Application of Payments Clause Samples

Calculation of Interest/Application of Payments. All interest on any indebtedness evidenced by this Note shall be calculated on the basis of a three hundred sixty (360) day year composed of twelve (12) thirty (30) day months. Interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable per annum rate, dividing the product so obtained by 360, and multiplying the result by the actual number of days elapsed. Calculating interest for partial months on the basis of a 360-day year results in more interest than if a 365-day year were used. All payments received shall, at Lender’s option, be applied to interest, to the reduction of unpaid principal, or to payment of other sums due under this Note or any instrument securing this Note. At the Lender’s option, any sums becoming due hereunder or under any instrument securing this Note may be added to the principal balance hereunder and shall bear interest as provided herein.
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Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated on the basis of a 360-day year composed of 12 months of 30 days each, except that interest payable in respect of any period less than a full calendar month shall be calculated by multiplying the actual number of days elapsed in such period by a daily rate based on a 360-day year. (b) Payments under this Note shall be applied first, to the payment of interest and other costs and charges due in connection with this Note or the Debt (as such term is defined in Section 4 hereof), as Payee may determine in its sole discretion, and then to reduction of the outstanding principal balance. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever. (c) As used in this Note the term "Applicable Interest Rate" shall mean, from the date of this Note through and including the Maturity Date, the fixed rate of Eight and five-eighths (8.625%) percent per annum.
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Calculation of Interest/Application of Payments. (a) Interest shall be paid in arrears and shall be computed on the basis of a three hundred sixty (360)-day year and shall be charged on the principal balance outstanding from time to time for the actual number of days elapsed. (b) The LIBOR Rate, and the amount of interest payable monthly, shall be recalculated at each Rate Adjustment Date. (c) All payments made to Payee in respect of the Debt (as hereinafter defined) after payment of current and past due principal and interest due and payable under this Note shall be applied by Payee in the following order of priority (or as may be required under applicable law): (i) first, to fund the Escrow Fund (with respect to Taxes and Insurance Premiums); (ii) next, to reimburse Payee for any unpaid costs, sums and expenses incurred or advanced by Payee on Maker's behalf or in the enforcement of Payee's rights under this Note, the Loan Agreement and the other Loan Documents; (iii) next, to fund the Replacement Reserve Accounts; and (iv) thereafter, one hundred percent (100%) of the balance, if any, to reduce the outstanding principal balance of the Loan. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.
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Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated by multiplying the actual number of days elapsed in any given payment period by a daily rate based on a 360-day year. (b) The LIBOR Rate, and the amount of interest payable monthly, shall be recalculated at each LIBOR reset date. (c) Payments under this Note shall be applied in accordance with that certain Loan Agreement dated as of the date hereof between Maker and Payee (the "Loan Agreement"). All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.
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Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated by multiplying the actual number of days elapsed in any given payment period by a daily rate based on a 360-day year. Interest shall be payable for the full number of days in any given payment period. (b) The LIBOR Rate, and the amount of interest payable monthly, shall be recalculated at each LIBOR Reset Date. (c) The amount of principal and interest payable monthly shall be recalculated at each LIBOR Reset Date on the basis of a 25-year amortization schedule from the first Payment Date. (d) Payments under this Note shall be applied in accordance with that certain Loan Agreement dated as of the date hereof between Maker and Payee (the "Loan Agreement"). All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.
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Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated on the basis of the actual number of days elapsed on a three hundred sixty (360) day year. (b) The Adjustable Rate and the amount of interest payable monthly, shall be recalculated by Payee at each Rate Adjustment Date. (c) Payments under this Note shall be applied in accordance with the Mortgage (as such term is defined in Section 5(a) hereof). All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever.
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Related to Calculation of Interest/Application of Payments

  • Determination of Rate of Interest and calculation of Interest Amounts The Principal Paying Agent, in the case of Floating Rate Notes, and the Calculation Agent, in the case of Index Linked Interest Notes, will at or as soon as practicable after each time at which the Rate of Interest is to be determined, determine the Rate of Interest for the relevant Interest Period. In the case of Index Linked Interest Notes, the Calculation Agent will notify the Principal Paying Agent of the Rate of Interest for the relevant Interest Period as soon as practicable after calculating the same. The Principal Paying Agent will calculate the amount of interest (the “Interest Amount”) payable on the Floating Rate Notes or Index Linked Interest Notes for the relevant Interest Period by applying the Rate of Interest to: (i) in the case of Floating Rate Notes or Index Linked Interest Notes which are represented by a Global Note, the aggregate outstanding nominal amount of the Notes represented by such Global Note (or, if they are Partly Paid Notes, the aggregate amount paid up); or (ii) in the case of Floating Rate Notes or Index Linked Interest Notes in definitive form, the Calculation Amount; and, in each case, multiplying such sum by the applicable Day Count Fraction, and rounding the resultant figure to the nearest sub-unit of the relevant Specified Currency, half of any such sub-unit being rounded upwards or otherwise in accordance with applicable market convention. Where the Specified Denomination of a Floating Rate Note or an Index Linked Interest Note in definitive form is a multiple of the Calculation Amount, the Interest Amount payable in respect of such Note shall be the product of the amount (determined in the manner provided above) for each Calculation Amount and the amount by which the Calculation Amount is multiplied to reach the Specified Denomination without any further rounding.

  • Computation of Interest, Fees, Yield Protection All interest, as well as fees and other charges calculated on a per annum basis, shall be computed for the actual days elapsed, based on a year of 360 days. Each determination by Agent of any interest, fees or interest rate hereunder shall be final, conclusive and binding for all purposes, absent manifest error. All fees shall be fully earned when due and shall not be subject to rebate, refund or proration. All fees payable under Section 3.2 are compensation for services and are not, and shall not be deemed to be, interest or any other charge for the use, forbearance or detention of money. A certificate as to amounts payable by Borrowers under Section 3.4, 3.6, 3.7, 3.9 or 5.9, submitted to Borrower Agent by Agent or the affected Lender, as applicable, shall be final, conclusive and binding for all purposes, absent manifest error, and Borrowers shall pay such amounts to the appropriate party within 10 days following receipt of the certificate.

  • Calculation of interest The rate of interest on each Loan for each Interest Period is the percentage rate per annum which is the aggregate of the applicable: (a) Margin; (b) LIBOR or, in relation to any Loan in euro, EURIBOR; and (c) Mandatory Cost, if any.

  • Calculation of Payments The State shall use the fee schedule set forth in Attachment E to the contract (Fee Schedule) in determining the value of the work performed up to the time of termination. In the case of partially completed engineering services, eligible costs will be calculated as set forth in Attachment E, Fee Schedule. The sum of the provisional overhead percentage rate for payroll additives and for general and administrative overhead costs during the years in which work was performed shall be used to calculate partial payments. Any portion of the fixed fee not previously paid in the partial payments shall not be included in the final payment.

  • Application of Payments to Principal and Interest All payments in respect of the principal amount of any Loan shall include payment of accrued interest on the principal amount being repaid or prepaid, and all such payments shall be applied to the payment of interest before application to principal.