Interest and Rate Clause Samples
The INTEREST AND RATE clause defines the terms under which interest will be charged or paid in relation to amounts owed under the agreement. It typically specifies the applicable interest rate, the method of calculation (such as simple or compound interest), and the circumstances that trigger interest accrual, such as late payments or outstanding balances. This clause ensures both parties are aware of the financial consequences of delayed payments, thereby encouraging timely fulfillment of monetary obligations and providing a clear mechanism for compensating the party awaiting payment.
Interest and Rate. 6.1 Payment of Interest; Interest Rate
6.2 Maximum Interest
Interest and Rate. 22 6.1 Payment of Interest; Interest Rate................................................................22 6.2 Maximum Interest..................................................................................22 7. PAYMENTS ..................................................................................................22 7.1 Place of Payments, No Set Off.....................................................................22 7.2 Tax Credits.......................................................................................23 7.3 Computations; Banking Days........................................................................23 8.
Interest and Rate of Interest). The interest component in relation to the MMRs may differ for various Interest Determination Periods.
3.2 Alteration and Rescheduling of MMR Without prejudice to the Non-Bank Financial Institution’s rights under Clause 2.5 (e) (Mode of Disbursement) and Clause 2.7(Terminal Date of Disbursement), if the entire amount of the Loan is not drawn by the Borrower within a period of 3 (three) months from the date hereof, the MMRs may be altered and rescheduled in such a manner and to such an extent as the Non-Bank Financial Institution may, in its sole discretion, decide and such altered and rescheduled MMRs shall be binding on the Borrower. Repayment will thereupon be made as per the said altered and rescheduled MMRs. Notwithstanding anything herein contained, the Non-Bank Financial Institution shall have the right, at any time and from time to time, to review and reschedule the MMRs in such manner and to such an extent as the Non-Bank Financial Institution may, in its sole discretion, decide and such rescheduled MMRs shall be binding on the Borrower. Repayment will thereupon be made as per the rescheduled MMRs. As a consequence of an increase in the Applicable TBLR, the amount of each MMR may be less than the interest payable during the period to which the MMR relates. As a result, each MMR as originally provided for, may, at the relevant time, not cover all of the monthly payments due. Accordingly, the Borrower will upon intimation from the Non-Bank Financial Institution provide for adjusted MMRs. If the Borrower does not provide for required adjustments in subsequent MMRs, outstanding payments will be first appropriated from subsequent MMRs for previously outstanding dues and the Borrower shall remain liable for all outstandings that result, without prejudice to any of the Non-Bank Financial Institution’s rights. Notwithstanding that the Repayment instructions as provided by the Borrower to the Non-Bank Financial Institution are in full force and effect, there may be a revision either in the amount of each MMR or in t he t otal number of MMRs as aforesaid. Upon revision in the amount of each MMR or in the total number of MMRs as aforesaid, the Borrower shall on demand by the Non- Bank Financial Institution, provide to the Non-Bank Financial Institution shortfall additional Post Dated Cheques (PDCs) or SI or SD or NACH instructions or pay a lump sum amount as the Non-Bank Financial Institution may deem fit, for an amount higher or a period longer ...
Interest and Rate. 37 6.1 Term Loan Applicable Rate and Default Rate........... 37 6.2 Revolving Credit Facility Applicable Rate and Default Rate...................................... 37 6.3
Interest and Rate. 28 6.1 Applicable Rate...................................................................................28 6.2 Default Rate......................................................................................28 6.3
Interest and Rate. 8.1 Interest Rate; Default Rate. . . . . . . . . . . . . . . . 8.2
Interest and Rate