Interest Applicable Clause Samples
The 'Interest Applicable' clause defines the circumstances under which interest will be charged on outstanding amounts owed under the agreement. Typically, this clause specifies the interest rate, the method of calculation (such as simple or compound interest), and the period from which interest begins to accrue, often starting from the due date of a late payment. By clearly outlining these terms, the clause incentivizes timely payments and compensates the party owed money for any delay, thereby reducing the risk of non-payment and providing a clear remedy for late financial obligations.
Interest Applicable. Interest shall accrue on the Accreted Principal Amount of the Note (in each case computed on the basis of a 365/366-day year and the actual number of days elapsed in any year) at an annual rate equal to 7.0% per annum or (if less) at the highest rate then permitted under applicable law, which shall be payable by adding such interest to the Accreted Principal Amount of the Note on each Interest Payment Date (as defined below), and on the final maturity of the Note (the “PIK Amount”). At any time, the outstanding principal amount of the Note, including all PIK Amounts added thereto through such time, is referred to herein as the “Accreted Principal Amount.” The Company shall pay to the holder of the Note all accrued interest (including interest on the Accreted Principal Amount) on each anniversary date of the Note (each, an “Interest Payment Date”), including the final maturity date of the Note. Interest shall accrue on any principal payment due under the Note (including as to accrued interest added to the principal) until such time as payment therefor is actually delivered to the holder of the Note.
Interest Applicable. (1) Interest shall accrue on the Principal Amount (in each case computed on the basis of a 365/366-day year and the actual number of days elapsed in any year) from November 8, 2023 until the Principal Amount (and any accrued and unpaid interest) is paid in full in cash. Interest shall accrue at an annual rate equal to 9.5% per annum, and shall be payable in full and together with the outstanding Principal Amount of the Note on the Maturity Date or, if earlier, (i) on the date of a Prepayment or, (ii) on the Acceleration Date. “Principal Amount” means the outstanding principal amount of the Note.
Interest Applicable. Interest shall accrue from the date of issuance of the Note (being the earlier of the Notice Date and the Maturity Date, as such terms are defined in the Shareholder Loan Agreement) on the Accreted Principal Amount of the Note (computed on the basis of a 365- (366-, in the case of 2024) day year and the actual number of days elapsed in any year) at an annual rate equal to 7.0% per annum or (if less) at the highest rate then permitted under applicable law, which shall be payable by adding such interest to the Accreted Principal Amount of the Note on each Interest Payment Date (as defined below), and on the final maturity of the Note (the “PIK Amounts”). At any time, the outstanding principal amount of the Note, including all PIK Amounts added thereto through such time, is referred to herein as the “Accreted Principal Amount.” The Company shall pay to the holder of the Note all accrued interest (including interest on the Accreted Principal Amount) on the first Business Day of each calendar year (each, an “Interest Payment Date”), including the final maturity date of the Note. Interest shall accrue on any principal payment due under the Note (including as to accrued interest added to the principal) until such time as payment therefor is actually delivered to the holder of the Note.
Interest Applicable. Interest shall accrue and be payable on the principal amount of the Note on the terms set forth in the form of Convertible Promissory Note attached hereto as Exhibit B.
Interest Applicable. Interest shall accrue on the principal amount of the Note (in each case computed on the basis of a 365/366-day year and the actual number of days elapsed in any year) at a simple rate equal to 3.00% per annum from the Closing Date, which shall be payable in cash on each Interest Payment Date, and on the final maturity of the Note. The Company shall pay to the holder of the Note all accrued interest semiannually on each March 1 and September 1 of each year (each, an “Interest Payment Date”), commencing on September 1, 2021 and including March 1, 2026, which is the final maturity date of this Note. Interest shall accrue on any principal payment due under the Note until such time as payment therefor is actually delivered to the holder of the Note; provided that if any portion of the principal amount is duly converted into Conversion Shares pursuant to and in accordance with the Note, interest shall cease to accrue on the portion of the principal amount being converted.
Interest Applicable. Margins is hereby deleted in its entirety and the following is inserted in lieu thereof:
Interest Applicable. Interest shall accrue on the Accreted Principal Amount (in each case computed on the basis of a 365/366-day year and the actual number of days elapsed in any year) from April 9, 2021 until the Accreted Principal Amount (and any accrued and unpaid interest) is paid in full in cash. Interest shall accrue (i) at an annual rate equal to 6.0% per annum, which shall be payable annually by adding such interest to the Accreted Principal Amount (the “PIK Amount”) on each Interest Payment Date (as defined below) or (ii) if the Company elects, upon written notice to the holder of the Note prior to an Interest Payment Date, to pay the accrued interest relating to that Interest Payment Date to the holder of the Note in cash, at an annual rate equal to 5.0625% per annum (the “Cash Amount”). At any time, the outstanding principal amount of the Note, including, as the case may be, all PIK Amounts added thereto through (and including) such time, is referred to in the Note as the “Accreted Principal Amount”.