Interest Computations Clause Samples
The Interest Computations clause defines how interest is calculated on amounts owed under the agreement. It typically specifies the applicable interest rate, the method of calculation (such as simple or compound interest), and the periods for which interest accrues, for example, on overdue payments or outstanding balances. This clause ensures both parties understand the financial consequences of late payments or outstanding obligations, promoting timely payment and reducing disputes over interest charges.
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Interest Computations. All computations of interest on any LIBO Loan hereunder shall include the first day but exclude the last day of the Interest Period in effect for such Borrowing and shall be based upon a year of 360 days. All computations of interest on any Base Rate Loan hereunder shall be based upon a year of 365/366 days. The Applicable Interest Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent. Each determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error.
Interest Computations. All computations of interest on Construction Loans and Tax Equity Bridge Loans hereunder shall include the first day but exclude the last day of the applicable Interest Period and shall be based upon a year of (x) in the case of Base Rate Loans for which Base Rate is determined pursuant to clause (a) of the definition thereof, 365 days (or 366 days in a leap year), and (y) in the case of any other Base Rate Loans or SOFR Loans, 360 days, in each case for the actual days elapsed.
Interest Computations. All computations of interest on any Borrowing hereunder shall include the first day but exclude the last day of the Interest Period in effect for such Borrowing and shall be based upon a year of 360 days. The Applicable Interest Rate for each Interest Period or day within an Interest Period, as the case may be, shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Interest Computations. All computations of interest on Base Rate Loans shall be based upon a year of 365 days or, in the case of a leap year, 366 days, shall be payable for the actual days elapsed (including the first day but excluding the last day), and shall be adjusted in accordance with any changes in the Base Rate to take effect on the beginning of the day of such change in the Base Rate. All computations of interest on LIBOR Loans shall be based upon a year of 360 days and shall be payable for the actual days elapsed (including the first day but excluding the last day). Borrower agrees that all computations by Administrative Agent of interest shall be conclusive and binding in the absence of manifest error.
Interest Computations. In the event the Base Rate is changed from time to time hereafter, the applicable rate of interest hereunder shall be increased or decreased effective as of 12:01 a.m. on the day the Base Rate is changed, by an amount equal to such change in the Base Rate. All interest chargeable under the Loan Documents shall be computed on the basis of a three hundred sixty (360) day year for the actual number of days elapsed.
Interest Computations. All computations of interest on the Term Loans shall be based upon a year of (x) in the case of Base Rate Loans, for which Base Rate is determined pursuant to clause (a) of the definition thereof, 365 days (or 366 days in a leap year), and (y) in the case of any other Base Rate Loans or SOFR Loans, 360 days, in each case for the actual days elapsed. All interest hereunder on any Term Loan other than a Term Loan computed by reference to Daily Compounded SOFR shall be computed on a daily basis based upon the outstanding principal amount of such Term Loan as of the applicable date of determination. All interest hereunder on any Term Loan computed by reference to Daily Compounded SOFR shall be computed as of any applicable date of determination on a daily basis based upon (x) the outstanding principal amount of such Term Loan as of such date of determination plus (y) the accrued, unpaid interest on such Term Loan attributable to Daily Compounded SOFR (and not, for the avoidance of doubt, attributable to the Applicable Margin) as of the immediately preceding U.S. Government Securities Business Day. The applicable Base Rate or Daily Compounded SOFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.
Interest Computations. Subject to the terms of this Agreement (including, without limitation, Section 2.20), interest on the Loans shall accrue and be payable at a rate per annum equal to the Floating Rate for each Floating Rate Loan and the Adjusted LIBO Rate for each LIBO Rate Loan. Interest on all Floating Rate Loans shall be computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed (including the first day but excluding the last day) during the period for which payable. Interest on all LIBO Rate Loans shall be computed on the basis of a year of 360 days, and actual days elapsed (including the first day but excluding the last day) during the period for which payable. Notwithstanding the foregoing, interest on past-due principal and, to the extent permitted by applicable law, past-due interest, shall accrue at the Default Rate, computed on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed (including the first day but excluding the last day) during the period for which payable, and shall be payable upon demand by the Lenders at any time as to all or any portion of such interest. In the event that a Borrower fails to select the duration of any Interest Period for any LIBO Rate Loan within the time period and otherwise as provided herein, such Loan (if outstanding as a LIBO Rate Loan) will be automatically converted into a Floating Rate Loan on the last day of the then current Interest Period for such Loan or (if outstanding as a Floating Rate Loan) will remain as, or (if not then outstanding) will be made as, a Floating Rate Loan. Interest provided for herein shall be calculated on unpaid sums actually advanced and outstanding pursuant to the terms of this Agreement and only for the period from the date or dates of such advances until repayment. All computations of interest based on the Federal Funds Rate, and of fees shall be made by the Agent, on the basis of a year of 365 or 366 days, in each case for the actual number of days (including the first day, but excluding the last day) occurring in the period for which such interest or fees are payable. Each determination by the Agent of an interest rate or of fees shall be conclusive and binding for all purposes, absent manifest error.
Interest Computations. All computations of interest on Loans hereunder shall include the first day but exclude the last day of the period for which such interest is payable and shall be based upon a year of 360 days.
Interest Computations. Interest shall be calculated on the basis of a 360-day year for the actual number of days of each year (365 or 366).
Interest Computations. All computations of interest based on the Base Rate shall be based upon a year of 365 days or, in the case of a leap year, 366 days, shall be payable for the actual days elapsed (including the first day but excluding the last day) in the period for which such interest is payable, and shall be adjusted in accordance with any changes in the Base Rate to take effect on the beginning of the day of such change in the Base Rate. All computations of interest based on the LIBO Rate, Federal Funds Rate and of commitment fees shall be based upon a year of 360 days and shall be payable for the actual days elapsed (including the first day but excluding the last day) in the period for which such interest or fees are payable. Borrowers agree that all computations by Administrative Agent of interest shall be conclusive and binding in the absence of manifest error.