Interest Provision Sample Clauses
An Interest Provision clause sets out the terms under which interest will accrue on outstanding amounts owed between parties. Typically, it specifies the applicable interest rate, the method of calculation (such as simple or compound interest), and the circumstances that trigger interest, such as late payments or overdue invoices. By clearly defining these terms, the clause incentivizes timely payments and compensates the party owed money for the delay, thereby reducing disputes and financial uncertainty.
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Interest Provision. The Contractor and SCDHHS further agree that, in addition to the amount disallowed by audit being repaid to SCDHHS in accordance with this Section, the Contractor shall pay interest on the disallowed amount with said interest accruing from the thirtieth (30th) calendar day following the date of receipt by the Contractor of the final audit report. The interest to be paid by the Contractor to SCDHHS shall be at the current prime rate plus two percentage (2%) points as established on the thirtieth (30th) calendar day following the issuance of the final report.
Interest Provision. The Parties further agree that, in addition to any amounts disallowed by audit to be repaid to SCDHHS in accordance with this Section VII.B.3, the Party required to make such payment shall pay interest on the amount required to be paid with said interest accruing from the thirtieth (30th) calendar day following the date of receipt by the audited party of the final audit report. The interest to be paid pursuant to this provision shall be at the current prime rate plus two percentage (2%) points as established on the thirtieth (30th) calendar day following the issuance of the final report.
Interest Provision. I shall reimburse you all amounts advanced and other balances due shall be charged interest in accordance with your usual custom, which may include the compounding of interest including any increases in reflect overdraft commercial bank and such other charges as you make to cover your facilities and extra services.
Interest Provision. 13.1. All amounts advanced and other balances due by me to ▇▇▇▇▇▇▇▇, shall be charged interest in at the in accordance with the rate of interest charged by ▇▇▇▇▇▇▇▇, and the terms and conditions of applying such interest, as notified by ▇▇▇▇▇▇▇▇ to its clients from time to time. Such terms and conditions may include the compounding of interest, increases in rates which reflect adjustments in the prevailing overdraft rate at ▇▇▇▇▇▇▇▇’▇ commercial bank, and such other costs and charges as ▇▇▇▇▇▇▇▇ may incur and/or charge in connection with this clause (including extra services and facilities ▇▇▇▇▇▇▇▇ may have to provide).
13.2. Payment of all amounts advanced and other balances due, together with the interest thereon, shall be made by me to ▇▇▇▇▇▇▇▇ at any of its offices, and by so doing such amounts shall be deemed paid to ▇▇▇▇▇▇▇▇.
Interest Provision. All amounts advanced and other balances due shall be charged interest in accordance with rates from time to time charged by FHCIL and notified to its clients, as well as such other charges as FHCIL may make to cover its facilities and any additional services.
Interest Provision. The interest provision of the Note shall remain at Prime plus 150 basis points. This is a variable rate adjusting each time a change in the Prime Rate occurs.
Interest Provision. It is expressly stipulated and agreed to be the intent of each Borrower, the Administrative Agent and each Lender at all times to comply strictly with the applicable Law governing the maximum rate or amount of interest payable on the indebtedness evidenced by any Note, any Loan Document, and the Related Indebtedness (or applicable United States federal Law to the extent that it permits any Lender to contract for, charge, take, reserve or receive a greater amount of interest than under applicable Law). If the applicable Law is ever judicially interpreted so as to render usurious any amount (a) contracted for, charged, taken, reserved or received pursuant to any Note, any of the other Loan Documents or any other communication or writing by or between any Borrower and any Lender related to the transaction or transactions that are the subject matter of the Loan Documents, (b) contracted for, charged, taken, reserved or received by reason of the Administrative Agent’s or any Lender’s exercise of the option to accelerate the maturity of any Note or the Related Indebtedness, or (c) each Borrower will have paid or the Administrative Agent or any Lender will have received by reason of any voluntary prepayment by any Borrower of any Note or the Related Indebtedness, then it is each Borrower’s, the Administrative Agent’s and Lenders’ express intent that all amounts charged in excess of the Maximum Rate shall be automatically canceled, ab initio, and all amounts in excess of the Maximum Rate theretofore collected by the Administrative Agent or any Lender shall be credited on the principal balance of any Note or the Related Indebtedness (or, if any Note and all Related Indebtedness have been or would thereby be paid in full, refunded to such Borrower), and the provisions of any Note and the other Loan Documents shall immediately be deemed reformed and the amounts thereafter collectible hereunder and thereunder reduced, without the necessity of the execution of any new document, so as to comply with the applicable Law, but so as to permit the recovery of the fullest amount otherwise called for hereunder and thereunder; provided, however, if any Note or Related Indebtedness has been paid in full before the end of the stated term thereof, then each Borrower, the Administrative Agent and each Lender agree that the Administrative Agent or any Lender, as applicable, shall, with reasonable promptness after the Administrative Agent or such ▇▇▇▇▇▇ discovers or is advised by suc...