Interest Rebate Sample Clauses
An Interest Rebate clause provides for the return or reduction of interest payments under certain conditions, typically when a borrower repays a loan early or meets specific performance criteria. In practice, this clause might stipulate that if the borrower pays off the principal ahead of schedule, a portion of the interest that would have accrued is refunded or not charged. The core function of this clause is to incentivize early repayment or reward positive borrower behavior, while also ensuring fairness in the total interest paid.
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Interest Rebate. The Partnership shall continue to make monthly debt service payments in accordance with the First Mortgage Note. Retroactively to January 1, 1999 and during the period of the next five years thereafter until December 31, 2004 (the "Workout Term"), GIT will rebate monthly to the Partnership an amount (the "Interest Rebate") equal to the difference between the (i) the interest rate payable under the First Mortgage Note (i.e. 8.25% per annum) and (ii) seven percent (7%) per annum (the "Modified Rate"). The Interest Rebate will not be considered a loan to the Partnership.
Interest Rebate. The Partnership shall continue to make monthly debt service payment in accordance with the Coinsured Note. Retroactively to January 1, 1998 and during the period of the next ten years thereafter (the "Workout Term"), GIT will rebate monthly to the Partnership the difference between (i) the interest rate payable under the Coinsured Note (i.e., 8.5% per annum) and (ii) the rate indicated for each of the following calendar years during the Workout Term (collectively, the "Modified Rate"): Calendar Year Modified Rate 1998 6.75% 1999 6.75% 2000 7.00% 2001 7.00% 2002 7.00% 2003 7.00% 2004 7.00% 2005 7.00% 2006 7.00% 2007 7.00%
Interest Rebate. From and including February 27, 2004 to but excluding March 1, 2004, interest shall accrete on the Closing Payment at a rate equal to 50% of the Prime Rate.
Interest Rebate. Provided that (a) no Event of Default shall have occurred and not been waived, and (b) the Lender shall have received distributions pursuant to clause tenth of Section 3.2(a) equal to or exceeding $10,000,000, Lender agrees that it will pay to Asta out of subsequent distributions to Lender pursuant to clause tenth of Section 3.2(a) an amount equal to the Interest Rebate.
Interest Rebate. The Partnership shall continue to make monthly debt service payments in accordance with Coinsured Note. Effective January 1, 1997 and during a period of forty-eight (48) months thereafter (the "Workout Term"), GIT will rebate monthly to the Partnership the difference between (I) the interest rate (i.e. 8.75%) payable under the Coinsured Note (the "Original Rate") and (ii) the following rates for each of the following calendar years during the Workout Term )collectively, the "Modified Rate"); Calendar Year Modified Rate Interest Rebate 1997 6.75% $275,298 (2%) 1998 7.75% $137,028 (1%) 1999 7.75% $136.352 (1%) 2000 7.75% $135,613 (1%) TOTAL $684,291 The difference between the Original Rate and Modified Rate for each such monthly payment in the aggregate (hereinafter the "Interest Rebate") shall be treated as a loan by GIT to the Partnership and shall be repaid as provided in Section 6 below.