Note Interest Clause Samples
The Note Interest clause defines how interest will accrue and be paid on the principal amount of a promissory note or similar debt instrument. Typically, it specifies the applicable interest rate, the method of calculation (such as simple or compound interest), and the frequency of interest payments, such as monthly or annually. This clause ensures both parties understand the cost of borrowing and the payment obligations, thereby preventing disputes over interest charges and providing clarity on the financial terms of the note.
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Note Interest. The CLASS A-1 NOTE RATE will be equal to the rate established at pricing, provided that, on any Payment Date after the related Optional Termination Call Date, the Class A-1 Note Rate will increase by 0.75%. The CLASS A-1 INTEREST PAYMENT AMOUNT for any Payment Date will be an amount equal to the current interest for the Class A-1 Notes, reduced by any interest shortfalls on the Group I Mortgage Loans relating to the Soldiers' and Sailors' Civil Relief Act of 1940, and further reduced by any Compensating Interest not covered by either the related Servicing Fee, excess interest, or the Note Insurance Policy, plus the Class A-1 Carry-Forward Amount, less any amount paid by the Note Insurer in respect of such Class A-1 Carry-Forward Amount, in each case, as of such Payment Date. The CLASS A-1 CARRY-FORWARD AMOUNT: for any Payment Date will be the sum of (a) the amount, if any, by which (x) the Class A-1 Interest Payment Amount as of the immediately preceding Payment Date exceeded (y) the amount of interest actually paid to the holders of the Class A-1 Notes on such immediately preceding Payment Date and (b) thirty days' interest on the amount described in clause (a), calculated at an interest rate equal to the Class A-1 Note Rate.
Note Interest. Except as otherwise provided in this Note, interest (“Interest”) shall accrue on the outstanding Principal Amount of the Note at the rate of two hundred percent (200%) per annum (the “Interest Rate”) and shall be due and payable on the Maturity Date (as defined in Section 2).
Note Interest. 19 A. Note................................................... 19
Note Interest. After payment of the amounts specified in clause (i) and (ii) above, to the Note Distribution Account, the sum of the Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-1, Class M-2 and Class B-1 Interest Amounts and any Unpaid Class ▇-▇, ▇▇▇▇▇ ▇-▇, Class M-1, Class M-2 and Class B-1 Interest Shortfalls;
Note Interest. Borrower's indebtedness to Lender under the Loan Documents will be evidenced by a Secured Promissory Note executed by Borrower substantially in the form attached as Exhibit A (the "Note"). The Note will provide that semi-annually compounded interest on the unpaid principal of this Loan will accrue at a rate equal to four and forty-six hundredths percent (4.46%) per annum. Accrued interest is payable on the date that is three months after the date of the Note and every three months thereafter until this Loan has been repaid in full. Interest will continue to accrue until the date on which all amounts owing under the Loan Documents have been repaid in full.
Note Interest. Upon repurchase of a Loan by Mortgage Company from Horizon Bank and upon the payment to Horizon Bank by Mortgage Company of the interest set forth in paragraph 3.02 above, Horizon Bank agrees to credit to Mortgage Company an amount equal to any earned interest on the Note associated with such Loan that may have been included in the funds received by Horizon Bank from or on behalf of Mortgage Company to effect such specific Loan repurchase.
Note Interest. Borrower's indebtedness to Lender under the Loan -------------- Documents will be evidenced by a Secured Full Recourse Promissory Note executed by Borrower substantially in the form attached as Exhibit A (the "Note"). The --------- ---- Note will provide that interest on the unpaid principal of this Loan will accrue at a rate compounded annually that is equal to the short-term applicable federal rate prescribed by the Internal Revenue Service for the month of January 2001, which rate is 5.9%, which rate is not less than the minimum rate established to avoid the imputation of interest under the Internal Revenue Code of 1986, as amended, on the earliest date on which there was a binding contract in writing for the Loan; provided, however, that the rate at which interest will accrue on -------- ------- unpaid principal under this Note will not exceed the highest rate permitted by applicable law. Payments of interest accrued on this Loan will be payable in twelve (12) successive monthly installments, each such installment due and payable on the third day of each calendar month (each an "Interest Payment ---------------- Date") beginning February 3, 2001. All payments hereunder shall be made in lawful tender of the United States. Interest will continue to accrue until the date on which all amounts owing under the Loan Documents have been repaid in full.
Note Interest. The Loan shall be evidenced by the Note and shall bear interest on the unpaid principal balance thereof, not in advance, whether before or after maturity, to the extent permitted by applicable law, from the date of the Advance of the Loan proceeds, at the rates set forth in the Note. Loan Agreement -7- BankNewport/PHR Cherry Propco, LLC
Note Interest. On each Distribution Date, the Indenture Trustee shall withdraw, at the direction of the Master Servicer, an amount equal to the Class A(2023-2) Note Interest with respect to such Distribution Date, from the Class A(2023-2) Defeasance Interest Funding Account. Such amount shall be paid by the Paying Agent to the Class A(2023-2) Noteholders on such Distribution Date as payment in full of the Class A(2023-2) Note Interest due to the Class A(2023-2) Noteholders on such Distribution Date. On the final Distribution Date with respect to the Class A(2023-2) Notes, which is also the Class A(2023-2) Expected Maturity Date, any amounts being distributed pursuant to this Section 6(f) that remain after giving effect to the distribution described above in this Section 6(f), shall be paid by the Paying Agent to the Beneficiary on such Class A(2023-2) Expected Maturity Date.
Note Interest. Subject to Section 7 herein, interest on the Loans shall be calculated in accordance with the following:
a. All of the Loans shall bear interest at the Applicable Rate (as defined below). For purposes hereof "Applicable Rate" shall mean, at any time, the rate of interest per annum equal to the lesser of (i) at Borrower's option exercised as set forth below, (A) the LIBOR Rate (as hereinafter defined) then in effect plus two and 25/100th percent (2.25%), to be recomputed as of each Interest Adjustment Date, or (B) the New York Prime (as hereinafter defined), or (ii) the maximum rate of interest allowed by applicable law, as now or hereafter in effect (the " Maximum Rate" ). The term "Interest Adjustment Date" shall mean each of December 31, 1999, March 31, 2000, June 30, 2000, September 30, 2000, December 31, 2000, March 30, 2001, June 30, 2001, September 30, 2001 and December 31, 2001. The "New York Prime Rate" shall mean the floating annual lending rate of interest announced from time to time by the Chase Manhattan Bank, N.A., New York, New York as its prime rate, if a prime rate is not announced by Chase Manhattan Bank, N.A., then the term "New York Prime Rate" shall mean the floating annual lending rate of interest announced from time to time by Lender as its prime rate less one percent (1%). The term "LIBOR Rate" shall mean, as of a particular date, the per annum rate of interest identified as the three (3) months London Interbank offered Rate in the "Money Rates" Section of the Southwest Edition of the Wall Street Journal most recently published as of Interest Adjustment Date immediately previous to such date; provided, however, that if the Wall Street Journal shall discontinue or shall fail to regularly publish such rate in its " Money Rates" section or should the LIBOR Rate become for any other reason unascertainable or be construed by a court of competent jurisdiction as not constituting an index or formula by which the foregoing described rate of interest can be determined, then the LIBOR Rate option will no longer be available hereunder. Borrower acknowledges that Lender makes no warranty or representation that the New York Prime Rate, LIBOR Rate or Lender's prime rate are more favorable than another rate or index, or that rates on other loans or credit facilities may not be based on other indices, or that rates on loans to others may not be made below such rates. Payments of interest under the Loans shall be payable quarterly.