Supplemental Interest Rate Sample Clauses

Supplemental Interest Rate. The parties acknowledge that a portion of the Portfolio includes Supplemental Interest Receivables. Seller wishes Purchaser to continue to provide non-interest bearing financing to the Dealers under the Receivables Agreement. To compensate Purchaser for the Supplemental Interest Receivables, Seller shall pay Purchaser a supplemental interest fee (the "Supplemental Interest Fee") on a monthly basis, which fee is intended by the parties to approximate the normal, market rate of interest for like receivables and shall be computed on terms mutually agreeable to the parties. To calculate the amount of the Supplemental Interest Fee, Purchaser shall deliver to Seller on the __ day of each month, a schedule (the "Supplemental Interest Schedule"), which may be in electronic form, listing the total amount of Supplemental Interest Receivables and the total amount of interest, if any, payable on such Supplemental Interest Receivables. On the ___ day of each month, Seller shall pay Purchaser an amount equal to the Supplemental Interest Fee. Seller shall have the right to review, on a periodic basis, Purchaser's calculations of the amount of the Supplemental Interest Receivables and if there are disagreements as to the total amount of the Supplemental Interest Receivables or as to the appropriate calculation of the Supplemental Interest Fee, the parties agree to work together in good faith to resolve these differences and adjust, if necessary, the amount of the Supplemental Interest Fee.
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Supplemental Interest Rate. Commencing on February 25, 2004 and for each quarter thereafter, the rate of interest payable on each Note shall be adjusted (the “Supplemental Interest Rate”) to reflect the ratio of the Company’s Consolidated Total Debt to Consolidated EBITDA (calculated on a rolling twelve-month basis) (the “Leverage Ratio”) as set forth in the chart below (such rate adjustment will be an adjustment to (and not in place of) the Company’s existing interest rate on each Note): Ratio of Consolidated Total Debt/ Consolidated EBITDA Supplemental Interest Rate > 3.50:1 1.50% > 2.75:1 and <= 3.50:1 0.75% <= 2.75:1 0.00% The calculation of the supplemental interest for the period from February 25, 2004 to and including March 31, 2004 will be prorated based on the actual number of days elapsed and on the basis of a 360-day year and will be calculated using the Supplemental Interest Rate as determined by the Leverage Ratio as of December 31, 2003. Thereafter, the Supplemental Interest Rate will be adjusted at the beginning of each fiscal quarter for such fiscal quarter based on the Leverage Ratio as determined as of the last day of the immediately preceding fiscal quarter. Interest and the supplemental interest calculated at the Supplemental Interest Rate will be paid on the interest payment dates set forth in Section 9.7(a) for the 1997 Notes and will be paid on the interest payment dates set forth in Section 9.7(b) for the 1998 Notes until the principal hereof shall have become due and payable.
Sample 1

Related to Supplemental Interest Rate

  • Normal interest rate The Borrowers shall pay interest on each Tranche in respect of each Interest Period relating thereto on each Interest Payment Date (or, in the case of Interest Periods of more than three (3) months, by instalments, the first instalment three (3) months from the commencement of the Interest Period and the subsequent instalments at intervals of three (3) months or, if shorter, the period from the date of the preceding instalment until the Interest Payment Date relative to such Interest Period) at the rate per annum determined by the Agent to be the aggregate of (a) the Margin and (b) LIBOR for such Interest Period.

  • Fixed Interest Rate Annual interest rate shall be /% and will not change during the duration.

  • VARIABLE INTEREST RATE The interest rate on this loan is subject to change from time to time based on changes in an independent index which is the daily average yield on United States Treasury securities adjusted to a constant maturity of five years, as made available by the Federal Reserve Board (the “Index”). The Index is not necessarily the lowest rate charged by Lender on its loans. If the Index becomes unavailable during the term of this loan, Lender may designate a substitute index after notifying Borrower. Lender will tell Borrower the current Index rate upon Borrower’s request. The interest rate change will not occur more often than each 5 years. Borrower understands that Lender may make loans based on other rates as well. The interest rate or rates to be applied to the unpaid principal balance during this loan will be the rate or rates set forth herein in the “Payment” section. Notwithstanding any other provision of this Agreement, after the first payment stream, the interest rate for each subsequent payment stream will be effective as of the due date of the last payment in the just-ending payment stream. NOTICE: Under no circumstances will the interest rate on this loan CHANGE IN TERMS (Continued) Loan No. 5510060956801 Page 2 be less than 4.900% per annum or more than the maximum rate allowed by applicable law. Whenever increases occur in the interest rate, Lender, at its option, may do one or more of the following: (A) increase Borrower's payments to ensure Borrower's loan will pay off by its original final maturity date, (B) increase Borrower's payments to cover accruing interest, (C) increase the number of Borrower's payments, and (D) continue Borrower's payments at the same amount and increase Borrower's final payment. INTEREST CALCULATION METHOD. Interest on this Note is computed on a 30/360 simple interest basis; that is, with the exception of odd days before the first full payment cycle, monthly interest is calculated by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by a month of 30 days. Interest for the odd days before the first full month is calculated on the basis of the actual days and a 360-day year. All interest payable under this Note is computed using this method.

  • Conversion to Fixed Interest Rate The Mortgage Loan does not contain a provision whereby the Mortgagor is permitted to convert the Mortgage Interest Rate from an adjustable rate to a fixed rate;

  • Fixed Interest Rates Each Mortgage Loan bears interest at a rate that remains fixed throughout the remaining term of such Mortgage Loan, except in the case of ARD loans and situations where default interest is imposed.

  • Interest Rate Subject to Section 2.5(b), the principal amount outstanding under the Revolving Line shall accrue interest a floating per annum rate equal to the greater of (i) one quarter of one percentage point (0.25%) above the Prime Rate, or (ii) three and one half percentage points (3.50%), which interest shall, in each case, be payable monthly in accordance with Section 2.5(d) below.”

  • Payment of Principal and Interest; Defaulted Interest (a) Each Class of Notes shall accrue interest at the related Interest Rate, and such interest shall be due and payable on each Payment Date as specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of interest or principal, if any, payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.11, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date, a Redemption Date or on the related Final Scheduled Payment Date, as the case may be (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01), which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03.

  • INTEREST; INTEREST RATE (a) Interest on this Bond shall commence accruing at the Interest Rate (as defined in Section 30) from and including the Issuance Date and shall be computed on the basis of a three hundred and sixty (360)-day year comprised of twelve (12) thirty (30)-day months and shall be payable quarterly in arrears on January 1, April 1, July 1 and October 1 of each year (each, an “Interest Payment Date”) with the first Interest Payment Date being January 1, 2010. Interest shall be payable on each Interest Payment Date, to the record holders of this Bond as recorded in the Register (as defined in Section 3(g)) held by the Company on the applicable Record Date, at the Company’s option, (A) in whole in cash (“Cash Interest”), or (B) in whole in shares (“Interest Shares”) of the Company that are designated on the date hereof as common shares, par value $0.01 per share (the “Common Shares”), or (C) in a combination of Cash Interest and Interest Shares. In the event the Company decides to deliver Interest Shares on an Interest Payment Date, it must deliver a written notice (“Interest Election Notice”) to Holders no less than five (5) Trading Days prior to the Interest Payment Date (the date such notice is sent being the “Interest Notice Date”) pursuant to which notice, the Company elects to pay Interest entirely in Interest Shares or a combination of Cash Interest and Interest Shares and specifies the amount of Interest that shall be paid as Cash Interest and the amount of Interest that shall be paid in Interest Shares. Interest to be paid on an Interest Payment Date in Interest Shares shall be paid in a number of fully paid and nonassessable Common Shares equal to the quotient of (1) the amount of Interest payable on such Interest Payment Date less any Cash Interest paid and (2) the Interest Conversion Price in effect for the applicable Interest Payment Date (rounded down to the preceding whole number).

  • Adjustment to Interest Rate Changes to the interest rate of any Credit Extension based on changes to the Prime Rate shall be effective on the effective date of any change to the Prime Rate and to the extent of any such change.

  • Floating Rate Notes If this Note is specified on the face hereof as a “Floating Rate Note”:

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