Adjustable Interest Rate definition

Adjustable Interest Rate means the variable annual interest rate calculated for each Interest Adjustment Period so as to equal the Index Rate for such Interest Adjustment Period (truncated at the fifth (5th) decimal place if necessary) plus the Margin.

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Adjustable Interest Rate or “AlR” means the interest rate announced by IHFL, from time to time as its IHFL Floating Reference Rate (IHFL-FRR) and applied by IHFL with margin, if any, as may be decided by IHFL, on the Loan of the Borrower pursuant to this Agreement.

Adjustable Interest Rate means (i) the Base Rate, and/or (ii) the Prime Rate, each as provided in the Credit Agreement. However, in no event will the Adjustable Interest Rate exceed the Maximum Interest Rate.

Examples of Adjustable Interest Rate in a sentence

• If the Adjustable Interest Rate at any time exceeds the Maximum Interest Rate, resulting in the charging of interest hereunder to be limited to the Maximum Interest Rate, then any subsequent reduction in the Adjustable Interest Rate shall not reduce the rate at which interest under this Note accrues below the Maximum Interest Rate until the total amount of interest accrued hereunder equals the amount of interest which would have accrued had the Adjustable Interest Rate at all times been in effect.

• If Lender at any time determines that Borrower has paid one or more monthly installments in an incorrect amount because of the operation of the preceding sentence, or because Lender has miscalculated the Adjustable Interest Rate or has otherwise miscalculated the amount of any monthly installment, then Lender shall give notice to Borrower of such determination.

• During the Extension Period, interest will accrue on the outstanding principal balance of this Note at the Adjustable Interest Rate, subject to the provisions of Section 8 of this Note.

• If the Adjustable Interest Rate at any time exceeds the Maximum Interest Rate, resulting in the charging of interest hereunder to be limited to the Maximum Interest Rate, then any subsequent reduction in the Adjustable Interest Rate will not reduce the rate at which interest under this Note accrues below the Maximum Interest Rate until the total amount of interest accrued hereunder equals the amount of interest which would have accrued had the Adjustable Interest Rate at all times been in effect.

• The amount of the monthly installment of interest-only payable pursuant to this Section 3(d)(i) on an Installment Due Date will equal the product of (A) annual interest on the unpaid principal balance of this Note as of the first day of the Interest Adjustment Period immediately preceding the Installment Due Date at the Adjustable Interest Rate in effect for such Interest Adjustment Period, divided by 360, multiplied by (B) the number of days in such Interest Adjustment Period.

More Definitions of Adjustable Interest Rate

Adjustable Interest Rate. / “AIR” shall mean and include the variable and floating rate of interest with reference to the Base rate of IIFL HFL together with the margin, if any, as specified by IIFL HFL and set out hereinafter, applicable on the Loan pursuant to Transaction Documents.

Adjustable Interest Rate means IHFL-LFRR and the margin, if any, as specified by IHFL and set out herein this Agreement, applicable as the interest rate on the Loan of the Borrower/s pursuant to this Agreement.

Adjustable Interest Rate means the interest rate determined at the times and in the manner provided in Section 203 of the Indenture;

Adjustable Interest Rate. If this Mortgage has an adjustable interest rate, the monthly instalment will be calculated in accordance with the Schedule of Additional Mortgage Terms attached hereto. The Mortgagor covenants that it will pay the Principal Amount together with interest at the Interest Rate to the Mortgagee at the times and in the manner herein set out, up to and including the Balance Due Date, and the outstanding Principal Amount then owing under this Mortgage, together with any accrued and unpaid interest will become due and payable on the Balance Due Date.

Adjustable Interest Rate means a non-variable interest rate on all of the Bonds established pursuant to the Indenture during any Adjustable Interest Rate Period.

Adjustable Interest Rate means the interest rate determined in the manner specified in Section 211 hereof.

Adjustable Interest Rate means the variable per annum rate at which interest will accrue on the outstanding principal balance of this Note. The Adjustable Interest Rate applicable during any Interest Adjustment Period will equal the Index Rate, truncated at the fifth (5th) decimal place if necessary, for such Interest Adjustment Period, plus the Margin.