Interest Rate Increase definition

Interest Rate Increase shall be defined as follows: a. If payment is made 30 days or less after the overdue date, 2.0% per annum. b. If payment is made more than 30 days after the overdue date, 4.0% per annum. Interest shall accumulate until payment of the original amount due plus interest penalties have been received by the creditor party. The due date shall, for purposes of this Article, be determined as follows: 1. Payments from the Retrocessionaire to the Company shall be due on the date on which the demand for payment (including delivery of quarterly reports) is received by the Retrocessionaire, and shall be overdue 30 days thereafter. 2. Payments from the Company to the Retrocessionaire shall be due on the dates specified within this Agreement. Payments shall be overdue 30 days thereafter except for the first installment of premium, if applicable, which shall be overdue 60 days from inception or 30 days from final line-signing, whichever the later. Reinstatement premium, if applicable, shall have as a due date the date when the Company receives payment for the claim giving rise to such reinstatement premium, and payment shall be overdue 30 days thereafter. In the event a due date is not specifically stated for a given payment, the overdue date shall be 30 days following the date of billing. If the information contained in the Company’s demand for payment is insufficient or not in accordance with the conditions of this Agreement, then within 30 days the Retrocessionaire shall request from the Company all additional information necessary to validate its claim and the payment due date as defined in paragraph B shall be deemed to be the date upon which the Retrocessionaire received the requested additional information. This paragraph is only for the purpose of establishing when a payment is overdue, and shall not alter the provisions of the Reports and Remittances Article or other pertinent contractual stipulations. Should the Retrocessionaire dispute a claim presented by the Company and the timeframes set out in paragraph B be exceeded, interest as stipulated in paragraph A shall be payable for the entire overdue period, but only for the amount of the final settlement with the Retrocessionaire. In the event arbitration is necessary to settle a dispute, the panel shall have the authority to make a determination awarding interest to the prevailing party. Interest, if any, awarded by the panel shall supersede the interest amounts outlined herein. Any interest owed pursuant to th...
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Interest Rate Increase has the meaning specified in Article Two.
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Interest Rate Increase is described in Section 1.2.
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Examples of Interest Rate Increase in a sentence

  • In the event that none of the Interest Rate Increase Criteria occurs, the Lender shall waive the payment of the Accrued Default Interest.

  • In the event of any Interest Rate Increase, the Company will provide notice to the Trustee of such Interest Rate Increase, and will cause the Trustee to provide appropriate notice thereof to the Holders of the Notes (or, if applicable, the Registered Notes).

  • The Company shall notify the Trustee of such Scheduled Interest Rate Increase in an Officers’ Certificate.

  • At such time as no Registration Default is continuing, the interest rate borne by the Notes (and, if applicable, the Registered Notes) shall be reduced by the amount of the Interest Rate Increase and such additional interest will cease to accrue.

  • For the avoidance of doubt, upon the expiration of an Interest Rate Increase Period, the applicable ratio in the table set forth above shall apply until the commencement of a new Interest Rate Increase Period.

  • Subject to the terms, conditions and understandings contained in this Agreement , Investor hereby agrees to refrain and forbear from bringing any action to collect under the Note (including without limitation the Interest Rate Increase and the Balance Increase) with respect to the Default (the "Forbearance").

  • The term “Third Interest Rate Increase Period” shall mean the period commencing August 1, 2009 and continuing through January 31, 2010.

  • The Issuers, in their sole discretion, may elect to effect the Interest Rate Increase from time to time through an increase of the cash interest rate or the PIK Interest rate, or in any combination thereof.

  • The ABL Claimholders hereby authorize the ABL Collateral Agent to consent to the Term Loan Interest Rate Increase, and the ABL Collateral Agent hereby consents to the Term Loan Interest Rate Increase, in each case, effective on, and subject to the occurrence of, the Effective Date (as defined below) and notwithstanding any provision of the Credit Agreement or the Intercreditor Agreement to the contrary.

  • The Notes Interest Rate Increase shall be provided to the Calculation Agent in an Officer’s Certificate of the Company within ten Business Days of the Initial Term B Loan All-in Yield Increase.


More Definitions of Interest Rate Increase

Interest Rate Increase means an increase of the rate at which interest will accrue on the Note from 9.5% to the prime rate (as published in the Wall Street Journal) plus 3%, provided, however, in no event will the interest rate drop below 9.5%.
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Interest Rate Increase means an increase in the Interest Rate (rounded, if necessary, to the fifth decimal place, with 0.000005 being rounded upwards) applicable to the Notes as determined by the Swap Counterparty in its sole and absolute discretion such that the present value of the portion of each Interest Amount which is attributable to such increase in the Interest Rate that would be payable in respect of each Interest Period following the relevant Trading Reserve Account Annual Request Date until the Scheduled Maturity Date is in aggregate equal to the portion of the relevant Trading Reserve Account Reduction Amount that is allocable to the relevant Interest Rate Increase.
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Interest Rate Increase means an increase in the Interest Rate applicable to the Notes in accordance with Clause 14.5 (Interest Increase and Interest Reset).
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Related to Interest Rate Increase

  • Interest Rate Cap means the establishment of an upper limit for a variable interest rate.

  • Interest Rate Period means that period of time for which the interest rate with respect to the Bonds has been determined by the Remarketing Agent or otherwise as provided in the definition of the applicable Interest Rate Mode, commencing on the applicable Interest Rate Adjustment Date, and terminating on the day immediately preceding the following Interest Rate Adjustment Date, if any.

  • Periodic Interest Rate Cap As to each adjustable rate Mortgage Loan, the maximum increase or decrease in the Mortgage Interest Rate on any Adjustment Date pursuant to the terms of the Mortgage Note.

  • Base Interest Rate means a rate of interest based on the LIBOR-Rate. "Base Interest Rate Loan" means amounts outstanding under this note that bear interest at a Base Interest Rate. "Base Rate Maturity Date" means the last day of the Interest Period with respect to principal outstanding under a Base Interest Rate Loan. "Business Day" means a day on which Bank is open for business for the funding of corporate loans, and, with respect to the rate of interest based on the LIBOR Rate, on which dealings in U.S. dollar deposits outside of the United States may be carried on by Bank. "Interest Period" means with respect to funds bearing interest at a rate based on the LIBOR Rate, any calendar period of one, three, six, nine or twelve months. In determining an Interest Period, a month means a period that starts on one Business Day in a month and ends on and includes the day preceding the numerically corresponding day in the next month. For any month in which there is no such numerically corresponding day, then as to that month, such day shall be deemed to be the last calendar day of such month. Any Interest Period which would otherwise an on a non-Business Day shall end on the next succeeding Business Day unless that is the first day of a month, in which event such Interest Period shall end on the next preceding Business Day. "LIBOR Rate" means a per annum rate of interest (rounded upward, if necessary, to the nearest 1/100 of 1%) at which dollar deposits, in immediately available funds and in lawful money of the United Sates would be offered to Bank, outside of the United Sates, for a term coinciding with the Interest Period selected by Debtor and for an amount equal to the amount of principal covered by Debtors' interest rate selection, plus Bank's costs, including the costs, if any, of reserve requirements. "Origination Date" means the first day of the Interest Period. "Reference Rate" means the rate announced by Bank from time to time at its corporate headquarters as its Reference Rate. The Reference Rate is an index rate determined by Bank from time to time as a means of pricing certain extensions of credit and is neither directly tied to any external rate of interest or index nor necessarily the lowest rate of interest or index nor necessarily the lowest rate of interest charged by Bank at any given time.

  • Interest Rate Adjustment Date With respect to each Adjustable Rate Mortgage Loan, the date, specified in the related Mortgage Note and the related Mortgage Loan Schedule, on which the Mortgage Interest Rate is adjusted.