Payment Default Rate definition

Payment Default Rate means an additional 0.25% per Dividend Period (1.0% per annum) upon each occurrence of a Payment Default (which shall be additive each time a Payment Default occurs until each such Payment Default is cured), cumulative to the Dividend Rate as in effect for the applicable period, computed on the basis of a 360-day year comprised of 30-day months; provided, however, that, subject to Section 5(e), the Payment Default Rate shall not exceed 1.0% per Dividend Period (4.0% per annum) in the aggregate.

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Payment Default Rate means that, in the event of a Payment Default, interest of [***] will be accrued [***] (up to the maximum legally permissible rate in the Client’s jurisdiction, or [***], whichever is less) of the overdue payment starting on the date such undisputed invoice was due to be paid.

Payment Default Rate means twenty percent (20%) per annum; provided, that in no event shall the Payment Default Rate exceed the highest rate permitted by applicable law.

Examples of Payment Default Rate in a sentence

• As of the last day of any calendar month, the Borrower shall not permit the Second Payment Default Rate for two or more of the three Vintages in the most recent Set of Vintages to be greater than 4%.

• If Client is in Payment Default, WuXi Biologics may impose the Payment Default Rate against Client.

• Accumulated dividends in arrears for any past Dividend Period may be declared by the Board of Directors and paid on any date fixed by the Board of Directors at the Dividend Payment Default Rate, whether or not a Dividend Payment Date, to Holders of the Series A Preferred Shares on the record date for such payment, which may not be more than 60 days, nor less than 5 days, before such payment date.

• The Credit Parties shall not permit the Trailing First Payment Default Rate to be greater than twenty three percent (23%).

• Notwithstanding anything to the contrary in this Agreement, in the event that Cash Distributions on the Series A Preferred Units are in arrears and unpaid with respect to eight (8) or more Distribution Periods (whether or not consecutive) ending after December 31, 2020, the Payment Default Rate shall be equal to 6.0% per annum until such failure is cured by payment in full in cash of all arrearages (for the avoidance of doubt, including arrearages attributable to the Payment Default Rate).

• The Credit Parties shall not permit the First Payment Default Rate, calculated as of the last day of any calendar month, to be greater than (i) 20% for any month or (ii) 17.5% for any two (2) months during any three (3) month period.

• The Credit Parties shall not permit the First Payment Default Rate, calculated as of the last day of any calendar month (commencing with the calendar month of July, 2014), to be greater than (i) 20% for any month or (ii) 17.5% for any two (2) months during any three (3) month period.

• So long as an Event of Default has occurred and is continuing under Section 6.1(a) (“Payment Defaults”) and without notice of any kind, the interest rate applicable to the Loan shall be increased by four percentage points (4%) per annum above the rate of interest otherwise applicable hereunder (“Payment Default Rate”), and all outstanding monetary Obligations shall bear interest at the Payment Default Rate.

• In such event, Borrower shall, at the request of Lender, promptly pay any amount reasonably expended by Lender in such performance or attempted performance to Lender, together with interest thereon at the Payment Default Rate for Payment Defaults or Other Default Rate for any other Event of Default, from the date of such expenditure until paid.

• The Credit Parties shall not permit the Trailing Third Payment Default Rate to be greater than twelve percent (12%).

More Definitions of Payment Default Rate

Payment Default Rate is defined in Section 1.2(c).

Payment Default Rate means an additional 0.25% per Dividend Period (1.0% per annum) upon each occurrence of a Payment Default (which shall be additive each time a Payment Default occurs until each such Payment Default is cured), cumulative to the Dividend Rate as in effect for the applicable period, computed on the basis of a 360-day year comprised of 30-day months; provided , however , that, subject to Section 5(e) , the Payment Default Rate shall not exceed 1.0% per Dividend Period (4.0% per annum) in the aggregate.

Payment Default Rate shall have the meaning set forth in Section 2.8(b)(i).