Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any Loan Document, shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect.
Interest Rate Calculation. (a) Interest shall accrue from the date hereof until the Maturity Date on the unpaid principal amount at the rate of nine percent (9%) per annum. Any principal or interest payments not paid when due, whether on the Maturity Date or any Monthly Payment Date, by notice of prepayment, by acceleration or otherwise, shall bear interest at the rate of the lesser of sixteen percent (16%) per annum or the maximum rate permitted by law.
Interest Rate Calculation. Basic Interest, along with charges and fees under this Agreement and any Loan Document, shall be calculated for actual days elapsed on the basis of a 360-day year, which results in higher interest, charge or fee payments than if a 365-day year were used. In no event shall Borrower be obligated to pay Lender interest, charges or fees at a rate in excess of the highest rate permitted by applicable law from time to time in effect,
Interest Rate Calculation. Upon the terms and subject to the conditions contained in the Obligations, and based on information received from the Facility Agent (but only in connection with the Floating Rate Note), the Indenture Trustee shall calculate the Applicable Interest Rate on the Obligations in the manner and at the times provided in the Obligations and shall communicate the same to the Shipowner, the Secretary and any paying agent identified to it in writing as soon as practicable after each determination. The Indenture Trustee, based on information received from the Facility Agent (but only in connection with the Floating Rate Note), shall, upon the request of the Holder of the Obligations, determine the Applicable Interest Rate then in effect with respect to the Obligations.
Interest Rate Calculation. (a) The outstanding principal balance under the Loan shall bear interest at a per annum rate of interest equal to the Contract Rate (as may be adjusted from time to time in accordance with this Section 2.6.1). Whenever, subsequent to the date hereof, the LIBOR Rate is increased or decreased (as determined on the date that is two (2) Business Days prior to each Payment Date), the Contract Rate, as set forth herein, shall be similarly changed effective as of such subsequent Payment Date, without notice or demand of any kind by an amount equal to the amount of such change in the LIBOR Rate on the date that is two (2) Business Days prior to each such Payment Date. The interest due on the principal balance of the Loan outstanding as of any Payment Date shall be computed for the actual number of days elapsed during the period in question on the basis of a year consisting of three hundred sixty (360) days and shall be calculated by determining the daily principal balance outstanding for each day of such period in question. The daily rate shall be equal to 1/360th times the Contract Rate. If any statement furnished by Agent for the amount of a payment due exceeded the actual amount that should have been paid because the LIBOR Rate decreased and such decrease was not reflected in such statement, Borrower shall make the payment specified in such statement from Agent and Borrower shall receive a credit for the overpayment, which credit shall be applied towards the next subsequent payment due hereunder. If any statement furnished by Agent for the amount of a payment due was less than the actual amount that should have been paid because the LIBOR Rate increased and such increase was not reflected in such statement, Borrower shall make the payment specified in such statement from Agent and Borrower shall be required to pay any resulting underpayment with the next subsequent payment due hereunder.
Interest Rate Calculation. The Calculation Agent shall exercise due care to determine the applicable interest rates under all Floating Rate Securities for which it acts as Calculation Agent and shall communicate the same to Brazil and the Fiscal Agent. The Calculation Agent will, upon the request of any holder of any Floating Rate Security, provide the interest rate then in effect with respect to such Floating Rate Security and, if determined, the interest rate with respect to such Floating Rate Security which will become effective as of the following Interest Reset Date (under and as defined in such Floating Rate Security).
Interest Rate Calculation. Interest on each Mortgage Loan is calculated on the basis of a 360-day year consisting of twelve 30-day months;
Interest Rate Calculation. Throughout the term of this Note, interest shall be calculated on the basis of a 365-day year, but shall be computed for the actual number of days in the period for which interest is charged. If any payment of interest or principal to be made by Maker shall become due on a day other than a Business Day (as hereinafter defined), such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing any interest with respect to such payment. As used herein, the term “
Interest Rate Calculation. All interest hereunder shall be calculated on the basis of a 360 day year consisting of twelve 30 day months.
Interest Rate Calculation. The Calculation Agent shall exercise due care to determine the interest rates applicable and shall communicate the same to Financement-Québec and the Fiscal Agent. The Calculation Agent will, upon the request of any holder of any Floating Rate Note, provide the interest rate then in effect with respect to such Floating Rate Note and, if determined, the interest rate with respect to such Floating Rate Note which will become effective for the next Interest Reset Date with respect to such Floating Rate Note. No amendment to the provisions of the Floating Rate Notes relating to the duties or obligations of the Calculation Agent hereunder may become effective without the prior written consent of the Calculation Agent. Under certain circumstances, the interest rates for Floating Rate Notes may have to be determined on the basis of quotations provided by certain financial institutions selected by the Calculation Agent. The Calculation Agent shall not be responsible to Financement-Quebec or any third party as a result of the Calculation Agent having acted (except in the event of gross negligence, willful misconduct or bad faith) on the basis of any such quotation or other information given by any such financial institution which subsequently may be found to be incorrect.
