Default Rate of Interest definition

Default Rate of Interest means the rate of interest otherwise payable on the principal of the Securities plus 1% per annum.

Default Rate of Interest means a rate of interest per annum on any Obligations hereunder, equal to the sum of: (a) two percent (2%) and (b) the applicable increment over the Chase Bank Rate (as set forth in paragraph 8.1 hereof) plus the Chase Bank Rate, or the applicable increment over the LIBOR (as set forth in paragraph 8.13 hereof) plus the LIBOR, which the Agent shall be entitled to charge the Company on all Obligations due the Agent on behalf of the Lenders by the Company, as further set forth in Paragraph 10.2 of Section 10 of this Financing Agreement.

Default Rate of Interest means a rate of interest per annum on any Obligations hereunder, equal to the sum of: (a) two percent (2%) and (b) the applicable increment over the Base Rate (as set forth in paragraph 8.1 hereof) plus the Base Rate, which the Lender shall be entitled to charge the Companies on all Obligations due the Lender by the Companies, as further set forth in Paragraph 10.2 of Section 10 of this Financing Agreement.

Examples of Default Rate of Interest in a sentence

• Default Rate of Interest: If you are in default and until such time as the default is cured, and in substitution for any other rate of interest specified in this Agreement, interest may be charged at the rate of 24% per annum (or the maximum rate permitted by applicable law) on the debit balance of all margin accounts which are carried by Clearing Firm.

• Commencing upon the expiration of the Deferral Period and continuing until the Maturity Date, the Interest Rate on the principal amount of the Term Loan Note shall be one quarter of one percent (0.25%) per annum, unless the Default Rate of Interest has been imposed as provided in this Financing Agreement.

• Under the Term Loan Note, interest shall accrue at the rate of zero percent (0%) per annum during the Deferral Period, unless the Default Rate of Interest has been imposed as provided in this Financing Agreement.

• If a disputed amount withheld by Customer is determined to have been a legitimate charge, interest at the Default Rate of Interest may be charged, at Syringa’s discretion, on the amount not paid within the original Payment Period, and Customer must pay the total amount due and owing within five (5) business days of its receipt of notice of the determination from Syringa Networks.

• If a disputed amount withheld by Xxxxxxxx is determined to have been a legitimate charge, interest at the Default Rate of Interest may be charged, at Xxxxxxx’s discretion, on the amount not paid within the original Payment Period, and Customer must pay the total amount due and owing within five (5) business days of its receipt of notice of the determination from Syringa Networks.

More Definitions of Default Rate of Interest

Default Rate of Interest means a rate of interest per annum equal to the lesser of (a) the Maximum Legal Rate or (b) the sum of (i) two percent (2%) and (ii) the applicable contract rate of interest based upon the applicable increment over the Chase Bank Rate as determined under Section 8 hereof, which the Agent on behalf of the Lenders shall be entitled to charge each Company on all Obligations to the extent provided in Section 10, Paragraph 2(ii) of this Agreement.

Default Rate of Interest means a rate of interest equal to two percent (2%) per annum greater than the interest rate accruing on the Obligations pursuant to Section 8.1 hereof, which CIT shall be entitled to charge the Company in the manner set forth in Section 8.2 of this Financing Agreement. Depository Account shall mean each bank account (and the related lockbox, if any) subject to CIT’s control that is established by CIT or the Company pursuant to Section 2.1(j) or Section 3.2(c) of this Financing Agreement.

Default Rate of Interest shall have the meaning set forth in Section 3.2 hereof.

Default Rate of Interest means the rate equal to three percent (3.0%) per annum plus the applicable rate of interest otherwise being charged hereunder.

Default Rate of Interest means the rate per annum equal to the lesser of (a) the Wall Street Journal prime rate as quoted in the money rates section of the Wall Street Journal which is also the base rate on corporate loans at large United States money center commercial banks as its prime commercial or similar reference interest rate, with adjustments to be made on the same date as any change in the rate, and (b) the maximum rate permitted by applicable law.

Default Rate of Interest means a rate of interest equal to two percent (2%) per annum greater than the interest rate accruing on the Obligations pursuant to Section 8.1 hereof, which the Agent and the Lenders shall be entitled to charge the Companies in the manner set forth in Section 8.2 of this Financing Agreement.

Default Rate of Interest means a rate of interest equal to two percent (2%) per annum greater than the interest rate accruing on the Obligations pursuant to Section 5.1 hereof, which Agent and Lenders shall be entitled to charge Borrowers in the manner set forth in Section 5.2 of this Agreement. ​ ​