Interest Rate Calculations. All computations of interest and other fees hereunder shall be made on the basis of a 360-day year (except for interest calculated by reference to the Prime Rate, which shall be based on a year of 365 or 366 days, as applicable) and for the actual number of days elapsed (including the first day but excluding the last day) occurring in the period for which such interest or fees are payable.
Interest Rate Calculations. Unless otherwise set forth on the face hereof, the following provisions of this Section 3 shall apply to the calculation of interest on this Security. If the first Interest Reset Date is later than the Original Issue Date, this Security will bear interest from its Original Issue Date to the first Interest Reset Date (as defined below) at the Initial Interest Rate set forth on the face hereof. Thereafter, the interest rate hereon for each Interest Reset Period (as defined below) will be determined by reference to the Base Rate set forth on the face hereof, as adjusted by the Spread, the Spread Multiplier or other formula, if any, set forth on the face hereof. As set forth on the face hereof, this Security may also have either or both of the following: (i) a maximum limitation, or ceiling, on the rate at which interest may accrue during any Interest Reset Period (as defined below) ("Maximum Interest Rate"); and (ii) a minimum limitation, or floor, on the rate at which interest may accrue during any Interest Reset Period ("Minimum Interest Rate"). In addition to any Maximum Interest Rate that may be set forth on the face hereof, the interest rate on this Security will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application.
Interest Rate Calculations. Interest shall be calculated on the basis year of 360 days and shall be payable for the actual days elapsed. Each determination by the Bank of an interest rate or fee hereunder shall, absent manifest error, be conclusive and binding for all purposes.
Interest Rate Calculations. The interest borne by this Note shall be determined as follows:
Interest Rate Calculations. 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 will 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), will, upon the request of the Holder of the Obligations, determine the Applicable Interest Rate then in effect with respect to the Obligations. ARTICLE FOURTH
Interest Rate Calculations. All computations of interest, RL Commitment Commission and other Fees hereunder shall be made on the basis of a year of 360 days (except for interest calculated by reference to the Prime Lending Rate, which shall be based on a year of 365 or 366 days, as applicable) for the actual number of days (including the first day but excluding the last day) occurring the period for which such interest, RL Commitment Commission or Fees are payable.
Interest Rate Calculations. 3 ARTICLE FOUR Certain Redemptions..........................................................4 ------------------ 1/ This Table of Contents is not a part of the Indenture and has no bearing upon the interpretation of any of its terms and provisions. ARTICLE FIFTH Definitions..................................................................6 ARTICLE SIXTH Additions, Deletions and Amendments to Exhibit 1.............................6 Signatures..................................................................23 Acknowledgements.........................................................24-25 EXHIBITS TO TRUST INDENTURE SCHEDULE A Schedule of Definitions to Trust Indenture EXHIBIT 1 General Provisions of the Indenture Incorporated by Reference EXHIBIT 2 Form of Floating Rate Note EXHIBIT 3 Form of Fixed Rate Note EXHIBIT 4 Authorization Agreement EXHIBIT 5 Form of Secretary Supplemental Indenture TRUST INDENTURE SPECIAL PROVISIONS THIS TRUST INDENTURE, is dated as of April 9, 1999 (said Trust Indenture, as the same may be amended, modified or supplemented from time to time as permitted hereunder, herein called the "Indenture"), is between (i) PETRODRILL FIVE LIMITED, a British Virgin Islands international business company (herein called the "Shipowner"), and (ii) FMB TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association (said banking association, any successor or assign hereunder, herein called the "Indenture Trustee").
Interest Rate Calculations. All rate calculations made pursuant to this Agreement (including without limitation any calculation of the Overdue Rate) shall be computed on the basis of the actual number of days elapsed over a year of 360 days.
Interest Rate Calculations. For the purpose of appointing the Indenture Trustee to calculate the interest rate based on the London interbank offered rate (“LIBOR”), on the 2005 Notes which bear interest at a rate calculated with reference to LIBOR, the Shipowner and the Indenture Trustee agree as follows:
Interest Rate Calculations. Interest on each Loan shall be calculated on the basis of a year of three hundred sixty (360) days and shall be payable for the actual days elapsed. Each determination by the Bank of an interest rate or fee hereunder shall, absent manifest error, be conclusive and binding for all purposes, so long as such determination is made on a reasonable basis and in good faith.
