Minimum Interest. Notwithstanding the other terms of Section 2.7(a) to the contrary, and except as limited by the usury savings provision of Section 2.7(f), Borrower shall pay Lender at least the Minimum Interest each calendar month during the term of this Agreement, and Borrower shall pay any deficiency between the Minimum Interest and the amount of interest otherwise payable on the first day of each month and on the Final Maturity Date. When calculating this deficiency, the Default Rate shall be disregarded.
Appears in 3 contracts
Samples: Loan and Security Agreement (Superior Drilling Products, Inc.), Loan and Security Agreement (Energy Focus, Inc/De), Loan and Security Agreement (Energy Focus, Inc/De)
Minimum Interest. Notwithstanding the other terms of Section 2.7(a) to the contrary, and except as limited by the usury savings provision of Section 2.7(f), Borrower shall pay Lender at least an amount equal to the Minimum Interest each calendar month during the term of this Agreement, and Borrower shall pay any deficiency between the Minimum Interest and the amount of interest otherwise payable on the first day of each month and on the Final Maturity Date. When calculating this deficiency, the Default Rate shall be disregarded.
Appears in 2 contracts
Samples: Loan and Security Agreement (Star Equity Holdings, Inc.), Loan and Security Agreement (Star Equity Holdings, Inc.)
Minimum Interest. Notwithstanding the other terms of Section 2.7(a) to the contrary, and except as limited by the usury savings provision of Section 2.7(f), Borrower shall pay Lender at least the Minimum Interest of interest each calendar month during the term of this Agreement, and Borrower shall pay any deficiency between the Minimum Interest and the amount of interest otherwise payable on the first day of each month and on the Final Maturity Date. When calculating this deficiency, the Default Rate shall be disregarded.
Appears in 1 contract
