Common use of PAYMENTS AND ACCOUNTS Clause in Contracts

PAYMENTS AND ACCOUNTS. 6.01 All payments to be made by the Obligors under or in respect of any Security Document shall be made in full in the currency in which the same is due, without any set-off or counterclaim whatsoever and, subject as provided in Clause 6.03, free and clear of any deductions or withholdings, by not later than 10.00 a.m. (local time in the place of payment) on the due date in immediately available funds to the account of the Bank at HSBC BANK U.S.A. New York (Account Number 000-04779-1) or at such other bank in such other place as the Bank may have notified to the Borrower. All interest and any other payments hereunder of an annual nature shall accrue from day to day and be calculated on the basis of 360 day year. 6.02 When any payment would otherwise be due under this Agreement on a day which is not a Banking Day, the due date for payment shall be extended to the next following Banking Day unless such Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day. 6.03 If at any time any applicable law, regulation or regulatory requirement or any governmental authority, monetary agency or central bank requires the Obligors to make any deduction or withholding in respect of Taxes from any payment due under this Agreement, the sum due from the Obligors in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Bank receives a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made and the Obligors shall indemnify the Bank against any losses or costs incurred by it by reason of any failure of the Obligors to make any such deduction or withholding. The Obligors shall promptly deliver to the Bank any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. 6.04 If it shall at any time become unlawful in any jurisdiction or impossible for the Obligors to make payment of any sum hereunder to the accounts referred to in Clause 6.01 or in the currency in which such sum is due (the "Currency of Obligation") the Obligors may agree with the Bank alternative arrangements for payment of such sum in the Currency of Obligation or in another freely transferable and convertible currency. If it shall be agreed that payment may be made in a currency other than the Currency of Obligation such payment shall only satisfy the obligations of the Obligors to the Bank hereunder to the extent of the amount in the Currency of Obligation which can be purchased with the sum so paid at the spot buying rate of the Bank in the London Foreign Exchange market for the Currency of Obligation with the currency in which payment was made, and the Obligors shall be liable to pay to the Bank the balance of the sum in the Currency of Obligation which the Bank would have received if payment had been made in accordance with the other provisions of this Agreement. 6.05 All sums advanced by the Bank to the Borrower under this Agreement and all interest accrued thereon and all other amounts due under this Agreement from time to time and all repayments and/or payments thereof shall be debited and credited respectively to a separate loan account maintained by the Bank in the name of the Borrower. The Bank may, however, in accordance with its usual practices or for its accounting needs, maintain more than one accounts, consolidate or separate them but all such accounts shall be considered parts of one single loan account maintained under this Agreement. In case that a ship mortgage in the form of Account Current is granted as security under this Agreement, the account(s) referred to in this Clause shall be the Account Current referred to in the mortgage.

PAYMENTS AND ACCOUNTS. 6.01 4.01 All payments to be made by the Obligors Borrower under or in respect of any Security Document this Agreement shall be made in full in the currency in which the same is duefull, without any set-off or counterclaim whatsoever and, subject as provided in Clause 6.034.05, free and clear of any deductions or withholdings, by not later than 10.00 a.m. (local time in the place of payment) currency in which such sum is payable on the due date in immediately available funds to the such account of the Bank at HSBC BANK U.S.A. New York (Account Number 000-04779-1) or at such other bank in such other place as the Bank may have notified specify to the Borrower. Borrower for this purpose. 4.02 All interest sums to be advanced by the Bank to the Borrower under this Agreement shall be remitted in the currency in which such sum is to be advanced to such account as the Borrower may specify to the Bank for this purpose. 4.03 When any payment would otherwise be due, or any Interest Period would otherwise end, on a day which is not a Banking Day, the next following Banking Day shall be substituted for such day unless such next following Banking Day falls in the next calendar month in which case the immediately preceding Banking Day shall be substituted therefor. 4.04 All interest, commissions and any other payments hereunder of an annual nature under this Agreement shall accrue from day to day and be calculated on the basis of 360 actual days elapsed and a 365 day year. 6.02 When . Any certificate or determination of the Bank as to any payment would otherwise be due rate or interest or any other amount payable under this Agreement on a day which is not a Banking Dayshall, the due date for payment shall be extended to the next following Banking Day unless such Banking Day falls in the next calendar month in which case payment shall absence of manifest error, be made conclusive and binding on the immediately preceding Banking DayBorrower. 6.03 4.05 If at any time any applicable law, regulation or regulatory requirement or any governmental authority, monetary agency or central bank requires the Obligors Borrower is required to make any deduction or withholding in respect of Taxes from any payment due to the Bank under this Agreement, the sum due from the Obligors Borrower in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Bank receives on due date a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made and the Obligors Borrower shall indemnify the Bank against any losses or costs incurred by it the Bank by reason of any failure of the Obligors Borrower to make any such deduction or withholding. The Obligors Borrower shall promptly deliver to the Bank any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. 6.04 4.06 If it shall at following any time become unlawful in any jurisdiction such deduction or impossible for the Obligors to make payment of any sum hereunder to the accounts withholding as is referred to in Clause 6.01 or in 4.05 from any payment by the currency in which such sum is due (the "Currency of Obligation") the Obligors may agree with Borrower, the Bank alternative arrangements shall receive or be granted a credit against or remission for payment of such sum in any Taxes payable by it, the Currency of Obligation or in another freely transferable and convertible currency. If it shall be agreed that payment may be made in a currency other than the Currency of Obligation such payment shall only satisfy the obligations of the Obligors Bank shall, subject to the Bank hereunder Borrower having made any increased payment in accordance with Clause 4.05 and to the extent that the Bank can do so without prejudicing the retention of the amount in of such credit or remission and without prejudice to the Currency of Obligation which can be purchased with the sum so paid at the spot buying rate right of the Bank to obtain any other relief or allowance which may be available to it, reimburse the Borrower with such amount as the Bank shall in its absolute discretion certify to be the proportion of such credit or remission as will leave the Bank (after such reimbursement) in no worse position that it would have been in had there been no such deduction or withholding from the payment by the Borrower as aforesaid. 4.07 The Bank shall maintain an account evidencing the amounts from time to time lent by, owing to and paid to it under this Agreement. Such account shall, in the London Foreign Exchange market for the Currency absence of Obligation with the currency in which payment was mademanifest error, and the Obligors shall be liable to pay conclusive as to the Bank the balance of the sum in the Currency of Obligation which the Bank would have received if payment had been made in accordance with the other provisions of this Agreement. 6.05 All sums advanced amount from time to time owing by the Bank to the Borrower under this Agreement and all interest accrued thereon and all other amounts due under this Agreement from time to time and all repayments and/or payments thereof shall be debited and credited respectively to a separate loan account maintained by the Bank in the name of the Borrower. The Bank may, however, in accordance with its usual practices or for its accounting needs, maintain more than one accounts, consolidate or separate them but all such accounts shall be considered parts of one single loan account maintained under this Agreement. In case that a ship mortgage in the form of Account Current is granted as security under this Agreement, the account(s) referred to in this Clause shall be the Account Current referred to in the mortgage.

PAYMENTS AND ACCOUNTS. 6.01 All payments to be made by the Obligors Borrower under or in respect of any Security Document shall be made in full in the currency in which the same is due, without any set-off or counterclaim whatsoever and, subject as provided in Clause 6.03, free and clear of any present or future Taxes and without any deductions or withholdings, by not later than 10.00 10 a.m. (local time in the place of payment) ), on the due date in immediately available funds to the account of the Bank at HSBC BANK U.S.A. New York (Account Number No. 000-04779-1) or at such other bank in such other place as the Bank may have notified to the Borrower. All A11 interest and any other payments hereunder of an annual nature shall accrue from day to day and be calculated on the basis of 360 day year. 6.02 When any payment would otherwise be due under this Agreement any of the Security Documents on a day which is not a Banking Day, the due date for payment shall be extended to the next following Banking Day unless such Banking Day falls in the next calendar month in which case payment shall be made on the immediately preceding Banking Day. 6.03 If at any time any applicable law, regulation or regulatory requirement or any governmental authority, monetary agency or central bank requires the Obligors Borrower to make any deduction or withholding in respect of Taxes from any payment due under this Agreementthe Security Documents, the sum due from the Obligors Borrower in respect of such payment shall be increased to the extent necessary to ensure that, after the making of such deduction or withholding, the Bank receives a net sum equal to the sum which it would have received had no such deduction or withholding been required to be made and the Obligors Borrower shall indemnify the Bank against any losses or costs incurred by it by reason of any failure of the Obligors Borrower to make any such deduction or withholding. The Obligors Borrower shall promptly deliver to the Bank any receipts, certificates or other proof evidencing the amounts (if any) paid or payable in respect of any deduction or withholding as aforesaid. 6.04 If it shall at any time become unlawful in any jurisdiction or impossible for the Obligors Borrower to make payment of any sum hereunder to the accounts referred to in Clause 6.01 or in the currency in which such sum is due (the "Currency of Obligation") the Obligors Borrower may agree with the Bank alternative arrangements for payment of such sum in the Currency of Obligation or in another freely transferable and convertible currency. If it shall be agreed that payment may be made in a currency other than the Currency of Obligation such payment shall only satisfy the obligations of the Obligors Borrower to the Bank hereunder to the extent of the amount in the Currency of Obligation which can be purchased with the sum so paid at the spot buying rate of the Bank in the London Foreign foreign Exchange market for the Currency of Obligation with the currency in which payment was made, and the Obligors Borrower shall be liable to pay to the Bank the balance of the sum in the Currency of Obligation which the Bank would have received if payment had been made in accordance with the other provisions of this Agreement. 6.05 All sums advanced by the Bank to the Borrower under this Agreement and all interest accrued thereon and all other amounts due under this Agreement from time to time and all repayments and/or payments thereof shall be debited and credited respectively to a separate loan account maintained by the Bank in the name of the Borrower. The Bank may, however, in accordance with its usual - practices or for its accounting needs, maintain more than one accounts, consolidate or separate them but all such accounts shall be considered parts of one single loan account maintained under this Agreement. In case that a ship mortgage in the form of Account Current is granted as security under this Agreement, the account(s) referred to in this Clause shall be the Account Current referred to in the mortgage.