PROMISE TO PAY INTEREST. (a) Debtor promises to pay to Secured Party interest on the principal of Advances from time to time unpaid at the lesser of (i) the Highest Lawful Rate or (ii) the fluctuating per annum rate specified in Item 18 of the Schedule. From the date of the occurrence of, and during the continuance of, an Event of Default, Debtor, as additional compensation to Secured Party for its increased credit risk promises to pay interest on (i) the principal of Advances, whether or not past due; and (ii) past due interest and any other amount past due under the Transaction Documents, at a per annum rate of the lesser of (i) the Highest Lawful Rate and (ii) 3.00% greater than each of the rates of interest specified in Item 18 of the Schedule.
(b) Interest (other than past due interest as set forth in Section 8.2(a)) shall be due and payable (i) on the first day of each month in arrears, (ii) on termination of this Agreement, pursuant to Section 14.13, (iii) on acceleration of the time for payment of the Indebtedness, pursuant to Section 12.2, and (iv) on the date the Indebtedness is paid in full. Past due interest (as set forth in Section 8.2(a)) shall be due and payable immediately upon demand.
(c) Any change in the interest rate resulting from a change in the Prime Rate shall take effect simultaneously with such change in the Prime Rate. Interest shall be computed on the daily unpaid principal balance of Advances. Interest shall be calculated for each calendar day at 1/360th of the applicable per annum rate which will result in an effective per annum rate higher than that specified in Item 18 of the Schedule, unless such calculation would exceed the Highest Lawful Rate, in which case interest shall be calculated for each calendar day at 1/365th or 1/366th, as the case may be, of the applicable per annum rate. In no event shall the rate of interest exceed the Highest Lawful Rate. If Debtor pays to Secured Party interest in excess of the Highest Lawful Rate, such excess shall be applied in reduction of the principal of Advances made pursuant to this Agreement, and any remaining excess interest, after application thereof to the principal of Advances, shall be refunded to Debtor.
PROMISE TO PAY INTEREST. Debtor promises to pay to Secured Party, on the first day of each month in arrears, on termination of this Agreement pursuant to Section 14.13, on acceleration of the time for payment of the Indebtedness pursuant to Section 12.2 and on the date the Indebtedness is paid in full, interest on the principal of Advances from time to time unpaid at the fluctuating per annum rate specified in Item 18 of the Schedule. Any change in the interest rate resulting from a change in the Prime Rate shall take effect simultaneously with such change in the Prime Rate. Interest shall be computed on the daily unpaid principal balance of Advances. Interest shall be calculated for each calendar day at 1/360th of the applicable per annum rate which will result in any effective per annum rate higher than that specified in Item 18 of the Schedule. From and after the occurrence of an Event of Default and for so long as such Event of Default shall continue, Debtor, as additional compensation to Secured Party for its increased credit risk, and not as penalty, shall pay interest at a per annum rate of 3% greater than the rate of interest specified in the Schedule. In no event shall the rate of interest exceed the maximum rate permitted by applicable law. If Debtor pays to Secured Party interest in excess of the amount permitted by applicable law, such excess shall be applied in reduction of the principal of Advances made pursuant to this Agreement, and any remaining excess interest, after application thereof to the principal of Advances, shall be refunded to Debtor.
PROMISE TO PAY INTEREST. Borrower promises to pay to the Agent for the benefit of the Lenders in cash or by the incurrence of Revolving Loans in accordance with Section 2.15 hereof interest on the principal of Advances made under this Agreement from time to time unpaid at the fluctuating per annum rate specified in Section 2.6 hereof and in Item 18 of the Schedule, including, without limitation, if applicable, interest at the Default Rate.
PROMISE TO PAY INTEREST. Section 2 of the Agreement shall be amended in its entirety to read as follows:
PROMISE TO PAY INTEREST a. For value received, the undersigned Borrower promises to pay to the order of each Lender, at the address set forth opposite such Lender's name on Exhibit A hereto or at such other place as such Lender may designate in writing from time to time, in lawful money of the United States of America and in immediately available funds, any principal amounts advanced by such Lender under the Line of Credit up to the amount of such Lender's commitment amount set forth opposite such Lender's name on Exhibit A, and such additional amounts that such Lender agrees to advance hereunder, with interest thereon in like lawful money, payable in the manner and on the terms set forth in this Agreement. Any unpaid principal balance due under this Agreement from time to time shall bear interest from the date of each advance until paid at the rate of ten percent (10%) per annum. Interest shall be calculated on the basis of a 365-day year using the actual number of days elapsed divided by 365. Any payment made by Borrower in the form of cash is referred to herein as a "Cash Payment."
b. Notwithstanding anything to the contrary set forth in this Agreement, Borrower, in its sole and absolute discretion, may choose to satisfy any amounts due and owing to Lenders under this Agreement by delivering to Lenders an equity instrument of Borrower (an "Equity Payment") and by providing Lenders with advance notice of such election. The terms of the Equity Payment must be mutually agreeable by the Borrower and the Lenders.
c. If Borrower elects to make an Equity Payment to the Lenders in accordance with Section 2(b), each Lender agrees to deliver a certificate immediately prior to such Equity Payment stating that the representation and warranties of such Lender as set forth in this Agreement are true and correct as of the date of the certificate; provided that a Lender is not required to deliver such certificate if such representations and warranties with respect to such Lender are not, in fact, true and correct, in which case Borrower may not satisfy amounts owing to such Lender in the form of an Equity Payment unless the securities underlying such Equity Payment have been registered under the Securities Act (as defined below). Notwithstanding any provision contained in this Agreement, the parties acknowledge and agree that no Equity Payment shall constitute an offering of securities by Borrower until such time as Borrower has notified Lenders of its election to make such Equity Payment, an...
PROMISE TO PAY INTEREST. (a) Debtor promises to pay to Secured Party interest on the outstanding principal of Advances from time to time unpaid at either (a) the Variable Rate Option, or (b) the LIBOR Rate Option for the Interest Period selected by Debtor. The amount of principal based upon the LIBOR Rate Option shall be minimum amounts of $50,000.00 for the Interest Period selected by Debtor. From the date of the occurrence of, and during the continuance of, an Event of Default, Debtor, as additional compensation to Secured Party for its increased credit risk promises to pay interest on (i) the principal of Advances, whether or not past due; and (ii) past due interest and any other amount past due under the Transaction Documents, at a per annum rate equal to the Prime Rate plus three percent per annum ("Default Rate" or "Default Rate of Interest").
PROMISE TO PAY INTEREST. (a) Debtor promises to pay to Secured Party interest on the outstanding principal of Advances from time to time unpaid at either (a) the Variable Rate Option, or (b) the LIBOR Rate Option for the Interest Period selected by Debtor. The amount of principal based upon the LIBOR
PROMISE TO PAY INTEREST. For value received, the undersigned Borrower promises to pay to the order of each Lender, at the address set forth opposite such Lender's name on Exhibit A hereto or at such other place as such Lender may designate in writing from time to time, in lawful money of the United States of America and in immediately available funds, any principal amounts advanced by such Lender under the Line of Credit up to the amount of such Lender's commitment amount set forth opposite such Lender's name on Exhibit A, and such additional amounts that such Lender agrees to advance hereunder, with interest thereon in like lawful money, payable in the manner and on the terms set forth in this Agreement. Any unpaid principal balance due under this Agreement from time to time shall bear interest from the date of each advance until paid at the rate of ten percent (10%) per annum. Interest shall be calculated on the basis of a 365-day year using the actual number of days elapsed divided by 365.
PROMISE TO PAY INTEREST. (a) Interest Rate Options. Eurodollar Rate Loans and Base Rate Loans may be outstanding at the same time and, so long as no Default or Event of Default shall have occurred and be continuing, the Borrower shall have the option to elect the type of loan and the duration of the initial and any subsequent Interest Periods and to Convert Eurodollar Rate Loans and Base Rate Loans in accordance with this Agreement; provided, however, (a) there shall not be outstanding at any one time Eurodollar Rate Loans having more than six (6) different Interest Periods, (b) each Eurodollar Rate Loan (including each Conversion into and each Continuation as a Eurodollar Rate Loan) shall be in an amount of $500,000 or, if greater than $500,000, an integral multiple of $100,000, (c) no Eurodollar Rate Loan shall have an Interest Period that extends beyond the Revolving Credit Maturity Date. If the Agent does not receive a Borrowing Notice or an interest rate selection notice giving notice of election of the duration of an Interest Period or of Conversion of any Base Rate Loan to or Continuation of a Eurodollar Rate Loan as a Eurodollar Rate Loan by the time prescribed by Section 4.1(b) the Borrower shall be deemed to have elected to obtain or Convert such Eurodollar Rate Loan to (or Continue such Base Rate Loan as) a Base Rate Loan until the Borrower notifies the Agent. The Borrower shall not be entitled to request or elect to Continue any Eurodollar Rate Loan as a Eurodollar Rate Loan, or Convert any Base Rate Loan into a Eurodollar Rate Loan, if a Default or Event of Default shall have occurred and be continuing.
PROMISE TO PAY INTEREST. Pursuant to and as provided in the Agreement, Maker promises to pay to the order of Escrow Holder the sum of $10,000.00, in accordance with the Agreement.
