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. (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.
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."
PROMISE TO PAY INTEREST. (a) Debtor promises to pay to each Lender, at the offices of the Agent, interest on the principal of Advances from time to time unpaid and on the balance of principal remaining from time to time unpaid on the Term Notes at the per annum rates specified in Item 18 of the Schedule. From the date of the occurrence of, and during the continuance of, an Event of Default, at the written direction of Agent, Debtor, as additional compensation to the Lenders for their increased credit risk, promises to pay interest at a per annum rate equal to (i) 3% greater than the rate of interest specified in Item 18 of the Schedule on the principal of Advances and on the balance of principal remaining from time to time unpaid on the Term Notes, whether or not past due and (ii) 3% plus the Prime Rate as in effect from time to time on any other amounts past due under the Transaction Documents.
PROMISE TO PAY INTEREST. Section 2 of the Agreement shall be amended in its entirety to read as follows:
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 ("
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. (a) Westcon America promises to pay the American Collateral Agent for the account of each of the American Lenders interest on the principal of all American Loans made hereunder from time to time at a per annum rate equal to the Applicable Interest Rate.
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 applicable per annum rates 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 3% greater than the rate of interest specified in Item 18 of the Schedule.
