Common use of PROMISE TO PAY INTEREST Clause in Contracts

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. (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 applicable per annum rate 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 the lesser of (i) the Highest Lawful Rate and (ii) 3.003% greater than each of the rates rate of interest specified in Item 18 of the Schedule. (b) Interest (other than past due interest as set forth in Section 8.2(a)) on Prime Rate Loans shall be due and payable paid (i) on the first day of each month in arrears, (ii) on termination of this Agreement, Agreement pursuant to Section 14.1313.13, (iii) on acceleration of the time for payment of the Indebtedness, Indebtedness pursuant to Section 12.211.2, and (iv) on the date the Indebtedness is paid in full. Past due interest (as set forth in Section 8.2(a)) Interest on LIBOR Loans shall be due paid (i) on the last day of the Interest Period with respect thereto, (ii) on termination of this Agreement pursuant to Section 13.13, (iii) on acceleration of the time for payment of the Indebtedness pursuant to Section 11.2, and payable immediately upon demand(iv) on the date the Indebtedness is paid in full. (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 rates higher than that those 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 Ratemaximum rate permitted by applicable law. If Debtor pays to Secured Party interest in excess of the Highest Lawful Rateamount 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. (a) Debtor promises to pay to Secured Party 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) 3.003% greater than each of the rates rate 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 paid (i) on the first day of each month in arrears, (ii) on termination of this Agreement, pursuant to Section 14.1313.13, (iii) on acceleration of the time for payment of the Indebtedness, pursuant to Section 12.211.2, 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 calculate for each calendar day year 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 Ratemaximum rate permitted by applicable law. If Debtor pays to Secured Party interest in excess of the Highest Lawful Rateamount 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. 7.3 PROMISE TO PAY FEES. Debtor promises to pay to Secured Party any fees specified in Item 19 of the Schedule on the applicable due dates also specified in Item 19 of the Schedule. 7.4 PROMISE TO PAY COSTS AND EXPENSES. (a) Debtor agrees to pay to Secured Party, on demand, all reasonable costs and expenses as provided in this Agreement, and all costs and expenses incurred by Secured Party from time to time in connection with this Agreement, including, without limitation, those incurred in: (i) preparing, negotiating, amending, waiving or granting consent with respect to the terms of any or all of the Transaction Documents; (ii) enforcing the Transaction Documents; (iii) performing, pursuant to Section 13.2, Debtor's duties under the Transaction Documents upon Debtor's failure to perform them; (iv) filing financing statements, assignments, or other documents relating to the Collateral, (e.g., filing fees, recording taxes, and documentary stamp taxes); (v) maintaining the Marine Payment Account; (vi) administering the Transaction Documents, including any bank fees such as returned check and wire transfer fees, but not ordinary general and administrative expenses; (vii) compromising, pursuing, or defending any controversy, action, or proceeding resulting, directly or indirectly, from Secured Party's relationship with Debtor, regardless of whether Debtor is a party to such controversy, action, or proceeding and of whether the controversy, action, or proceeding occurs before or after the Indebtedness has been paid in full; (viii) realizing upon or protecting any Collateral; (ix) enforcing or collecting any Indebtedness or guaranty thereof; (x) employing collection agencies or other agents to collect any or all of the Receivables; (xi) examining Debtor's books and records or inspecting the Collateral, including, without limitation, the reasonable costs of examinations and inspections conducted by third parties, provided that nothing herein shall limit Secured Party's right to audit, examination, inspection, or other fees otherwise payable under Section 7.3 and (xii) obtaining independent appraisals from time to time as reasonably deemed necessary or appropriate by Secured Party.

PROMISE TO PAY INTEREST. (a) Debtor promises to pay to Secured Party 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 lesser of (i) the Highest Lawful Rate or (ii) the fluctuating per annum rate 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 Secured Party the Lenders for its their increased credit risk 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 equal to (i) the Highest Lawful Rate and (ii) 3.003% greater than each of the rates rate of interest specified in Item 18 of the ScheduleSchedule 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. (b) Interest (other than past due interest as set forth in Section 8.2(a)) shall be due and payable paid (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 12.211.2, 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 AdvancesAdvances or of the Term Notes, as the case may be. 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 Ratemaximum rate permitted by applicable law. If Debtor pays to Secured Party Agent or any Lender interest in excess of the Highest Lawful Rateamount permitted by applicable law, such excess shall be applied in reduction of the principal of Advances made pursuant to this AgreementAgreement or in reduction of the principal of the Term Notes, as of the case may be, and any remaining excess interest, after application thereof to the principal of Advancesthereof, shall be refunded to Debtor.