Common use of Interest Rate Calculations Clause in Contracts

Interest Rate Calculations. Upon the terms and subject to the conditions contained in the Obligations, and based on information received from the Facility Agent (but only in connection with the Floating Rate Note), the Indenture Trustee will calculate the Applicable Interest Rate on the Obligations in the manner and at the times provided in the Obligations and shall communicate the same to the Shipowner, the Secretary and any paying agent identified to it in writing as soon as practicable after each determination. The Indenture Trustee, based on information received from the Facility Agent (but only in connection with the Floating Rate Note), will, upon the request of the Holder of the Obligations, determine the Applicable Interest Rate then in effect with respect to the Obligations. ARTICLE FOURTH