Adjustable Rate. The Adjustable Rate shall be in effect beginning on the First Rate Change Date. From and after each Rate Change Date until the next Rate Change Date, the Adjustable Rate shall be the sum of (a) the Current Index, and (b) the Margin, which sum is then rounded to three decimal places, subject to the limitations that the Adjustable Rate shall not be less than the Margin. Accrued interest on this Note shall be paid in arrears.
Appears in 5 contracts
Samples: Master Credit Facility Agreement (Colonial Properties Trust), Multifamily Note (Grubb & Ellis Apartment REIT, Inc.), Fixed+1 Multifamily Note (NNN Apartment REIT, Inc.)
Adjustable Rate. The Initial Adjustable Rate shall be in effect beginning on until the First first Rate Change Date. From and after each Rate Change Date until the next Rate Change Date, the Adjustable Rate shall be the sum of (ai) the Current Index, and (bii) the Margin, which sum is then rounded to three decimal places, subject to the limitations that the Adjustable Rate shall not be less than the Margin. Accrued interest on this Note shall be paid in arrears.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Colonial Properties Trust), Master Credit Facility Agreement (Archstone Smith Operating Trust)
Adjustable Rate. The Initial Adjustable Rate shall be in effect beginning on until the First first Rate Change Date. From and after each Rate Change Date until the next Rate Change Date, the Adjustable Rate shall be the sum of (ai) the Current Index, and (bii) the Margin, which sum is then rounded to three (3) decimal places, subject to the limitations that the Adjustable Rate shall not be less than the Margin. Accrued interest on this Note shall be paid in arrears.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Colonial Properties Trust)
