Advances to Pay Interest. (a) Included in the Budget are amounts allocated to pay interest on the Loans. Subject to the conditions set forth below, Borrower shall request advances to be made on each Interest Payment Date for the purpose of paying the interest due or to become due at such time, in which event Lenders shall be authorized and are hereby directed to disburse the amount of such interest by crediting the bank account maintained by Borrower with Agent. No separate fund or account shall be created for such interest. In no event shall Lenders be obligated to make any advance if the request for such advance does not contain a direction to pay interest on the Loans due at the time of such advance unless Borrower has paid interest to Lenders directly from a source other than the Loan proceeds. Any such request for an advance of interest shall be accompanied by a direction by Borrower to Lenders to charge such bank account for the amount of such interest then due and advanced to Borrower by Lenders. Notwithstanding the foregoing, Borrower hereby requests Lenders to make advances to pay such interest on the day when each interest payment is due in the amount of interest then due, by crediting such amount to the bank account maintained by Borrower with Agent and charging such account for such interest. Lenders may comply with the foregoing request at any time, notwithstanding any failure by Borrower to make a more specific request.

Advances to Pay Interest. Borrower hereby irrevocably authorizes Lender to disburse proceeds of the Loan to pay interest accrued on the Note as it comes due.

Advances to Pay Interest. During the Construction Period, on each date which is one Business Day prior to any Interest Payment Date Borrower shall be deemed to have requested a borrowing pursuant to Section 2.5 in an amount equal to the aggregate amount of Allocated Interest due and payable on such date with respect to the Property. Three Business Days prior to such Interest Payment Date, Lessee, as agent for Borrower, shall deliver to Lender a notice indicating the amount of such Allocated Interest. The Borrowing Date with respect to any such borrowing shall be the applicable Interest Payment Date (provided, that the making of an advance of the Project Loan pursuant to such borrowing shall be subject to satisfaction of the applicable conditions precedent set forth in Section 7 and Section 8, as applicable) and the proceeds of such borrowing shall be deemed to be applied to pay such Allocated Interest. Lender shall record the information relating to such borrowing to pay Allocated Interest on the schedule annexed to and constituting part of its Project Loan Note.

Advances to Pay Interest. During the Construction Period for a Project Loan, if any, on each date which is one Business Day prior to any Interest Payment Date (unless otherwise requested by the Borrower at least one Business Day prior to such Interest Payment Date by written notice to the Administrative Agent) the Borrower shall be deemed to have requested a borrowing pursuant to Section 2.02(a) of a Revolving Credit Loan with a Base-Rate Option in an amount equal to the aggregate amount of interest due and payable on such date with respect to the principal portion of the Loans allocated to the related Project Loan; provided, that if (a) such Interest Payment Date falls upon the same day as the last day of an Interest Period and (b) the Borrower shall have given the Administrative Agent a renewal/conversion notice described in Section 2.02(a) requesting continuation of the Euro-Rate Borrowing Tranche with respect to which the Interest Period is ending on such Interest Payment Date, on the day which is three Business Days prior to such Interest Payment Date, the Borrower shall be deemed to have requested a borrowing pursuant to Section 2.02(a) of a Loan with a Euro-Rate Option in an amount equal to the aggregate amount of interest due and payable on such date with respect to the principal portion of the Loans allocated to the related Project Loan. One Business Day, in the case of a Loan with a Base-Rate Option or three Business Days, in the case of a Loan with a Euro-Rate Option, prior to such Interest Payment Date, the Borrower shall deliver to the Administrative Agent a notice indicating the amount of such interest. The Borrowing Date with respect to any such borrowing shall be the relevant Interest Payment Date; provided, that the making of the Loans pursuant to such borrowing shall be subject to satisfaction of the applicable conditions precedent set forth in Article VII and the proceeds of such borrowing shall be applied solely to pay the aggregate amount of interest due and payable on such date with respect to the Loans. On the relevant Borrowing Date, the aggregate principal amount of the Euro-Rate Borrowing Tranche with respect to which the Interest Period is being continued or the Base Rate Borrowing Tranche, as the case may be, shall be deemed to be increased by the amount of the new Loan made on such day.

Advances to Pay Interest. Borrower hereby irrevocably authorizes Lender to make Advances to pay interest when due on the Loan from the portion of the Commitment allocated in the Budget for interest to pay interest (the “Interest Reserve”) when due on the Loan. Lender may make such Advances notwithstanding that a Default or Unmatured Default may have occurred. If funds are not available from the Interest Reserve to pay interest when due on the Loan, Borrower shall pay such interest from its own funds. Cash flow from the Project (after payment of Property Operating Expenses) must be used to pay interest on the Loan before any Advances are made to pay interest.

Advances to Pay Interest. The portion of the Commitment allocated in the Budget for interest on the Loans shall be held by Lender as an unfunded interest reserve, and Borrower hereby authorizes the Lender to make Advances thereof to pay interest when due on the Loans. Such authorization is irrevocable and no further direction or authorization shall be required for Lender to make such Advances. Lender may make such Advances notwithstanding that a Default or Unmatured Default may have occurred under the terms of this Agreement or any other Loan Document. If funds are not available from the interest reserve to pay interest when due on the Loans, Borrower shall pay such interest from its own funds. Nothing in this provision shall prevent Borrower from paying interest on the Loans from its own funds. Cash flow from the Project must be used to pay interest on the Loan before any Advances are made to pay interest.

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Loan Expenses Borrower agrees to pay all of the Loan Expenses. Any Loan Expenses paid by Lender shall bear interest commencing on the date demand for repayment thereof is made by Lender until repaid to Lender at the Default Rate and shall be paid by Borrower upon demand, or may be paid by Lender at any time by disbursement of proceeds of the Loan. Any Loan Expenses paid by Lender shall be reimbursed to Lender by Borrower regardless of whether there shall be any disbursements of the Loan.
Interest and Payments Borrower shall make payments in accordance with the Note at the rate set forth in the Note.
Loan Payments (a) The Loan shall bear interest at a fixed rate per annum equal to the Note Rate. Interest shall be computed based on the daily rate produced assuming a three hundred sixty (360) day year, multiplied by the actual number of days elapsed. Except as otherwise set forth in this Agreement, interest shall be paid in arrears.
Scheduled Payments of Term Loans Company shall make principal payments on the Term Loans in installments on the dates and in the amounts set forth below: Date Scheduled Repayment December 31, 2005 $ 337,500 March 31, 2006 $ 337,500 June 30, 2006 $ 337,500 September 30, 2006 $ 337,500 December 31, 2006 $ 337,500 March 31, 2007 $ 337,500 June 30, 2007 $ 337,500 September 30, 2007 $ 337,500 December 31, 2007 $ 337,500 March 31, 2008 $ 337,500 June 30, 2008 $ 337,500 September 30, 2008 $ 337,500 December 31, 2008 $ 337,500 March 31, 2009 $ 337,500 June 30, 2009 $ 337,500 September 30, 2009 $ 337,500 December 31, 2009 $ 337,500 March 31, 2010 $ 337,500 June 30, 2010 $ 337,500 September 30, 2010 $ 337,500 December 31, 2010 $ 337,500 March 31, 2011 $ 337,500 June 30, 2011 $ 337,500 September 30, 2011 $ 337,500 December 31, 2011 $ 337,500 March 31, 2012 $ 337,500 June 30, 2012 $ 337,500 September 30, 2012 $ 125,887,500 Total $ 135,000,000 44 ; provided that the scheduled installments of principal of the Term Loans set forth above shall be reduced in connection with any voluntary or mandatory prepayments of the Term Loans in accordance with subsection 2.4B(iv); and provided, further that the Term Loans and all other amounts owed hereunder with respect to the Term Loans shall be paid in full no later than September 30, 2012, and the final installment payable by Company in respect of the Term Loans on such date shall be in an amount, if such amount is different from that specified above, sufficient to repay all amounts owing by Company under this Agreement with respect to the Term Loans.
Subordinated Incentive Fee Upon Listing, the Advisor shall be entitled to the Subordinated Incentive Fee in an amount equal to 15.0% of the amount by which (i) the market value of the outstanding Shares of the Company, measured by taking the average closing price or the average of the bid and asked price, as the case may be, over a period of 30 days during which the Shares are traded, with such period beginning 180 days after Listing (the “Market Value”), plus the total of all Distributions paid to Stockholders (excluding any stock dividends) from the Company’s inception until the date that Market Value is determined, exceeds (ii) the sum of (A) 100% of Invested Capital and (B) the total Distributions required to be paid to the Stockholders in order to pay the Stockholders’ 8% Return from inception through the date Market Value is determined. The Company shall have the option to pay such fee in the form of cash, Shares, a promissory note or any combination of the foregoing. The Subordinated Incentive Fee will be reduced by the amount of any prior payment to the Advisor of a Subordinated Share of Cash Flows. In the event the Subordinated Incentive Fee is paid to the Advisor following Listing, no other performance fee will be paid to the Advisor. In addition, the Subordinated Incentive Fee may or may not be taken, in whole or in part, as to any period in the sole discretion of the Advisor. All or any portion of the Subordinated Incentive Fee not taken as to any period shall be deferred without interest and may be paid in such other period as the Advisor shall determine.
Advances; Payments (i) Lenders shall refund or participate in the Swing Line Loan in accordance with clauses (iii) and (iv) of Section 1.1(c). If the Swing Line Lender declines to make a Swing Line Loan or if Swing Line Availability is zero, Agent shall notify Lenders, promptly after receipt of a Notice of Revolving Credit Advance and in any event prior to 1:00 p.m. (New York time) on the date such Notice of Revolving Advance is received, by telecopy, telephone (promptly confirmed thereafter by telecopy or other form of written transmission) or other similar form of written transmission. Each Lender shall make the amount of such Lender's Pro Rata Share of such Revolving Credit Advance available to Agent in same day funds by wire transfer to Agent's account as set forth in Annex H not later than 3:00 p.m. (New York time) on the requested funding date, in the case of an Index Rate Loan, and not later than 11:00 a.m. (New York time) on the requested funding date, in the case of a LIBOR Loan. After receipt of such wire transfers (or, in the Agent's sole discretion, before receipt of such wire transfers), subject to the terms hereof, Agent shall make the requested Revolving Credit Advance to Borrower. All payments by each Lender shall be made without setoff, counterclaim or deduction of any kind.
Advances and Payments (a) On the date of each Loan, the Administrative Agent shall be authorized (but not obligated) to advance, for the account of each of the Lenders, the amount of the Loan to be made by it in accordance with its Commitment hereunder. Should the Administrative Agent do so, each of the Lenders agrees forthwith to reimburse the Administrative Agent in immediately available funds for the amount so advanced on its behalf by the Administrative Agent, together with interest at the Federal Funds Effective Rate if not so reimbursed on the date due from and including such date but not including the date of reimbursement.
Interest Due Without limiting any other rights or remedies available to either Party, each Party shall pay the other interest on any payments that are not paid on or before the date such payments are due under this Agreement at a rate of [*] per annum or the maximum applicable legal rate, if less, calculated on the total number of days payment is delinquent.
Reimbursement Obligations of the Borrower The Borrower agrees to pay to the L/C Issuer of any Letter of Credit each L/C Reimbursement Obligation owing with respect to such Letter of Credit no later than the first Business Day after the Borrower receives notice from such L/C Issuer that payment has been made under such Letter of Credit or that such L/C Reimbursement Obligation is otherwise due (the “L/C Reimbursement Date”) with interest thereon computed as set forth in clause (i) below. In the event that any L/C Issuer incurs any L/C Reimbursement Obligation not repaid by the Borrower as provided in this clause (e) (or any such payment by the Borrower is rescinded or set aside for any reason), such L/C Issuer shall promptly notify the Administrative Agent of such failure (and, upon receipt of such notice, the Administrative Agent shall forward a copy to each Revolving Credit Lender) and, irrespective of whether such notice is given, such L/C Reimbursement Obligation shall be payable on demand by the Borrower with interest thereon computed (i) from the date on which such L/C Reimbursement Obligation arose to the L/C Reimbursement Date, at the interest rate applicable during such period to Revolving Loans that are Base Rate Loans and (ii) thereafter until payment in full, at the interest rate applicable during such period to past due Revolving Loans that are Base Rate Loans.
Distributions; Upstream Payments Declare or make any Distributions, except Upstream Payments and Permitted Distributions; or create or suffer to exist any encumbrance or restriction on the ability of a Subsidiary of Parent to make any Upstream Payment, except for restrictions under the Loan Documents, under Applicable Law or in effect on the Closing Date as shown on Schedule 9.1.15.

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