Capitalization of Interest. The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest.
Capitalization of Interest. Unless the appropriate Borrower has notified the Agent in writing on or before 9:00 A.M. (New York City time) on the Business Day immediately preceding the relevant Interest Payment Date or date of a prepayment pursuant to Section 2.10(b)(i), that it will pay, in cash, the interest applicable to any Revolving Credit Advance that is due and payable by it on such Interest Payment Date in accordance with Section 2.07(a) or on such prepayment date in accordance with Section 2.10(b)(i), as applicable, the Lenders will be deemed to have made Tranche A Advances and/or Tranche B Advances, as appropriate, on such Interest Payment Date or prepayment date, as applicable, in an amount equal to the aggregate amount of interest that would otherwise be due and payable on such date, which Revolving Credit Advances shall, unless such Borrower has otherwise notified the Agent in writing on or before such Business Day, (i) be of the same Type and Optional Currency as the Advance (the “Reference Advance”) in respect of which such interest shall have accrued (in each case after giving effect to any Conversion of the Reference Advance on such Interest Payment Date), and (ii) if such Revolving Credit Advance is a Eurocurrency Rate Advance, have an initial Interest Period of the same duration as the Interest Period commencing on such Interest Payment Date with respect to the Reference Advance, provided, however notwithstanding anything herein to the contrary, the appropriate Borrower shall pay in cash all accrued and unpaid interest on (x) Base Rate Advances made after the Scheduled Termination Date and (y) Eurocurrency Rate Advances the Interest Periods with respect to which have commenced after the Scheduled Termination Date. Each Revolving Credit Advance made pursuant to this Section 2.07(c) shall be deemed to have been made pursuant to the Commitments and shall be subject to the limitations that the aggregate outstanding principal amount of the Tranche A Advances may at no time exceed the amount of the Tranche A Facility then in effect and the aggregate outstanding principal amount of the Tranche B Advances may at no time exceed the amount of the Tranche B Facility then in effect.
Capitalization of Interest. As of the Payment Date of June 30, 2012, aggregate accrued and unpaid interest on the Original Loan equaled $114,479.68 (the “First Payment Date Interest”). Pursuant to Section 2.3(b) of the Loan Agreement and effective as of June 30, 2012, the Lender hereby elects for all of the First Payment Date Interest to be capitalized into the Loan Balance as Capitalized Interest.
Capitalization of Interest. Notwithstanding anything in this Agreement to the contrary, if the Company notifies the Administrative Agent not later than 1:00 p.m. (Chicago time) one (1) Business Day prior to any interest payment date subject to Section 4.2(a) above that it elects to capitalize such interest by delivering a notice (which may be by electronic mail) to the effect thereof, then the amount of such interest shall be capitalized and deemed to be a Loan under this Agreement (each such Loan, a “Capitalized Interest Loan”), so long as: (i) no Event of Default or Unmatured Event of Default shall have occurred and be continuing, (ii) each of the representations and warranties set forth herein shall be true and correct in all material respects (except to the extent related to an earlier date), and (iii) after giving effect to the capitalization of such interest on such Interest Payment Date, (x) the Revolving Outstandings will not exceed Revolving Loan Availability and (y) each Lender’s Pro Rata Share of the Revolving Outstandings will not exceed the Revolving Commitment of such Lender. Capitalized Interest Loans shall not be subject to the minimum and multiple amount limitations in Section 2.2.2 hereof. Unless otherwise specified by Company in writing, any such Capitalized Interest Loan shall become part of the existing Loan upon which it is capitalized, on the same terms and conditions as such existing Loan. In connection with any notice delivered by the Company pursuant to this Section 4.5 in connection with a Capitalized Interest Loan, the Company shall not be obligated to deliver a Borrowing Base Certificate attached thereto.
Capitalization of Interest. The Notes provide that the accrued interest thereon shall be paid to Lender quarterly on the first day of the months of April, July, October, and January. Borrower and Lender hereby agree that the interest which accrues on the Notes during each such quarterly period may, upon the mutual agreement of the parties, be capitalized and treated as principal for the purposes of repayment and/or conversion.
Capitalization of Interest. The Credit Agreement does not by its terms provide for the capitalization or forbearance of interest.
Capitalization of Interest. The interest accrued on Tranches CT.A shall be capitalized by utilization of Tranche CT.A and B up to the maximum amount of Euros one million (EUR 1,000,000.00) and such amounts shall be re-paid on the Drawdown of the corresponding Tranche LT or on the Delivery of the Relevant Vessel or on the final maturity dates as more closely set forth in the Schedule 4 attached hereto, whichever is the earlier. In case the amounts needed for the capitalization of interest as set forth herein exceed the amount of Euros one million (EUR 1,000,000.00) the Borrowers shall effectively pay the interest due on each Interest Payment Date to the Agent.
Capitalization of Interest. The interest accrued on the loan taken out under the Financing will automatically be capitalized on the Due Date or on the date on which the payment of the loans owed under the Financing pursuant to Section Xxx.Xxx of Clause Six of this Agreement, as applicable.
Capitalization of Interest. The Note does not by its terms provide for the capitalization or forbearance of interest. (ag) No Equity Participation. No document relating to the Loan provides for any contingent or additional interest in the form of participation in the cash flow of the Mortgaged Property or a sharing in the appreciation of the value of the Mortgaged Property. The indebtedness evidenced by the Note is not convertible to an ownership interest in the Mortgaged Property or the Mortgagor and Seller has not financed nor does it own directly or indirectly, any equity of any form in the Mortgaged Property or the Mortgagor.
Capitalization of Interest. The Company and the Holder agree that all accrued interest shall be capitalized and added to the principal balance of the Secured Note such that the principal amount of the Secured Note as of August 3, 2014 is Xxx Xxxxxxx Xxxxx Xxxxxxxx Xxxxxx Xxxxxx Dollars (US $1,060,000.00), and such principal amount shall accrue interest as provided in the Secured Note.
