Construction and Term Loans Sample Clauses

Construction and Term Loans. Prior to the Construction and Term Loan Amortization Period, interest on the Construction and Term Loans shall accrue at the per annum rate of interest equal to the greater of (i) 5.50%, and (ii) the Prime Rate as determined on the applicable Determination Date plus 100 basis points (1.00%). During the Construction and Term Loan Amortization Period, interest on the Construction and Term Loans shall accrue at the per annum rate of interest equal to the greater of (i) 5.00%, and (ii) the Prime Rate as determined on the applicable Determination Date plus 100 basis points (1.00%); provided, this rate shall not exceed 8.00% during the first 36 months of the Construction and Term Loan Amortization Period or 10.0% at any time thereafter.
Sample 1
AutoNDA by SimpleDocs
Construction and Term Loans. During the Construction Funding Period, Borrower shall pay interest at the rate in effect from time to time pursuant to Section 2.07(a) based on the daily balance of the Construction and Term Loans outstanding during the related monthly period. Borrower shall not be required to make payments of principal on the Construction and Term Loans during the Construction Funding Period. During the Construction and Term Loan Amortization Period, Borrower shall pay, 120 level amortized payments of principal and interest based on the applicable interest rate in effect pursuant to Section 2.07(b). The amount of such monthly amortized payments shall be adjusted from time to time as the interest rate is adjusted pursuant to Section 2.07(b). All amounts due and owing pursuant to this Section 2.09(a) shall be paid not later than the first day of each month. All remaining principal and accrued interest outstanding on the Construction and Term Loans shall be due and payable on the Maturity Date.
Sample 1
Construction and Term Loans. Prior to the Repayment Period, interest on the Construction and Term Loans shall accrue at the Variable Rate, as determined on the applicable Determination Date. During the Repayment Period, Borrower may elect (an “Interest Election”), from time to time, any one or more (as limited by Section 2.07(c)) of the variable, adjustable or fixed interest rates to be applied to amounts of not less than $1,000,000 owing on the Construction and Term Loans, as set forth in (i) and (ii) below, and interest on such amounts shall accrue at such rate selected by Borrower during the related Interest Period. Interest shall accrue at the Term Variable Rate for such portion of the Construction and Term Loans for which no Interest Election shall be in effect.
Sample 1
Construction and Term Loans. During the Construction Funding Period, Borrower shall pay in arrears, not later than the first day of each month, interest at the rate in effect from time to time pursuant to Section 2.07(a) based on the daily balance of the Construction and Term Loans outstanding during the related monthly period. During the Repayment Period, Borrower shall pay, on the first day of each calendar quarter, 40 payments of $550,000 (reduced to account for the Revolving Conversion Amount if and at such time Borrower makes a Revolving Conversion Election pursuant to Section 2.05) in reduction of the principal amount of the Construction and Term Loans, plus all accrued and unpaid interest based on the applicable interest rate in effect from time to time pursuant to Section 2.07(b). All remaining principal and accrued and unpaid interest outstanding on the Construction and Term Loans shall be due and payable on the Maturity Date.
Sample 1
Construction and Term Loans 
Sample 1

Related to Construction and Term Loans

  • Amounts and Terms of the Loans 2.1 Commitments 12 2.2 Note 12 2.3 Principal Payments; Maturity of Loans 13 2.4 Interest 13 2.5 Fees 15 2.6 Termination or Reduction of Commitments 15 2.7 General Provisions as to Payments 15 2.8 Disbursement of Loan Proceeds 15 2.9 Use of Proceeds 15 2.10 Taxes 15 2.11 Illegality 16

  • Amounts and Terms of the Advances and Letters of Credit Section 2.01 The Revolving Advances and Letters of Credit.

  • AMOUNTS AND TERMS OF THE ADVANCES SECTION 2.01 The Revolving Advances and Letters of Credit 19 SECTION 2.02 Making the Revolving Advances 20 SECTION 2.03 Swingline Loans 21 SECTION 2.04 Issuance of and Drawings and Reimbursement Under Letters of Credit 22 SECTION 2.05 The CAF Advances 23 SECTION 2.06 Competitive Bid Procedure 23 SECTION 2.07 Fees 26 SECTION 2.08 Termination or Reduction of the Revolving Commitments 26 SECTION 2.09 Repayment 27 SECTION 2.10 Interest 27 SECTION 2.11 Interest Rate Determination 28 SECTION 2.12 Optional Conversion of Revolving Advances 29 SECTION 2.13 Optional Prepayments of Revolving Advances 29 SECTION 2.14 Increased Costs 29 SECTION 2.15 Illegality 30 SECTION 2.16 Payments and Computations 30 SECTION 2.17 Taxes 31 SECTION 2.18 Sharing of Payments, Etc. 33 SECTION 2.19 Use of Proceeds 33 SECTION 2.20 Extension Option 33 SECTION 2.21 Increase in the Aggregate Revolving Commitments 34 SECTION 2.22 Evidence of Debt 35 ARTICLE III CONDITIONS TO EFFECTIVENESS AND LENDING SECTION 3.01 Conditions Precedent to Effectiveness of Sections 2.01 and 2.05 35 SECTION 3.02 Conditions Precedent to Each Revolving Borrowing, Issuance and Commitment Increase 36 SECTION 3.03 Conditions Precedent to Each CAF Borrowing 37 SECTION 3.04 Determinations Under Section 3.01 37 ARTICLE IV

  • Amounts and Terms of Commitments Each Bank severally agrees, on the terms and conditions set forth herein, to make Loans to the Borrowers from time to time on any Business Day during the period from the Refinancing Date to the Commitment Termination Date equal to its Pro Rata Share of the aggregate amount of the Borrowing requested by a Borrower to be made on such day. The Commitment of each Bank and the outstanding principal amount of Loans made by each Bank hereunder shall not exceed at any time the aggregate amount set forth on Schedule II (such amount as the same may be reduced under Section 2.5 or as a result of one or more assignments as permitted herein pursuant to Section 3.7 and Section 9.7, the Bank's "Commitment"); provided, however, that, after giving effect to any Borrowing, the aggregate principal amount of all outstanding Loans shall not at any time exceed the Commitment Amount; and provided, further, that the aggregate principal amount of all Loans outstanding from time to time to a Borrower shall not exceed the Borrowing Base for the relevant Borrower. Within the limits of each Bank's Commitment, and subject to the other terms and conditions hereof, a Borrower may borrow under this Section 2.1, repay under the terms hereof and reborrow under this Section 2.1.

  • AMOUNTS AND TERMS OF THE ADVANCES AND THE LETTERS OF CREDIT SECTION 2.01. The Advances and the Letters of Credit. (a)

  • Amounts and Terms of Loans 2 1.1 Loans...........................................................................................2 1.2

  • Amounts and Terms of the Purchases SECTION 2.01.

  • Revolving Loans and Term Loans The Borrower may, upon notice from the Borrower to the Administrative Agent, at any time or from time to time voluntarily prepay Revolving Loans or Term Loans of any Class in whole or in part without premium or penalty; provided that (A) such notice must be received by the Administrative Agent not later than 1:00 p.m. (1) three Business Days prior to any date of prepayment of Eurocurrency Rate Loans denominated in Dollars, (2) four Business Days (or five Business Days in the case of a Special Notice Currency) prior to any date of prepayment of Eurocurrency Rate Loans denominated in Alternative Currencies and (3) on the date of prepayment of Base Rate Loans; (B) any such prepayment of Eurocurrency Rate Loans shall be in a principal amount of $5,000,000 or a whole multiple of $1,000,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (C) any prepayment of Base Rate Loans shall be in a principal amount of $1,000,000 or a whole multiple of $500,000 in excess thereof (or, if less, the entire principal amount thereof then outstanding); (D) any prepayment of the Term Loans shall be in such proportions as the Borrower shall elect and each such prepayment shall be applied as directed by the Borrower and, absent such direction, shall be applied in direct order of maturity to the remaining principal amortization payments of the applicable Term Loan; and (E) any such notice may be conditioned on the effectiveness of other financing arrangements or one or more other transactions. Each such notice shall specify the date and amount of such prepayment and the Class and Type(s) of Loans to be prepaid and, if Eurocurrency Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment. If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein, subject to the occurrence of any condition(s) specified therein. Any prepayment of a Eurocurrency Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 3.05. Subject to Section 2.15, each such prepayment shall be applied to the applicable Class of Loans being prepaid of the applicable Lenders in accordance with their respective Applicable Percentages for such Class.

  • Amount and Terms of the Loans 2.1 Commitments 25 2.2 Borrowings 26 2.3 Disbursements; Funding Reliance; Domicile of Loans 29 2.4 Evidence of Debt; Notes 30

  • TERM, MODIFICATION AND TERMINATION OF AGREEMENT This Agreement with respect to the Fund shall continue in effect until the expiration date set forth on Schedule A (the “Expiration Date”). With regard to the Operating Expense Limits, the Trust’s Board of Trustees and the Adviser may terminate or modify this Agreement prior to the Expiration Date only by mutual written consent. This Agreement shall terminate automatically upon the termination of the Advisory Agreement; provided, however, that the obligation of the Trust to reimburse the Adviser with respect to a Fund shall survive the termination of this Agreement unless the Trust and the Adviser agree otherwise.

Time is Money Join Law Insider Premium to draft better contracts faster.