Common use of Interest and Principal Payments Clause in Contracts

Interest and Principal Payments. (a) Subject to the further provisions of this Note, including Sections 3 and 5 below, the principal amount outstanding hereunder shall bear interest at a rate per annum (the "LIBOR Interest Rate") equal to four and one-half percent (4.5%) in excess of LIBOR for the relevant Interest Accrual Period. (b) Prior to the Maturity Date (or the date the unpaid principal balance otherwise becomes due, whether by acceleration or otherwise), interest accruing during each Interest Accrual Period shall be payable monthly in arrears on each Payment Date. In addition, Borrower shall pay, in reduction of the outstanding principal amount of the Loan, (i) on each Payment Date an amount equal to the Net Proceeds for the preceding calendar month, (ii) on July 1, 1999, the amount (if any) by which the aggregate Net Proceeds paid to Lender during the preceding twelve (12) calendar months, excluding Net Proceeds attributable to the sale of the Property or a Release Parcel during such period, shall be less than $5,778,765 and (iii) on July 1, 2000, the amount (if any) by which the aggregate Net Proceeds paid to Lender during the preceding twenty-four (24) calendar months, excluding Net Proceeds attributable to the sale of the Property or a Release Parcel during such period, shall be less than $15,033,015. The entire unpaid principal balance of this Note together with all accrued and unpaid interest, if not sooner paid, shall be payable in full on the Maturity Date. (c) All interest payable hereunder shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and the day on which funds are repaid shall, subject to paragraph (d) below, be excluded. Interest shall accrue on each payment of principal hereunder through the date on which such payment is credited, as provided below. (d) All sums payable to Lender hereunder shall be payable, without setoff, deduction or counterclaim, in immediately available funds, no later than noon New York time on the date when due by wire transfer to such account or address as Lender may from time to time designate in a written notice to Xxxxxxxx. Payments received by Lender in immediately available funds on any day after noon New York time shall be treated for all purposes of the Loan as having been paid and received by Lender on the next Domestic Business Day. Notwithstanding anything to the contrary contained herein, when any payment is due hereunder or under any of the other Loan Documents on a day which is not a Domestic Business Day, such payment shall be made on the next succeeding Domestic Business Day.

Interest and Principal Payments. (a) Interest on the outstanding principal of the Loan evidenced by the Notes shall accrue from the date hereof at the rate per annum (the "Loan Interest Rate") equal five and six tenths percent (5.6%) in excess of LIBOR for the relevant Interest Accrual Period. (b) Subject to the further provisions of this Note, including Sections 3 and 5 below, interest on the principal amount outstanding hereunder sum evidenced by this Note shall bear interest accrue from the date hereof at a the rate per annum (the "LIBOR Class B Interest Rate") equal to four five and one-one half percent (4.55.5%) in excess of LIBOR for the relevant Interest Accrual Period. (bc) Prior to the Maturity Date (or the date the unpaid principal balance of the Loan otherwise becomes due, whether by acceleration or otherwise), interest accruing at the Loan Interest Rate during each Interest Accrual Period shall be payable monthly in arrears on each Payment Date. . (d) In addition, Borrower shall pay, in reduction of the outstanding principal amount of the Loan,, the following: (i) on each Payment Date an amount equal to the Net Proceeds for the preceding calendar month, (ii) on July 1, 1999, the amount (if any) by which the sum of (x) the aggregate Net Proceeds paid to Lender during the preceding twelve (12) calendar months, excluding Net Proceeds attributable to the sale of the an Individual Property or a Release Parcel during such period, plus (y) the aggregate payments to Lender under Sections 2(b)(i), (ii) or (iii) of the Pelican Strand Notes during the preceding twelve (12) calendar months (including payments on July 1, 1999), shall be less than $5,778,765 14,050,000 and (iii) on July 1, 2000, the amount (if any) by which the sum of (x) the aggregate Net Proceeds paid to Lender during the preceding twenty-four (24) calendar months, excluding Net Proceeds attributable to the sale of the an Individual Property or a Release Parcel during such period, plus (y) the aggregate payments to Lender under Sections 2(b)(i), (ii) or (iii) of the Pelican Strand Notes during the preceding twenty-four (24) calendar months (including payments on July 1, 2000), shall be less than $15,033,01536,550,000. The entire unpaid principal balance of this Note the Loan together with all accrued and unpaid interest, if not sooner paid, shall be payable in full on the Maturity Date. (ce) All amounts tendered by Borrower or otherwise available for payment of the Loan shall be applied in the following order of priority: (i) to accrued interest and unpaid interest on the Class A Note; (ii) to accrued interest and unpaid interest on this Note; (iii) to accrued interest and unpaid interest on the Class C Note; (iv) to the principal of the Class A Note until such principal has been paid in full; (v) prior to the occurrence of an Event of Default, pro rata to the principal of this Note and to the principal of the Class C Note until such principal has been paid in full; after the occurrence and during the continuance of an Event of Default, (a) to the principal of this Note until such principal has been paid in full and (b) to the principal of the Class C Note until such principal has been paid in full; (vi) to any default interest in excess of the interest paid in accordance with clauses (i), (ii) and (iii) above on this Note, the Class A Note and the Class C Note, in that order; (vii) to late charges (applied to the Notes depending on the proportion of the related late payment applicable to each Note); and (viii) to any other amounts payable under the Mortgage or any of the other Loan Documents. (f) All interest payable hereunder shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and the day on which funds are repaid shall, subject to paragraph (dg) below, be excluded. Interest shall accrue on each payment of principal hereunder through the date on which such payment is credited, as provided below. (dg) All sums payable to Lender hereunder shall be payable, without setoff, deduction or counterclaim, in immediately available funds, no later than noon New York time on the date when due by wire transfer to such account or address as Lender may from time to time designate in a written notice to XxxxxxxxBorrower. Payments received by Lender in immediately available funds on any day after noon New York time shall be treated for all purposes of the Loan as having been paid and received by Lender on the next Domestic Business Day. Notwithstanding anything to the contrary contained herein, when any payment is due hereunder or under any of the other Loan Documents on a day which is not a Domestic Business Day, such payment shall be made on the next succeeding Domestic Business Day.

Interest and Principal Payments. (a) Interest on the outstanding principal of the Loan evidenced by the Notes shall accrue from the date hereof at the rate per annum (the "Loan Interest Rate") equal five and six tenths percent (5.6%) in excess of LIBOR for the relevant Interest Accrual Period. (b) Subject to the further provisions of this Note, including Sections 3 and 5 below, interest on the principal amount outstanding hereunder sum evidenced by this Note shall bear interest accrue from the date hereof (i) at a the rate per annum (the "LIBOR Interest Rate") equal to four five and one-half six tenths percent (4.55.6%) in excess of LIBOR for the relevant Interest Accrual PeriodPeriod on the outstanding principal balance of this Note, (ii) at the rate per annum equal to four and one tenth percent (4.1%) in excess of LIBOR for the relevant Interest Accrual Period on the outstanding principal balance of the Class A Note, and (iii) at the rate per annum equal to two and one tenth percent (2.1%) in excess of LIBOR for the relevant Interest Accrual Period on the outstanding principal balance of the Class B Note. (bc) Prior to the Maturity Date (or the date the unpaid principal balance of the Loan otherwise becomes due, whether by acceleration or otherwise), interest accruing at the Loan Interest Rate during each Interest Accrual Period shall be payable monthly in arrears on each Payment Date. . (d) In addition, Borrower shall pay, in reduction of the outstanding principal amount of the Loan,Loan the following: (i) on each Payment Date an amount equal to the Net Proceeds for the preceding calendar month, (ii) on July 1, 1999, the amount (if any) by which the aggregate Net Proceeds paid to Lender during the preceding twelve (12) calendar months, excluding Net Proceeds attributable to the sale of the Property or a Release Parcel during such period, shall be less than $5,778,765 and (iii) on July 1, 2000, the amount (if any) by which the aggregate Net Proceeds paid to Lender during the preceding twenty-four (24) calendar months, excluding Net Proceeds attributable to the sale of the Property or a Release Parcel during such period, shall be less than $15,033,015. The entire unpaid principal balance of this Note the Loan together with all accrued and unpaid interest, if not sooner paid, shall be payable in full on the Maturity Date. (c) All interest payable hereunder shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and the day on which funds are repaid shall, subject to paragraph (d) below, be excluded. Interest shall accrue on each payment of principal hereunder through the date on which such payment is credited, as provided below. (d) All sums payable to Lender hereunder shall be payable, without setoff, deduction or counterclaim, in immediately available funds, no later than noon New York time on the date when due by wire transfer to such account or address as Lender may from time to time designate in a written notice to Xxxxxxxx. Payments received by Lender in immediately available funds on any day after noon New York time shall be treated for all purposes of the Loan as having been paid and received by Lender on the next Domestic Business Day. Notwithstanding anything to the contrary contained herein, when any payment is due hereunder or under any of the other Loan Documents on a day which is not a Domestic Business Day, such payment shall be made on the next succeeding Domestic Business Day.

Interest and Principal Payments. (a) Subject to Interest on the further provisions outstanding principal balance of this Note, including Sections 3 Mortgage Note shall accrue at the rate of Seven and 5 below, the principal amount outstanding hereunder shall bear interest at a rate Eighty-One Hundredths (7.80%) percent per annum (the "LIBOR Interest Rate") (in the event of an Event of Default, payment of an additional amount equal to four and one-half percent interest at the Default Rate (4.5%as hereinafter defined) in excess of LIBOR for the relevant Interest Accrual Period. (b) Prior to the Maturity Date (or the date the unpaid principal balance otherwise becomes due, whether by acceleration or otherwise), interest accruing during each Interest Accrual Period shall be payable monthly in arrears on each Payment Date. In addition, Borrower shall pay, in reduction of the outstanding principal amount of this Mortgage Note shall also be due for each Interest Accrual Period during any part of which such Event of Default continues in accordance with the Loan, (i) on each Payment Date an amount equal to provisions of Paragraph 3 hereof). Interest at the Net Proceeds for the preceding calendar month, (ii) on July 1, 1999, the amount (if any) by which the aggregate Net Proceeds paid to Lender during the preceding twelve (12) calendar months, excluding Net Proceeds attributable to the sale of the Property or a Release Parcel during such period, shall be less than $5,778,765 and (iii) on July 1, 2000, the amount (if any) by which the aggregate Net Proceeds paid to Lender during the preceding twenty-four (24) calendar months, excluding Net Proceeds attributable to the sale of the Property or a Release Parcel during such period, shall be less than $15,033,015. The entire unpaid principal balance of this Note together with all accrued and unpaid interest, if not sooner paid, Interest Rate shall be payable in full monthly installments in arrears (each such monthly payment being an "Interest Installment") of $804,050.00 (except in the case of the Interest Installment due July 16, 1996, which shall be equal to $857,653.33) on or before 12:00 noon, Eastern Standard Time, on the fourth (4th) Business Day prior to the twentieth (20th) day of each calendar month or if such 20th day is not a Business Day, the next succeeding Business Day (each, a "Due Date") during the term hereof, commencing on July 16, 1996 until the Maturity Date. Date (cas hereinafter defined) All interest payable hereunder or otherwise. Interest shall be computed on the basis of a 360-day year for consisting of twelve (12) months of thirty (30) days each, and thirty (30) days' interest shall be paid on each Due Date and shall accrue from and including each Due Date to but not including the actual number of days elapsed. In computing next succeeding Due Date, except with respect to the number of days during which interest accruesDue Date on July 16, the day 1996 on which funds are initially advanced thirty-two (32) days' interest shall be included regardless paid. The entire outstanding principal balance of the time of day such advance is madethis Mortgage Note, together with all accrued but unpaid interest hereon, shall be due and the day on which funds are repaid shall, subject to paragraph (d) below, be excluded. Interest shall accrue on each payment of principal hereunder through the date on which such payment is credited, as provided below. (d) All sums payable to Lender on the Due Date in June, 2003 (the "Maturity Date") or on such earlier date as may be required under the terms of this Mortgage Note. All payments hereunder shall be payable, without setoff, deduction or counterclaim, in immediately available funds, no later than noon New York time on the date when due made by wire transfer to such account or address as Lender may from time to time designate in a written notice to Xxxxxxxx. Payments received by Lender in of immediately available funds on into an account designated by Lender (the "Collection Accounx") xx accordance with the Cash Collateral Agreement. In the event of any day after noon New York time prepayment pursuant to the provisions of Paragraphs 4 or 5 hereof, the amount of the Interest Installment shall be treated for all purposes of the Loan as having been paid and received by Lender on the next Domestic Business Day. Notwithstanding anything adjusted to the contrary contained herein, when any payment is due hereunder or under any of the other Loan Documents on a day which is not a Domestic Business Day, reflect such payment shall be made on the next succeeding Domestic Business Dayprepayment.

Interest and Principal Payments. (a) Subject to the further provisions of this Note, including Sections 3 and 5 below, the principal amount outstanding hereunder shall bear interest at a rate per annum (the "LIBOR Interest Rate") equal to four and one-half percent (4.5%) in excess of LIBOR for the relevant Interest Accrual Period. (b) Prior to the Maturity Date (or the date the unpaid principal balance otherwise becomes due, whether by acceleration or otherwise), interest accruing during each Interest Accrual Period shall be payable monthly in arrears on each Payment Date. In addition, Borrower shall pay, in reduction of the outstanding principal amount of the Loan, (i) on each Payment Date an amount equal to the Net Proceeds for the preceding calendar month, (ii) on July 1, 1999, the amount (if any) by which the sum of (x) the aggregate Net Proceeds paid to Lender during the preceding twelve (12) calendar months, excluding Net Proceeds attributable to the sale of the an Individual Property or a Release Parcel during such period, plus (y) the aggregate payments to Lender under Sections 2(b)(i), (ii) or (iii) of the Pelican Strand Note during the preceding twelve (12) calendar months (including payments on July 1, 1999), shall be less than $5,778,765 14,050,000 and (iii) on July 1, 2000, the amount (if any) by which the sum of (x) the aggregate Net Proceeds paid to Lender during the preceding twenty-four (24) calendar months, excluding Net Proceeds attributable to the sale of the an Individual Property or a Release Parcel during such period, plus (y) the aggregate payments to Lender under Sections 2(b)(i), (ii) or (iii) of the Pelican Strand Note during the preceding twenty-four (24) calendar months (including payments on July 1, 2000), shall be less than $15,033,01536,550,000. The entire unpaid principal balance of this Note together with all accrued and unpaid interest, if not sooner paid, shall be payable in full on the Maturity Date. (c) All interest payable hereunder shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing the number of days during which interest accrues, the day on which funds are initially advanced shall be included regardless of the time of day such advance is made, and the day on which funds are repaid shall, subject to paragraph (d) below, be excluded. Interest shall accrue on each payment of principal hereunder through the date on which such payment is credited, as provided below. (d) All sums payable to Lender hereunder shall be payable, without setoff, deduction or counterclaim, in immediately available funds, no later than noon New York time on the date when due by wire transfer to such account or address as Lender may from time to time designate in a written notice to Xxxxxxxx. Payments received by Lender in immediately available funds on any day after noon New York time shall be treated for all purposes of the Loan as having been paid and received by Lender on the next Domestic Business Day. Notwithstanding anything to the contrary contained herein, when any payment is due hereunder or under any of the other Loan Documents on a day which is not a Domestic Business Day, such payment shall be made on the next succeeding Domestic Business Day.