Interest During Construction. In the event that the Administration has consented to permit the Borrower to pay interest on the Loan from proceeds of the Loan during all or a portion of the period of time related to construction of the Project (as itemized in Exhibit C) (“Construction Period Interest”), the Administration shall on each February 1 and August 1 during such period advance to the Borrower and immediately apply to the interest then due and owing, an amount equal to the interest on the Loan due on such February 1 or August 1 and not theretofore paid by the Borrower. Any such amount of Construction Period Interest advanced by the Administration shall constitute part of the principal amount of the Loan hereunder immediately upon its advance to the Borrower in accordance with this paragraph. Notwithstanding the advance of any Construction Period Interest to the Borrower in accordance with this Section, the Borrower shall pay directly to the Administration the Administrative Fee on the dates and in the amounts set forth in Section 3.04(c), and no amounts shall be advanced under the Loan for the payment of the Administrative Fee.
Interest During Construction. At the option and discretion of Developer, the Bonds may bear interest at (i) zero percent (0%) from their date of issuance until construction activities on the Project have been completed (“Substantial Completion”) or (ii) at the Bond Interest Rate (as hereinafter defined) from their date of issuance throughout the term of the Bonds. After the Project has been assessed and is generating TIF Revenues the Bonds will (i) bear interest at the Bond Interest Rate and (ii) be in accordance with the City authorizations relating to the Bonds. For purposes of this Agreement, the “Bond Interest Rate” shall mean a rate equal to or less than six percent (6%) (except for the potential of a zero percent (0%) rate until Substantial Completion), as determined by Developer in its sole discretion.
Interest During Construction. In view of the fact that the parties have agreed upon the Payment Schedule, the EPC Contract Price will be reduced as described below to compensate Owner in whole or in part for the costs to Owner for interest during construction. Commencing after 15% (fifteen percent) of the EPC Contract Price is received by Contractor, there shall be at the time of payment a reduction from the United States Dollar portion and the New Zealand Dollar portion of each Payment Schedule payment made thereafter until, but not including, the payment of the milestone payment due upon Substantial Completion, in the applicable amounts described below: For the United States Dollar portion of the payment, the amount calculated under the following formula: US$R = US$P x USI x D/365 Where: US$R = the amount of the reduction in the United States Dollar portion of the applicable Payment Schedule payment US$P = the United States Dollar portion of the applicable Payment Schedule payment USI = the interest rate factor for the United States Dollar portion of the applicable Payment Schedule payment which shall be the 90 (ninety) day LIBID Rate (for the business day immediately preceding the payment date) + 1 1/5% (one and one-fifth percent) per annum D = the number of days between the payment date and the then current Scheduled Substantial Completion Date For the New Zealand Dollar portion of the payment, the amount calculated under the following formula: NZ$R = NZ$P x NZI x D/365 Where: NZ$R = the amount of the reduction in the New Zealand Dollar portion of the applicable Payment Schedule payment NZ$P = the New Zealand Dollar portion of the applicable Payment Schedule payment instalment) NZI = the interest rate factor for the New Zealand Dollar portion of the applicable Payment Schedule payment which shall be the 90 (ninety) day BBR Rate (for the business day immediately preceding the payment date) + 2% (two percent) per annum D = the number of days between the payment date and the then current Scheduled Substantial Completion Date
Interest During Construction. At the option and direction of the Developer the Bonds may bear interest at 0% from their date of issuance until the Project has been substantially completed, assessed and is generating TIF Revenues. Thereafter the Bonds will bear interest at a rate or rates designated by the Developer as the purchaser of the Bonds and in accordance with the City authorizations relating to the Bonds.
Interest During Construction. At the option and discretion of Developer, the Bonds shall bear interest (i) at zero percent from their date of issuance until Substantial Completion (and, thereafter, at the Bond Interest Rate, or (ii) at the Bond Interest Rate from their date of issuance throughout the Bond Term. After the Project has been assessed and is generating increment, the Bonds will (i) bear interest at the Bond Interest Rate and (ii) be in accordance with the City authorizations relating to the Bonds. For purposes of this Agreement, the “Bond Interest Rate” shall mean a rate intended to be equal to or less than eight percent (8%), as determined jointly by the Parties, each in the exercise of its reasonable discretion.
Interest During Construction. At the option and discretion of Company, the Mixed-Use Bonds may bear interest at (i) zero percent from their date of issuance until Substantial Completion (and,
Interest During Construction. At the option and discretion of Xxxxxxxx, the Bonds may bear interest (i) at zero percent from their date of issuance until Substantial Completion (and, thereafter, at the Bond Interest Rate (as hereinafter defined), or (ii) at the Bond Interest Rate from their date of issuance throughout the Bond Term. After the Project has been assessed and is generating increment, the Bonds will (i) bear interest at the Bond Interest Rate and (ii) be in accordance with the City authorizations relating to the Bonds. For purposes of this Agreement, the “Bond Interest Rate” shall mean a rate intended to be equal to or less than eight percent (8%) (except for the potential of a zero percent (0%) rate until Substantial Completion), as determined jointly by the Parties, each in the exercise of its reasonable discretion.
Interest During Construction. At the option and discretion of Company, the TIF Bonds may bear interest (i) at zero percent from their date of issuance until Substantial Completion (and, thereafter, at the TIF Bond Interest Rate (as hereinafter defined)); or (ii) at the Bond Interest
Interest During Construction. At the option and discretion of Company, the Mixed-Use Bonds may bear interest at (i) zero percent from their date of issuance until Substantial Completion (and, thereafter, at the Bond Interest Rate (as hereinafter defined)); or (ii) at the Bond Interest Rate from their date of issuance throughout the Bond Term. After the Mixed-Use Project has been assessed and is generating increment, the Mixed-Use Bonds will (i) bear interest at the Bond Interest Rate and (ii) be in accordance with the town authorizations relating to the Mixed-Use Bonds. For purposes of this Agreement, the “Bond Interest Rate” shall mean a rate intended to be equal to or less than six and one half percent (6.5%) (except for the potential of a zero percent (0%) rate until Substantial Completion), as determined jointly by the parties, each in the exercise of its reasonable discretion.
Interest During Construction
