Common use of Interest on Funded Participant's Interest Clause in Contracts

Interest on Funded Participant's Interest. (a) Subject to the provisions of Section 2.6, each Participant’s Funded Participant’s Interest shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Payment Period in which such Funded Participant’s Interest is outstanding (with the Payment Period being automatically reset on the last Business Day of each month for the next Payment Period regardless of the date of any Participant Funding hereunder) plus an additional one hundred seventy-five basis points (1.75%) per annum. (b) Interest on each Participant’s Funded Participant’s Interest shall be payable by the Servicer to the Participants within 20 days after the end of each calendar month (the “Participant Payment Date”) from interest payments received on the Loans on the applicable Payment Dates. (c) In the event that on any Participant Payment Date the interest received by the Servicer from the Borrowers and the Sponsor is not sufficient to pay the interest to the Participants required pursuant hereto, the Sponsor shall, upon demand of the Servicer, immediately fund such difference to the Servicer (with such payment allocated to specific Loan Payment Defaults as agreed by Sponsor and Servicer) and if such shortfall results from Loan Payment Defaults rather than interest rate variances, either, at the election of the Sponsor, (x) the Sponsor shall be reimbursed by the Servicer upon receipt of such amount from the Borrower, (y) the Loan Indebtedness shall be deemed to be reduced by such amount upon a repayment or purchase of such Defaulted Loan by Sponsor in accordance with the terms of this Agreement, or (z) such amount shall be deemed to have satisfied Sponsor’s obligation to cure such Loan Payment Default hereunder.

Interest on Funded Participant's Interest. (a) Subject to the provisions of Section 2.6, each Participant’s 's Funded Participant’s 's Interest shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Payment Period in which such Funded Participant’s 's Interest is outstanding (with the Payment Period being automatically reset on the last Business Day of each month Payment Date for the next Payment Period regardless of the date of any Participant Funding hereunder) plus an additional one hundred seventy-five basis points (1.75%) per annum. (b) Interest on each Participant’s 's Funded Participant’s 's Interest shall be payable by the Servicer to the Participants within 20 days after the end of on each calendar month (the “Participant Payment Date”) Date from interest payments received on the Loans on the applicable such Payment DatesDate. (c) In the event that on any Participant Payment Date the interest received by the Servicer from the Borrowers and the Sponsor on any Payment Date is not sufficient to pay the interest to the Participants required pursuant hereto, the Sponsor shall, upon demand of the Servicer, immediately fund such difference to the Servicer (with such payment allocated to specific Loan Payment Defaults as agreed by Sponsor and Servicer) and if such shortfall results from Loan Payment Defaults rather than interest rate variances, either, at the election of the Sponsor, (x) the Sponsor shall be reimbursed by the Servicer upon receipt of such amount from the Borrower, (y) the Loan Indebtedness shall be deemed to be reduced by such amount upon a repayment or purchase of such Defaulted Loan by Sponsor in accordance with the terms of this Agreement, or (z) such amount shall be deemed to have satisfied Sponsor’s 's obligation to cure such Loan Payment Default hereunder.

Interest on Funded Participant's Interest. (a) Subject to the provisions of Section 2.6, each Participant’s 's Funded Participant’s 's Interest shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to the Adjusted LIBO Rate for the Payment Period in which such Funded Participant’s 's Interest is outstanding (with the Payment Period being automatically reset on the last Business Day of each month Payment Date for the next Payment Period regardless of the date of any Participant Funding hereunder) plus an additional one hundred seventy-five ninety basis points (1.750.90%) per annum. (b) Interest on each Participant’s 's Funded Participant’s 's Interest shall be payable by the Servicer to the Participants within 20 days after the end of on each calendar month (the “Participant Payment Date”) Date from interest payments received on the Loans on the applicable such Payment DatesDate. (c) In the event that on any Participant Payment Date the interest received by the Servicer from the Borrowers and the Sponsor on any Payment Date is not sufficient to pay the interest to the Participants required pursuant hereto, the Sponsor shall, upon demand of the Servicer, immediately fund such difference to the Servicer (with such payment allocated to specific Loan Payment Defaults as agreed by Sponsor and Servicer) and if such shortfall results from Loan Payment Defaults rather than interest rate variances, either, at the election of the Sponsor, (x) the Sponsor shall be reimbursed by the Servicer upon receipt of such amount from the Borrower, (y) the Loan Indebtedness shall be deemed to be reduced by such amount upon a repayment or purchase of such Defaulted Loan by Sponsor in accordance with the terms of this Agreement, or (z) such amount shall be deemed to have satisfied Sponsor’s 's obligation to cure such Loan Payment Default hereunder.