Interest on Institutional Loans Sample Clauses

Interest on Institutional Loans. Each Institutional Loan shall bear interest at a rate equal to the sum of (A) 7.35% per annum and (B) the Applicable Institutional Loan Margin from time to time; provided that if all or a portion of the principal amount of any Institutional Loan or any interest payable thereon shall not be paid when due (whether at the stated maturity, by acceleration or otherwise), such overdue amount shall bear interest at the Institution Default Rate from the date of such non-payment until such amount is paid in full (after as well as before judgment). In addition (but without duplication of any amounts payable pursuant to the proviso of the preceding sentence), if any Event of Default shall occur, the principal amount of all outstanding Institutional Loans shall bear interest at the Institution Default Rate from the date on which such Event of Default occurred until the date on which no Event of Default shall be continuing. Interest shall be payable in arrears (i) on the last day of each March, June, September and December prior to the Commercial Operations Date and (ii) on each Institutional Loan Installment Payment Date after the Commercial Operations Date; provided that interest accruing pursuant to the preceding sentence and the proviso of the first sentence of this Section 4.5 shall be payable on demand. Section 4.6
Sample 1
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Interest on Institutional Loans. Not later than 12:00 noon (New York time) on each Tranche A Interest Payment Date, Borrower shall pay to Agent for the account of the Institutional Lenders interest on the daily unpaid principal amount of the Tranche A Institutional Construction Loan and the Tranche A Institutional Term Loan, as the case may be, outstanding in arrears at a rate per annum equal to 10.42% (the “Tranche A Fixed Rate”). Not later than 12:00 noon (New York time) on each Tranche B Interest Payment Date, Borrower shall pay to Agent for the account of the Institutional Lenders interest on the daily unpaid principal amount of each Tranche B Fixed Amount outstanding in arrears at a rate per annum equal to the Tranche B Fixed Rate for each such Tranche B Fixed Amount. Interest shall be calculated on the basis of the actual number of days elapsed and a year of 365 or 366 days, as appropriate. Borrower may fix the rate on all or any portion of the Tranche B Institutional Construction Loan Commitment and on a corresponding portion of, but not in excess of, the Tranche B Institutional Term Loan Commitment, in increments of not less than $10,000,000 (each, a “Tranche B Fixed Amount”) on any Banking Day during the Tranche B Shelf Commitment Period (each, a “Tranche B Fixing Date”) by notifying Institutional Agent by telex or telecopy by 12:00 noon (New York time) on the proposed Tranche B Fixing Date of the principal amount of the Tranche B Institutional Construction Loan (and of the Scheduled Borrowing Date therefor) and corresponding principal amount of the Tranche B Institutional Term Loan to which the requested fixed rate shall be applicable; provided that Borrower shall be required to fix a rate on not less than $20,000,000 of the Tranche B Institutional Construction Loan Commitment and a corresponding portion of the Tranche B Institutional Term Loan Commitment within the first 12 months of the Tranche B Shelf Commitment Period. The rate so fixed (the “Tranche B Fixed Rate”) with respect to each Tranche B Fixed Amount shall be equal to the sum of (A) the Interpolated United States Treasury Rate with respect to such Tranche B Fixed Amount plus (B) the Applicable Spread determined as of the Tranche B Fixing Date of such Tranche B Fixed Amount plus (C) any Delayed Delivery Fee added to the interest pursuant to Section 2.2(d)(vii) hereof. Prior to the close of business on the Tranche B Fixing Date, Institutional Agent shall provide Borrower with telephonic notice of the Tranche B Fixed Am...
Sample 1

Related to Interest on Institutional Loans

  • Interest on Revolving Loans The outstanding principal amount of each Revolving Loan made by each Lender shall bear interest at a fluctuating rate per annum that shall at all times be equal to (i) during such periods as such Revolving Loan is a Base Rate Loan, the Base Rate plus the Applicable Margin in effect from time to time, and (ii) during such periods as such Revolving Loan is a Eurodollar Loan, the relevant Adjusted Eurodollar Rate for such Eurodollar Loan for the applicable Interest Period plus the Applicable Margin in effect from time to time.

  • Additional Interest on Eurodollar Rate Advances The Borrower shall pay to each Lender, so long as such Lender shall be required under regulations of the Board of Governors of the Federal Reserve System to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Rate Advance of such Lender, from the date of such Advance until such principal amount is paid in full, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurodollar Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such Eurodollar Rate by a percentage equal to 100% minus the Eurodollar Rate Reserve Percentage of such Lender for such Interest Period, payable on each date on which interest is payable on such Advance. Such additional interest shall be determined by such Lender and notified to the Borrower through the Administrative Agent, and such determination shall be conclusive and binding for all purposes, absent manifest error.

  • Interest on Loans (a) Subject to the provisions of Section 2.08, each ABR Loan shall bear interest (computed on the basis of the actual number of days elapsed over a year of 365 days or 366 days in a leap year) at a rate per annum equal to the Alternate Base Rate plus the Applicable Margin.

  • Interest on Revolving Credit Advances Each Borrower shall pay interest on the unpaid principal amount of each Revolving Credit Advance made to such Borrower owing to each Lender from the date of such Revolving Credit Advance until such principal amount shall be paid in full, at the following rates per annum:

  • Interest on Swing Loans Each Swing Loan shall bear interest until maturity (whether by acceleration or otherwise) at a rate per annum equal to (i) the sum of the Base Rate plus the Applicable Margin for Base Rate Loans under the Revolving Credit as from time to time in effect (computed on the basis of a year of 360 days for the actual number of days elapsed) or (ii) the Swing Line Lender’s Quoted Rate (computed on the basis of a year of 360 days for the actual number of days elapsed). Interest on each Swing Loan shall be due and payable by the Borrower on each Interest Payment Date and at maturity (whether by acceleration or otherwise).

  • Interest on Revolving Credit Loans Except as otherwise provided in Section 5.11,

  • Procedure for Revolving Advances Borrowing (a) Borrower may notify Agent prior to 1:00 p.m. on a Business Day of Borrower’s request to incur, on that day, a Revolving Advance hereunder. Should any amount required to be paid as interest hereunder, or as fees or other charges under this Agreement or any other agreement with Agent or Lenders, or with respect to any other Obligation, become due, same shall be deemed a request for a Revolving Advance as of the date such payment is due, in the amount required to pay in full such interest, fee, charge or Obligation under this Agreement or any other agreement with Agent or Lenders, and such request shall be irrevocable.

  • Interest on Advances Each Borrower shall pay interest on the unpaid principal amount of each Advance made to such Borrower by each Bank from the date of such Advance until such principal amount shall be paid in full, at the following rates per annum:

  • Notification of Interest Periods and rates of normal interest The Agent shall notify the Borrower and each Lender of:

  • Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in Sections 5.8.1 [Increased Costs Generally] or 5.8.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof.

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