Common use of Interest on Swing Loans Clause in Contracts

Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 and 2.9.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Rate Loan, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section 2.2.3, and shall be payable to Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Essex Property Trust Inc), Revolving Credit Agreement (Essex Portfolio Lp)

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Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 2.10.1 and 2.9.22.10.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Federal Funds Rate Loanplus the Applicable SOFR Committed Loan Margin, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section 2.2.3, and shall be payable to Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Essex Portfolio Lp), Revolving Credit Agreement (Essex Portfolio Lp)

Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 2.10.1 and 2.9.22.10.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Federal Funds Rate Loanplus the Applicable LIBOR Committed Loan Margin, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section 2.2.3, and shall be payable to Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 2 contracts

Samples: Revolving Credit Agreement (Essex Portfolio Lp), Revolving Credit Agreement (Essex Portfolio Lp)

Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 subsections 2.8.1 and 2.9.22.8.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Base Rate Loan, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section subsection 2.2.3, and shall be payable to the Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 1 contract

Samples: Credit Agreement (Bedford Property Investors Inc/Md)

Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 2.10.1 and 2.9.22.10.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Rate Loan, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section 2.2.3, and shall be payable to Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 1 contract

Samples: Revolving Credit Agreement (Essex Portfolio Lp)

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Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 2.10.1 and 2.9.22.10.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Rate Committed Loan, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section 2.2.3, and shall be payable to Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 1 contract

Samples: Revolving Credit Agreement (Essex Property Trust Inc)

Interest on Swing Loans. Notwithstanding the provisions of Sections 2.9.1 2.11.1 and 2.9.22.11.2, each Swing Loan outstanding under the Swing Line shall accrue interest at a rate per annum equal to the interest rate applicable to a Reference Rate Committed Loan, which interest shall be payable in arrears on each Interest Payment Date and on the due date for Swing Loans set forth in Section 2.2.3, and shall be payable to Administrative Agent for the account of the Swing Line Lender; provided that, notwithstanding any other provision of this Agreement, each Swing Loan shall bear interest for a minimum of one (1) day.

Appears in 1 contract

Samples: Revolving Credit Agreement (Essex Portfolio Lp)

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