Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed. (b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011. (c) Commencing on May 1, 2011 and on the first day of each month thereafter through and including April 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.20. (d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each). (e) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereon, shall be due and payable in full on April 1, 2018 (the “Maturity Date”).
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five seven and seventysixty-six three one-hundredths percent (5.767.63%) per annum (the “"Original Interest Rate”"), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “"Loan”") is funded by HolderXxxxxx, in advance, for the period from and including the date hereof of funding through and including March December 31, 20112000.
(c) Commencing on May February 1, 2011 2001 and on the first day of each month thereafter through and including April December 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.20.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), 2005 combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 10,090.96 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five thirty (2530) year period (the “"Amortization Period”"), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(ed) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereonand all other sums due hereunder, shall be due and payable in full on April January 1, 2018 2006 (the “"Original Maturity Date”"). ________________________________________________________________________________ THE EXCISE TAX ON DOCUMENTS REQUIRED BY FLORIDA LAW HAS BEEN PAID ON THIS NOTE AND DOCUMENTARY STAMPS HAVE BEEN AFFIXED TO ONE OF THE MORTGAGES (IN THE AMOUNT SPECIFIED IN EXHIBIT C TO THAT MORTGAGE) RECORDED IN HILLSBOROUGH COUNTY, --------- FLORIDA AND CANCELLED.
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate (as such rate is determined for the applicable time period, the “Interest Rate”), accruing daily, of five nine and seventy-six hundredths three quarters percent (5.769.75%) per annum (the “Original Interest Rate”). From and after February 4, computed 2018 (the “Initial Interest Increase Date”), the Original Interest Rate shall increase by one hundred (100) basis points (to ten and three-quarters percent (10.75%) per annum), and shall thereafter further increase by 100 basis points at the end of each successive thirty (30) day period, until the earlier of (x) such time as a maximum Interest Rate of thirteen and one-half percent (13.5%) is achieved (the “Maximum Interest Rate”), or (y) the Loan, including all accrued and unpaid interest earned thereon, as well as any other sums due and owing in connection with the Loan, is repaid in full.
(b) Interest shall be calculated on the basis of a three hundred sixty (360) 365 day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(bc) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(c) Commencing on May 1, 2011 and arrears on the first (1st) day of each calendar month thereafter through and including April 1(each, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.20.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments in lawful money of principal and the United States of America, by wire transfer in federal or other immediately available funds to the account specified in writing or by electronic transmission, from time to time by Holder, provided, however, if Operating Cash Flow or Extraordinary Cash Flow is not sufficient to pay interest due hereunder, on any given Payment Date, then interest shall accrue to the extent of any deficiency and shall be payablepayable on the next Payment Date, in arrears, in the amount of $16,618.07 each (such amount representing an amount that would be sufficient subject to fully amortize the original principal amount of this Note over a twenty-five (25Section 1(d) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each)below.
(ed) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined)Note, together with all accrued and unpaid interest thereon, shall be due and payable in full full, in a single payment on April 1the earlier to occur of (i) July 4, 2018 2018, (ii) the closing date of any refinance of the Senior Loan or (iii) the closing date of a Portfolio Sale (the earliest such date, the “Maturity Date”).
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at A. During the rate of five and seventy-six hundredths percent (5.76%) per annum initial term (the “Original Interest RateInitial Term”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.):
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(ci) Commencing on May 1, 2011 and on the first day of each calendar month thereafter through up to and including April May 1, 20122013, (each such date a “Interest Only Payment Date”) Borrower shall make monthly payments of interest only on any Advances outstanding under the Credit Loan, calculated at the Applicable Interest Rate (hereinafter defined), as well as any other sums that may be due pursuant to the Note, this Agreement or the Mortgage. Said payments, as and when received by the Bank, shall be payableapplied by it first, in arrearsto the payment of any late charges due hereunder; second, in to the amount payment of $12,667.20.interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the outstanding Advances under the Credit Loan; and
(dii) Commencing The entire outstanding Advances under the Credit Loan, together with all interest accrued and unpaid thereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement, the Mortgage or any other document executed and delivered by Borrower to the Bank in connection with the Credit Loan (collectively, the “Other Security Documents”), shall be due and payable on May 1, 2012 2013 (the “Maturity Date”), unless extended in accordance with Section 6 hereof, or sooner as provided herein.
B. If the Credit Loan is extended for one (1) additional period of one (1) year (the “Extended Term”) in accordance with Section 6 hereof:
(i) Commencing May 1, 2013 and on the first day of each calendar month thereafter through of the Extended Term up to and including May 1, 2014, Borrower shall make monthly payments of interest only on any Advances outstanding under the first day Credit Loan, calculated at the Applicable Interest Rate, as well as any other sums that may be due pursuant to the Note, this Agreement or the Mortgage. Said payments, as and when received by the Bank, shall be applied by it first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the month immediately preceding outstanding Advances under the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).Credit Loan; and
(eii) The entire outstanding principal balance, and all other amounts due Advances under this Note and the other Loan Documents (as hereinafter defined)Credit Loan, together with all interest accrued and unpaid interest thereonthereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement, the Mortgage or the Other Security Documents shall be due and payable in full on April May 1, 2018 2014 (the “Extended Maturity Date”)) or sooner as provided herein.
C. Interest shall be calculated on the basis of the actual number of days elapsed in a 360-day year.
Appears in 1 contract
Samples: Revolving Line of Credit Loan Agreement (Griffin Land & Nurseries Inc)
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(c) Commencing on May 1, 2011 and on the first day of each month thereafter through and including April 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.2027,478.08.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 36,048.43 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(e) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereon, shall be due and payable in full on April 1, 2018 (the “Maturity Date”).
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at A. During the rate of five and seventy-six hundredths percent (5.76%) per annum initial term (the “Original Interest RateInitial Term”)):
(i) Commencing April 1, computed 2009 and on the basis first day of a three hundred sixty (360) day year composed each calendar month thereafter up to and including March 1, 2011, Borrower shall make monthly payments of twelve (12) months of thirty (30) days each; howeverinterest only on any Advances outstanding under the Credit Loan, interest for partial months shall be calculated by multiplying at the principal balance of this Note by the applicable interest rate (i.e., the Original Applicable Interest Rate or the New Rate (hereinafter defined), as well as any other sums that may be due pursuant to the Note, this Agreement or the Mortgage. Said payments, as and when received by the Bank, shall be applied by it first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the outstanding Advances under the Credit Loan; and
(ii) The entire outstanding Advances under the Credit Loan, together with all interest accrued and unpaid thereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement, the Mortgage or any other document executed and delivered by Borrower to the Bank in connection with the Credit Loan (collectively, the “Other Security Documents”), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be due and payable on the date the loan evidenced by this Note March 1, 2011 (the “LoanMaturity Date”), unless extended in accordance with Section 6 hereof, or sooner as provided herein.
B. If the Credit Loan is extended for one (1) additional period of one (1) year (the “Extended Term”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.accordance with Section 6 hereof:
(ci) Commencing on May March 1, 2011 and on the first day of each calendar month thereafter through of the Extended Term up to and including April March 1, 2012, (each such date a “Interest Only Payment Date”) Borrower make monthly payments of interest only on any Advances outstanding under the Credit Loan, calculated at the Applicable Interest Rate, as well as any other sums that may be due pursuant to the Note, this Agreement or the Mortgage. Said payments, as and when received by the Bank, shall be payableapplied by it first, in arrearsto the payment of any late charges due hereunder; second, in to the amount payment of $12,667.20.interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the outstanding Advances under the Credit Loan; and
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(eii) The entire outstanding principal balance, and all other amounts due Advances under this Note and the other Loan Documents (as hereinafter defined)Credit Loan, together with all interest accrued and unpaid interest thereonthereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement, the Mortgage or the Other Security Documents shall be due and payable in full on April March 1, 2018 2012 (the “Extended Maturity Date”)) or sooner as provided herein.
C. Interest shall be calculated on the basis of the actual number of days elapsed in a 360-day year.
D. The term “Applicable Interest Rate” shall mean the Prime Rate (as hereinafter defined) plus 1.50% per annum, but in no event less than 6.875% per annum. As used herein, the “Prime Rate” is the rate of interest (or if more than one, the highest rate of interest) published from time to time by The Wall Street Journal in the “Money Rates” section, or any equivalent section of that newspaper, and identified as the “Prime Rate”. Each change in the interest rate hereunder resulting from a change in the Prime Rate shall become effective as of the opening of business on the day on which such change in the Prime Rate is announced. In no event shall the Applicable Interest Rate exceed the maximum rate permitted by applicable law. Any payments in excess of such maximum rate permitted by applicable law shall be deemed a prepayment of outstanding Advances under the Credit Loan, to be applied in accordance with this Agreement.
Appears in 1 contract
Samples: Revolving Line of Credit Loan Agreement (Griffin Land & Nurseries Inc)
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at A. During the rate of five and seventy-six hundredths percent (5.76%) per annum initial term (the “Original Interest RateInitial Term”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.):
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(ci) Commencing on May October 1, 2011 2019 and on the first day of each calendar month thereafter through up to and including April September 1, 20122021, (each such date a “Interest Only Payment Date”) Borrower shall make monthly payments of interest only on any Advances outstanding under the Credit Loan, calculated at the Applicable Interest Rate (hereinafter defined), as well as any other sums that may be due pursuant to the Note or this Agreement. Said payments, as and when received by the Bank, shall be payableapplied by it first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the outstanding Advances under the Credit Loan; and
(ii) The entire outstanding Advances under the Credit Loan, together with all interest accrued and unpaid thereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement or any other document executed and delivered by Borrower to the Bank in arrearsconnection with the Credit Loan, including but not limited to the Mortgage Loan Documents (as hereinafter defined; collectively, the “Other Security Documents”), shall be due and payable on September 30, 2021 (the “Maturity Date”), unless extended in the amount of $12,667.20accordance with Section 3B (ii) hereof, or sooner as provided herein.
B. If the Credit Loan is extended for one (d1) additional period of one (1) year (the “Extended Term”) in accordance with Section 7 hereof:
(i) Commencing on May October 1, 2012 2021 and on the first day of each calendar month thereafter through of the Extended Term up to and including September 1, 2022, Borrower shall make monthly payments of interest only on any Advances outstanding under the first day Credit Loan, calculated at the Applicable Interest Rate, as well as any other sums that may be due pursuant to the Note or this Agreement. Said payments, as and when received by the Bank, shall be applied by it first, to the payment of any late charges due hereunder; second, to the payment of interest computed at the Applicable Interest Rate; and the balance, if any, toward the satisfaction of the month immediately preceding outstanding Advances under the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).Credit Loan; and
(eii) The entire outstanding principal balance, and all other amounts due Advances under this Note and the other Loan Documents (as hereinafter defined)Credit Loan, together with all interest accrued and unpaid interest thereonthereon calculated at the Applicable Interest Rate and all other sums due under the Note, this Agreement or the Other Security Documents shall be due and payable in full on April 1September 30, 2018 2022 (the “Extended Maturity Date”)) or sooner as provided herein.
C. Interest shall be calculated on the basis of the actual number of days elapsed in a 360 day year.
Appears in 1 contract
Samples: Revolving Line of Credit Loan Agreement (Griffin Industrial Realty, Inc.)
Interest Rate and Payments. (a) The balance Borrower shall pay -------------------------- interest on amounts outstanding under the Notes as described herein and as provided in the form of principal the Term Notes attached as Exhibit A and Exhibit B and the Revolving Note attached as Exhibit C.
(b) The amounts outstanding from time to time under this Note the Term Notes shall bear interest at calculated on the rate actual number of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed days elapsed on the basis of a three hundred sixty 360 day year, at a rate equal to 175 basis points in excess of the "Cost of Funds" (360the "Term Loan Interest Rate") day year composed on the respective date that funds are disbursed to the Borrower under the two Term Notes (with respect to each of twelve (12) months of thirty (30) days each; howeverthe two Term Notes, interest for partial months shall be calculated by multiplying the principal balance respective "Term Loan Disbursement Date"). For purposes of this Note by the applicable interest rate (i.e.Agreement, the Original Cost of Funds shall mean the yield on three year U.S. Treasury Notes plus the corresponding swap spread, each as determined by Bloomberg Financial Commodities News as of the Term Loan Disbursement Date. Interest Rate or the New Rate (hereinafter defined))shall thereafter be payable quarterly, dividing the product by three hundred sixty (360)commencing on January 1, 1999, and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(c) Commencing on May 1, 2011 and continuing on the first day of each month thereafter through April, July, October and including April January thereafter, with a final payment of all outstanding amounts due under the Term Notes, including, but not limited to principal, interest and any other amounts owing under this Agreement, if not sooner paid, on the third anniversary of the Closing Date. No amount of principal repaid under either Term Note may be borrowed again. Principal payments shall be due and payable under the first Term Note as follows: ON OR BEFORE AMOUNT ------------ ------ October 1, 20121999 $ 500,000 October 1, (each such date a “Interest Only Payment Date”) payments 2000 $ 500,000 October 1, 2001 $1,000,000 The third anniversary The remaining balance of interest only the Closing Date The principal under the second Term Note shall be payable, in arrears, in due and payable at the amount third anniversary of $12,667.20the Closing Date.
(dc) Commencing Interest for the Revolving Note shall be computed on May the actual number of days elapsed on the basis of a 360-day year on any and all principal amounts remaining unpaid hereunder from time to time outstanding from the date of borrowing until payment at a rate equal to either the rate of interest referred to by the Bank from time to time as its prime rate (the "Prime Rate") or the rate which is 200 basis points in excess of the London Interbank Offered Rate (the "Euro-Dollar Rate"), as selected by the Borrower upon Disbursement. The London Interbank Offered Rate (the "LIBOR") shall mean the rate per annum (rounded upward, if necessary, to the nearest 1/8 of 1%) at which deposits in dollars are offered by the Euro-Dollar Lending Office of the Bank to other prime banks in the London interbank market at approximately 11:00 a.m. London Time, 2012 on the first day of such Euro-Dollar Interest Rate Period in an amount approximately equal to the aggregate principal amount of the Disbursement to which such Euro-Dollar Interest Rate Period is to apply and for a period of time comparable to such Euro-Dollar Interest Rate Period
(i) All new Disbursements and all outstanding Revolving Loan amounts shall be subject to the Prime Rate unless the Borrower provides notice of its exercise of the Euro-Dollar Rate with respect to such Disbursement. The Bank shall not be obligated to give notice of any change in the Prime Rate. Interest payable on any Disbursement at the Prime Rate shall be payable monthly, on the first day of each month thereafter through and including month, commencing on the first day of the first month immediately preceding beginning after the Maturity Date date of this Agreement.
(each ii) Interest payable on any Disbursement at the Euro-Dollar Rate for any Euro-Dollar Interest Rate Period shall be due and payable at the end of the applicable Euro-Dollar Interest Rate Period. Disbursements bearing interest at Euro-Dollar Rate may not be prepaid prior to the expiration of the applicable Euro-Dollar Interest Rate Period, notwithstanding anything to the contrary in the Agreement, without the prior written consent of the Bank.
(iii) The Bank's obligation to make any Disbursement at the Euro-Dollar Rate shall be conditioned on all of the following:
(A) No Default shall be in existence at the time of the Borrower's election to utilize a Euro-Dollar Rate for a Disbursement or as of the date of such date Disbursement;
(B) No portion of a “Principal Disbursement to which the Euro-Dollar Rate applies is subject to an existing Euro-Dollar Interest Rate Period, unless such election applies to the Euro-Dollar Business Day (any day on which commercial banks are open for business in London and Chicago) following the last day of the current Euro-Dollar Interest Payment Date” Rate Period or later;
(C) The Bank shall not have determined, which determination shall be made in the Bank's absolute and together sole discretion, that: (a) the Bank is unable to ascertain the LIBOR rate for any reason, or (b) the Euro-Dollar Rate will not, due to a change in any law, rule, regulation, directive, treaty, interpretation or guideline, adequately and fairly reflect the cost to the Bank of making available or maintaining the Euro-Dollar Rate with respect to the principal amount of such election; and
(D) no portion of the interest to accrue during the Euro-Dollar Interest Rate Period would, upon the advice of the Bank's legal counsel, be deemed to exceed the maximum allowed by law.
(iv) If any Interest Only Payment Datenew or existing statute, referred treaty or regulation (including any regulation promulgated by the Board of Governors of the Federal Reserve System (the "FRS") or the Office of the Comptroller of the Currency), or any interpretation thereof by any governmental authority charged with the administration thereof, or any action by any central bank or other fiscal authority having jurisdiction over the Bank or the Revolving Loan (or any part thereof), impose, modify, or deem applicable any tax or any reserve and/or special deposit requirement against any assets held by, or deposits in or for the amount of any Disbursement by the Bank (or any branch or affiliate of the Bank involved in transactions under or contemplated by the Revolving Note), except for such matters which have resulted in a change in the Euro-Dollar Rate pursuant to the definition of Euro-Dollar Rate contained herein, collectively, as or any similar measure shall result in a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, reduction in the amount of $16,618.07 each principal or interest receivable by the Bank with respect to the Revolving Loan or an increase in the cost to the Bank with respect to the amount of principal or interest receivable by the Bank with respect to the Disbursement or an increase in the cost to the Bank of funding the Disbursement in the LIBOR market (whether or not such Disbursement is actually so funded) or engaging in any other transaction material to the maintenance of the Revolving Loan with interest thereon based on the Euro-Dollar Rate (such amount representing an amount that would be sufficient reduction in amounts receivable or increases in costs being hereinafter referred to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”as "Costs"), the Borrower shall fully indemnify the Bank for all such Costs and shall compensate the Bank as of the end of each period for which the Euro-Dollar Rate has been determined during which such measures were in effect for the Costs incurred during such period. All such Costs shall be determined by the Bank and a statement thereof showing how the Costs were calculated shall be sent by the Bank to the Borrower when such Costs have been determined, and such determinations shall be conclusive and binding on the Borrower in the absence of manifest error, but the Bank shall, as promptly as practicable, notify the Borrower of the existence of any event which would (if such amortization interest were to be accrued based on a three hundred sixty (360the Euro-Dollar Rate) day year composed require reimbursement by the Borrower of twelve (12) months Costs incurred by the Bank. The Borrower shall have the right to audit the Bank's calculation of thirty (30) days each).
(e) costs. The entire outstanding principal balance, and all other obligations set forth in this provision shall survive repayment of the amounts due under this Note Agreement and the other Loan Documents (as hereinafter defined)Notes. If the Bank demands compensation under this Section, the Borrower may repay in full its then-outstanding Revolving Loans borrowed at the Euro-Dollar Rate, together with all accrued and unpaid interest thereonthereon to the date of repayment, without penalty therefor. Concurrently with repaying such Revolving Loans pursuant to this Section, the Borrower may receive from the Bank a Disbursement at the Prime Rate in an equal principal amount and, if the Borrower so elects, the Bank shall be due make such a Disbursement at the Prime Rate to the Borrower.
(v) In the event the Borrower has not properly elected a new Euro-Dollar Interest Period for any Disbursement prior to the expiration of the Euro-Dollar Interest Rate Period then in effect for such Disbursement, then, upon expiration of the Euro-Dollar Interest Rate Period then in effect, the interest rate for such Disbursement shall revert to the Prime Rate until such time as the Borrower provides notice to the Bank of the election of a new Euro-Dollar Interest Rate Period in the manner, and payable subject to the limitations, set forth in full on April 1, 2018 (the “Maturity Date”).this Section. The Bank shall have no
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(c) Commencing on May 1, 2011 and on the first day of each month thereafter through and including April 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.2013,040.16.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 17,107.35 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(e) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereon, shall be due and payable in full on April 1, 2018 (the “Maturity Date”).
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(c) Commencing on May 1, 2011 and on the first day of each month thereafter through and including April 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.2019,662.72.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 25,795.47. each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(e) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereon, shall be due and payable in full on April 1, 2018 (the “Maturity Date”).
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five and seventy-six hundredths percent (5.76%) per annum (the “Original Interest Rate”), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “Loan”) is funded by Holder, in advance, for the period from and including the date hereof through and including March 31, 2011.
(c) Commencing on May 1, 2011 and on the first day of each month thereafter through and including April 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.2017,681.76.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 23,196.66 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five (25) year period (the “Amortization Period”), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(e) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereon, shall be due and payable in full on April 1, 2018 (the “Maturity Date”).
Appears in 1 contract
Interest Rate and Payments. (a) The balance of principal outstanding from time to time under this Note shall bear interest at the rate of five seven and seventysixty-six three one- hundredths percent (5.767.63%) per annum (the “"Original Interest Rate”"), computed on the basis of a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each; however, interest for partial months shall be calculated by multiplying the principal balance of this Note by the applicable interest rate (i.e., the Original Interest Rate or the New Rate (hereinafter defined)), dividing the product by three hundred sixty (360), and multiplying that result by the actual number of days elapsed.
(b) Interest only on this Note shall be payable on the date the loan evidenced by this Note (the “"Loan”") is funded by HolderXxxxxx, in advance, for the period from and including the date hereof of funding through and including March December 31, 20112000.
(c) Commencing on May February 1, 2011 2001 and on the first day of each month thereafter through and including April December 1, 2012, (each such date a “Interest Only Payment Date”) payments of interest only shall be payable, in arrears, in the amount of $12,667.20.
(d) Commencing on May 1, 2012 and on the first day of each month thereafter through and including the first day of the month immediately preceding the Maturity Date (each such date a “Principal and Interest Payment Date” and together with any Interest Only Payment Date, referred to herein, collectively, as a “Payment Date”), 2005 combined payments of principal and interest shall be payable, in arrears, in the amount of $16,618.07 32,397.30 each (such amount representing an amount that would be sufficient to fully amortize the original principal amount of this Note over a twenty-five thirty (2530) year period (the “"Amortization Period”"), if such amortization were based on a three hundred sixty (360) day year composed of twelve (12) months of thirty (30) days each).
(ed) The entire outstanding principal balance, and all other amounts due under this Note and the other Loan Documents (as hereinafter defined), together with all accrued and unpaid interest thereonand all other sums due hereunder, shall be due and payable in full on April January 1, 2018 2006 (the “"Original Maturity Date”"). ________________________________________________________________________________ THE EXCISE TAX ON DOCUMENTS REQUIRED BY FLORIDA LAW HAS BEEN PAID ON THIS NOTE AND DOCUMENTARY STAMPS HAVE BEEN AFFIXED TO ONE OF THE MORTGAGES (IN THE AMOUNT SPECIFIED IN EXHIBIT C TO THAT MORTGAGE) RECORDED IN HILLSBOROUGH COUNTY, --------- FLORIDA AND CANCELLED.
Appears in 1 contract