Interest Rate Modification. Effective from and after July 1, 2011 (such date, the “New Interest Rate Effective Date”), interest shall accrue on the unpaid principal balance of the Loan at a per annum rate equal to the Variable Rate. Interest shall be computed on the basis of a 360-day year consisting of 12 consecutive 30-day months. Borrower agrees to pay an effective rate of interest for the Loan that is the sum of (i) the interest rate for the Loan, as provided in this Modification; and (ii) any additional rate of interest resulting from any other charges or fees paid or to be paid by Borrower pursuant to any of the Loan Documents that are required, pursuant to applicable law, to be taken into account as interest or in the nature of interest. BORROWER ACKNOWLEDGES AND AGREES THAT THE RATE OF INTEREST TO APPLY AFTER THE NEW INTEREST RATE EFFECTIVE DATE IS DIFFERENT FROM THE RATE OF INTEREST APPLICABLE TO THE LOAN PRIOR TO SUCH DATE. Notwithstanding anything to the contrary in the Current Loan Documents, the following definitions shall control:
Appears in 3 contracts
Samples: Loan Modification Agreement (Summit Hotel Properties, Inc.), Loan Modification Agreement (Summit Hotel Properties, Inc.), Loan Modification Agreement (Summit Hotel Properties, Inc.)
Interest Rate Modification. Effective from and after July August 1, 2011 (such date, the “New Interest Rate Effective Date”), interest shall accrue on the unpaid principal balance of the Loan at a per annum rate equal to the Variable Rate. Interest shall be computed on the basis of a 360-day year consisting of 12 consecutive 30-day months. Borrower agrees to pay an effective rate of interest for the Loan that is the sum of (i) the interest rate for the Loan, as provided in this Modification; and (ii) any additional rate of interest resulting from any other charges or fees paid or to be paid by Borrower pursuant to any of the Loan Documents that are required, pursuant to applicable law, to be taken into account as interest or in the nature of interest. BORROWER ACKNOWLEDGES AND AGREES THAT THE RATE OF INTEREST TO APPLY AFTER THE NEW INTEREST RATE EFFECTIVE DATE IS DIFFERENT FROM THE RATE OF INTEREST APPLICABLE TO THE LOAN PRIOR TO SUCH DATE. Notwithstanding anything to the contrary in the Current Loan Documents, the following definitions shall control:
Appears in 3 contracts
Samples: Second Loan Modification Agreement (Summit Hotel Properties, Inc.), Second Loan Modification Agreement (Summit Hotel Properties, Inc.), Second Loan Modification Agreement (Summit Hotel Properties, Inc.)
