Monthly Debt Service Payment. Borrower shall pay to Lender (a) on the date hereof, an amount equal to interest only on the Outstanding Principal Balance for the period commencing on the Closing Date up to but not including the first Payment Date following the Closing Date (unless the Closing Date is the eleventh (11th) day of the month, in which case no such interest only payment shall be due), which amount shall be applied on the first Payment Date to interest which shall have accrued on the Outstanding Principal Balance during such period and (b) on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender of principal and interest in an amount equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to accrued and unpaid interest and the balance to principal.
Appears in 2 contracts
Samples: Mezzanine Loan Agreement (Cole Credit Property Trust Inc), Mezzanine Loan Agreement (Cole Credit Property Trust III, Inc.)
Monthly Debt Service Payment. Borrower Borrowers shall pay to Lender (a) on the date hereof, an amount equal to interest only on the Outstanding Principal Balance for the period commencing on the Closing Date up to but not including the first Payment Date following the Closing Date (unless the Closing Date is the eleventh (11th) day of the month, in which case no such interest only payment shall be due), which amount shall be applied on the first Payment Date to interest which shall have accrued on the Outstanding Principal Balance during such period and (b) on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender of principal and interest in an amount equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to accrued and unpaid interest and the balance to principal.
Appears in 1 contract
Monthly Debt Service Payment. Borrower Borrowers shall pay to Lender (a) on the date hereof, an amount equal to interest only on the Outstanding Principal Balance for the period commencing on the Closing Date up to but not including the first Payment Date following the Closing Date (unless the Closing Date is the eleventh (11th) day of the month, in which case no such interest only payment shall be due), which amount shall be applied on the first Payment Date to interest which shall have accrued on the Outstanding Principal Balance during such 30 period and (b) on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender of principal and interest in an amount equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to accrued and unpaid interest and the balance to principal.
Appears in 1 contract
Samples: Loan Agreement (Cole Credit Property Trust III, Inc.)