Common use of SPECIAL INTEREST RATES Clause in Contracts

SPECIAL INTEREST RATES. Borrower understands and agrees that Association may agree to provide one, or more, incentive interest rates for certain disbursements used for specific purposes. Borrower acknowledges that the requirements and conditions for any disbursements qualifying for any such incentive interest rates are set by Association, and not Lender. Xxxxxxxx further acknowledges receipt of, understands, and agrees to comply with such requirements and conditions. Borrower further acknowledges and agrees that compliance with such requirements and conditions shall be determined by Association, in its sole discretion. Xxxxxxxx understands that all advances made under a Special Interest Rate shall be reflected in a monthly statement provided to Borrower by Xxxxxx, and Xxxxxxxx acknowledges, and agrees that such interest rate is effective as to such advances. Special Interest Terms: Interest on the principal shall be payable from the date of disbursement to and including End Date as provided in the Loan Commitment letter. In the event that Association determines that Borrower has failed to comply with such requirements and conditions, then the Special Interest Rates shall not be in effect and the Interest Rate shown in the Loan Commitment letter shall apply to amounts advanced. Lender shall have no duty of notice to Borrower of such determination. Upon the occurrence of an Event of Default then the Special Interest Rates shall not be in effect and the interest rate shown above in the Interest section shall apply to amounts advanced. Any Disbursements not qualifying for the Special Interest Rates requirements and conditions shall be subject to the interest rate shown above in the Interest section.

SPECIAL INTEREST RATES. Borrower understands and agrees that Association may agree to provide one, or more, incentive interest rates for certain disbursements used for specific purposes. Borrower acknowledges that the requirements and conditions for any disbursements qualifying for any such incentive interest rates are set by Association, and not Lender. Xxxxxxxx Borrower further acknowledges receipt of, understands, and agrees to comply with such requirements and conditions. Borrower further acknowledges and agrees that compliance with such requirements and conditions shall be determined by Association, in its sole discretion. Xxxxxxxx Borrower understands that all advances made under a Special Interest Rate shall be reflected in a monthly statement provided to Borrower by XxxxxxLender, and Xxxxxxxx Borrower acknowledges, and agrees that such interest rate is effective as to such advances. Special Interest Terms: Interest on the principal shall be payable from the date of disbursement to and including End Date as provided in the Loan Commitment letter. In the event that Association determines that Borrower has failed to comply with such requirements and conditions, then the Special Interest Rates shall not be in effect and the Interest Rate interest rate shown above in the Loan Commitment letter Interest section shall apply to amounts advanced. Lender shall have no duty of notice to Borrower of such determination. Upon the occurrence of an Event of Default then the Special Interest Rates shall not be in effect and the interest rate shown above in the Interest section shall apply to amounts advanced. Any Disbursements not qualifying for the Special Interest Rates requirements and conditions shall be subject to the interest rate shown above in the Interest section.

SPECIAL INTEREST RATES. Borrower understands and agrees that Association may agree to provide one, or more, incentive interest rates for certain disbursements used for specific purposes. Borrower acknowledges that the requirements and conditions for any disbursements qualifying for any such incentive interest rates are set by Association, and not Lender. Xxxxxxxx Borrower further acknowledges receipt of, understands, and agrees to comply with such requirements and conditions. Borrower further acknowledges and agrees that compliance with such requirements and conditions shall be determined by Association, in its sole discretion. Xxxxxxxx Borrower understands that all advances made under a Special Interest Rate shall be reflected in a monthly statement provided to Borrower by XxxxxxLender, and Xxxxxxxx Borrower acknowledges, and agrees that such interest rate is effective as to such advances. Special Interest Terms: Interest on the principal shall be payable from the date of disbursement to and including End Date as provided in the Loan Commitment letter. In the event that Association determines that Borrower has failed to comply with such requirements and conditions, then the Special Interest Rates shall not be in effect and the Interest Rate shown in the Loan Commitment letter shall apply to amounts advanced. Lender shall have no duty of notice to Borrower of such determination. Upon the occurrence of an Event of Default then the Special Interest Rates shall not be in effect and the interest rate shown above in the Interest section shall apply to amounts advanced. Any Disbursements not qualifying for the Special Interest Rates requirements and conditions shall be subject to the interest rate shown above in the Interest section.