The Loan; Term. (a) On the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the “Loan”) in an amount equal to the Loan Amount. The Loan shall be represented by the Notes that shall bear interest as described in this Agreement at a per annum rate as provided in Section 1.2(a). Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
The Loan; Term. (a) On the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make an advance (the “Closing Date Advance”) to Borrower in an amount equal to the Closing Date Advance Amount. The Loan shall initially be represented by a single Note that shall bear interest as described in this Agreement at a per annum rate equal to the Interest Rate. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
The Loan; Term. 13.1.2.1 The maximum loan term for the USSD loans is 1 month.
The Loan; Term. (a) On the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the “Loan”) in an amount equal to the Loan Amount. The Loan shall initially be represented by a single Note that shall bear interest as described in this Agreement at a per annum rate as provided in Section 1.2(a). If the Note is subdivided pursuant to Section 1.1(c), each of the Notes shall be pari passu and of equal rank without priority or preference of one over the other (except following repayments of principal during the continuance of an Event of Default). Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
The Loan; Term. (a) The outstanding principal balance of the Loan immediately prior to the Closing Date was $100,000,000. On the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make an additional and final advance to Borrower in an amount equal to $20,000,000, with the result that the outstanding principal balance of the Loan shall be $120,000,000. The Loan, as so increased, shall initially be represented by a single Note that shall bear interest as described in this Agreement at a per annum rate as provided in Section 1.2(a). Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
The Loan; Term. (a) As of the Restatement Effective Date, the outstanding principal balance of the loan made to Borrower pursuant to the Original Loan Agreement and the First Amended Loan Agreement is $484,147,760.37 (the “Original Loan Balance”). On the Restatement Effective Date, subject to the terms and conditions of this Agreement, Lender shall make an additional advance to Borrower in the amount of $40,000,000 (the “Restatement Date Advance Amount”). The Loan shall be represented by the Note(s) and shall bear interest as described in this Agreement at a per annum rate equal to the Interest Rate. As of the Restatement Effective Date, after giving effect to the Restatement Date Advance Amount: (i) the portion of the Principal Indebtedness evidenced by Note A is $484,147,760.37, (ii) the portion of the Principal Indebtedness evidenced by Note B is $40,000,000 and (iii) the aggregate Principal Indebtedness is $524,147,760.37. The Delayed Advance, to the extent made, shall also be evidenced by Note B. Note A and Note B are each secured by the Mortgages recorded against the Initial Properties (and, if a Delayed Advance is made, Note Component A-2 and Note B shall each be further secured by the second lien mortgages recorded against the Secondary Properties). As of the Initial Second Lien Advance Date, Note A was subdivided into two Note Components, in accordance with the terms thereof. One such Note Component (“Note Component A-1”) evidences the Original Loan Balance, and one such Note Component (“Note Component A-2”) evidences the Initial Second Lien Advance Amount. At Lender’s election, and in Lender’s sole discretion, to the extent the Delayed Advance has been made, the outstanding principal balance of Note Component A-2 may be reallocated to Note B, such that the outstanding principal balance of Note B shall be increased by the then-outstanding principal balance of Note Component A-2, and Note Component A-2 shall be reduced to zero. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
The Loan; Term. (a) On the Closing Date, subject to the terms and conditions of this Agreement, Lender shall make a loan to Borrower (the “Loan”) in an amount equal to the Loan Amount. The Loan shall initially be represented by a single Note that shall bear interest as provided in Section 1.2(a). All interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days in the related Interest Accrual Period. All dollar amounts resulting from calculations hereunder will be rounded upward to the nearest cent. (b) The Loan shall be secured by the Collateral pursuant to the Mortgages and the other Loan Documents. (c) Upon written notice from Lender to Borrower from time to time (a “Componentization Notice”), the Note will be deemed to have been subdivided into multiple components (“Note Components”); provided, that any such subdivision following the Closing Date shall be at Lender’s sole cost and expense, except that Borrower shall pay its own legal expenses. Each Note Component shall have such notional balance as Lender shall specify in the most recent Componentization Notice and an interest rate equal to the sum of LIBOR plus such LIBOR Spread as Lender shall specify in such Componentization Notice, provided that the sum of the principal balances of all Note Components shall equal the then-current Principal Indebtedness, and the weighted average of the LIBOR Spreads, weighted on the basis of their respective principal balances, shall initially equal the percentage set forth in clause (x) of the definition of “LIBOR Spread”. Borrower shall be treated as the obligor with respect to each of the Note Components and, subject to Section 8.7. acknowledges that each Note Component may be individually beneficially owned by a separate Person. A Componentization Notice need not be countersigned by Borrower in order to be effective, but Borrower shall countersign any Componentization Notice if requested by Lender. The Note Components need not be represented by separate physical Notes, but if requested by Lender each Note Component shall be represented by a separate physical Note, in which case Borrower shall execute and return to Lender each such replacement Note, in substantially the same form as the Note executed and delivered on the Closing Date, promptly following Borrower’s receipt of an execution copy thereof. Voluntary and involuntary prepayments of principal on the Loan shall be applied to the Notes or Note Components sequentially or in such ...
The Loan; Term. The Loan shall be advanced in accordance with the provisions of Section 1.7 hereof and the Initial Advance shall be evidenced by the Initial Advance Notes and the Future Funding Component shall be evidenced by the Future Funding Notes that shall each bear interest as described in this Agreement at a per annum rate as provided in Section 1.2(a). Each of the Notes shall be pari passu and of equal rank without priority or preference of one over the other. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period.
