Timing of Interest Rate Periods Sample Clauses

Timing of Interest Rate Periods. At all times when any Swap Contract is in effect, Borrower shall elect Interest Periods of one month in duration for all LIBOR Rate Principal. As used herein, the terms “Interest Period” and “LIBOR Rate Principal” have the meanings ascribed to them in the Note. Borrower shall time its rate elections under the Note so that each Interest Period for LIBOR Rate Principal ends on a day when a payment is due from either counterparty under any Swap Contract. [Optional provision authorizing the lender to debit and credit a specified checking account for loan and swap payments.]
Sample 1
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Timing of Interest Rate Periods. At all times when any Swap Contract is in effect, Borrower shall elect Interest Periods of one month in duration for all LIBOR Rate Principal. As used herein, the terms “Interest Period” and “LIBOR Rate Principal” have the meanings ascribed to them in the Note. Borrower shall time its rate elections under the Note so that each Interest Period for LIBOR Rate Principal ends on a day when a payment is due from either counterparty under any Swap Contract. SECTION: 004.00 BLOCK: 02.00 LOTS: 002.002 (formerly lot 002.001) and 002.003 (formerly lot 002.000) COUNTY: Suffolk ADDRESS: 00-00 Xxxx Xxxx Xxxxxx (Lot 002.002) 00 Xxxxxx Xxxxx (Lot 002.003) RD SMITHTOWN LLC, a New York limited liability company as Mortgagor TO BANK OF AMERICA, N.A. as Mortgagee MORTGAGE AND SECURITY AGREEMENT Dated: As of June 30, 2011 RECORD AND RETURN TO: Xxxxxx Xxxxxx LLP 000 Xxxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Xxxx X. Xxxxxx, Esq. MORTGAGE AND SECURITY AGREEMENT THIS MORTGAGE AND SECURITY AGREEMENT (this “Mortgage”) made the 30th day of June, 2011, by RD SMITHTOWN LLC, a New York limited liability company, having its office and principal place of business at c/o Acadia Realty Trust, 0000 Xxxxxxxxxx Xxxxxx, Xxxxx 000, Xxxxx Xxxxxx, Xxx Xxxx 00000 (hereinafter referred to as “Mortgagor” or “Borrower”), to BANK OF AMERICA, N.A., having an address at Xxx Xxxxxx Xxxx, 00xx Xxxxx, Xxx Xxxx, Xxx Xxxx 00000 (hereinafter referred to as “Mortgagee”);
Sample 1
Timing of Interest Rate Periods. At all times when any Interest Rate Protection Agreement that is a swap is in effect, Borrowers shall (a) only elect Interest Periods of one (1) month in duration and (b) time its rate elections pursuant to Section 1.7 so that each Interest Period ends on a day when a payment is due from the counterparty under such Interest Rate Protection Agreement. Ex. J-3 EXHIBIT “K” Form of DSCR Certificate [Date] Bank of America, N.A. Agency Management 000 Xxxx Xxxxxx, 00xx Xxxxx Mail Code: TX1-492-14-11 Xxxxxx, XX 00000 Re: Essex House Debt Service Coverage Ratio Statement Ladies and Gentlemen: This quarterly compliance statement is being delivered pursuant to Exhibit “B” of that certain Loan Agreement (as the same may have been or may hereafter be amended, restated, extended or otherwise modified from time to time pursuant to the terms thereof, the “Loan Agreement”) dated as of September 14, 2012 by and among SHR Essex House, LLC and SHR Essex House Condominiums, LLC, as borrowers (collectively, “Borrower”), DTRS Essex House, LLC, lenders party thereto from time to time, and Bank of America, N.A., as administrative agent for the lenders (in such capacity as agent, “Agent”). All capitalized terms used but not defined herein shall have the meanings given in the Loan Agreement. This Debt Service Coverage Ratio Statement is being given for the [DSCR Test Date] [Quarterly Test Date] of ________. Borrower calculation of the Debt Service Coverage Ratio as of such [DSCR Test Date] [Quarterly Test Date] is __________________, based on the following:
Sample 1

Related to Timing of Interest Rate Periods

  • Selection of Interest Rate Options At any time any portion of this Note bears interest determined in relation to LIBOR, it may be continued by Borrower at the end of the Fixed Rate Term applicable thereto so that all or a portion thereof bears interest determined in relation to the Prime Rate or to LIBOR for a new Fixed Rate Term designated by Borrower. At any time any portion of this Note bears interest determined in relation to the Prime Rate, Borrower may convert all or a portion thereof so that it bears interest determined in relation to LIBOR for a Fixed Rate Term designated by Borrower. At such time as Borrower requests an advance hereunder or wishes to select a LIBOR option for all or a portion of the outstanding principal balance hereof, and at the end of each Fixed Rate Term, Borrower shall give Bank notice specifying: (i) the interest rate option selected by Borrower; (ii) the principal amount subject thereto; and (iii) for each LIBOR selection, the length of the applicable Fixed Rate Term. Any such notice may be given by telephone (or such other electronic method as Bank may permit) so long as, with respect to each LIBOR selection, (A) if requested by Bank, Borrower provides to Bank written confirmation thereof not later than three (3) Business Days after such notice is given, and (B) such notice is given to Bank prior to 10:00 a.m. on the first day of the Fixed Rate Term, or at a later time during any Business Day if Bank, at it’s sole option but without obligation to do so, accepts Borrower’s notice and quotes a fixed rate to Borrower. If Borrower does not immediately accept a fixed rate when quoted by Bank, the quoted rate shall expire and any subsequent LIBOR request from Borrower shall be subject to a redetermination by Bank of the applicable fixed rate. If no specific designation of interest is made at the time any advance is requested hereunder or at the end of any Fixed Rate Term, Borrower shall be deemed to have made a Prime Rate interest selection for such advance or the principal amount to which such Fixed Rate Term applied.

  • Determination of Interest Periods Every Interest Period shall be of the duration specified by the Borrowers pursuant to clause 3.2 but so that:

  • Notification of Interest Periods and interest rate The Agent shall notify the Borrowers and the Banks promptly of the duration of each Interest Period and of each rate of interest (or, as the case may be default interest) determined by it under this clause 3.

  • Duration of Interest Periods for repayment instalments In respect of an amount due to be repaid under Clause 8 on a particular Repayment Date, an Interest Period shall end on that Repayment Date.

  • Selection of Interest Periods (a) A Borrower (or the Company on behalf of a Borrower) may select an Interest Period for a Loan in the Utilisation Request for that Loan.

  • Duration of Interest Periods The duration of each Interest Period relating to the Advance shall, save as otherwise provided herein, be one, three, six or twelve months, or any such other period as may be agreed from time to time between the Borrower and the Agent, in each case as the Borrower may select by not less than three business days' prior notice to the Agent Provided that:

  • Notice of Interest Period and Interest Rate Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.09 or a notice of selection of an Interest Period pursuant to the definition of “Interest Period”, the Administrative Agent shall give notice to the Borrower and each Lender of the applicable Interest Period and the applicable interest rate determined by the Administrative Agent for purposes of clause (a)(i) or (a)(ii) above.

  • Duration of normal Interest Periods Subject to Clauses 6.3 and 6.4, each Interest Period shall be:

  • Notice of Interest Rates The Administrative Agent shall promptly notify the Borrower and the Lenders of the interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in determining the Base Rate promptly following the public announcement of such change.

  • Rates and Payment of Interest on Loans (a) Rates. The Borrowers promise to pay to the Agent for the account of each Lender interest on the unpaid principal amount of each Loan made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: (i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the Applicable Margin (utilizing the applicable "Base Rate Margin" as identified in the definition of Applicable Margin, it being acknowledged that the Applicable Margin is a negative number, the addition of which will result in an interest rate applicable to Base Rate Loans which is lower than the corresponding Base Rate); (ii) during such periods as such Loan (other than a Competitive Advance) is a LIBOR Loan, at the Adjusted Eurodollar Rate for such Loan for the Interest Period therefor plus the Applicable Margin (utilizing the applicable "LIBOR Margin" as identified in the definition of Applicable Margin); and (iii) with respect to each Competitive Advance, at the margin over the Adjusted Eurodollar Rate determined pursuant to Section 2.3. Notwithstanding the foregoing, during the continuance of an Event of Default, the Borrowers shall pay to the Agent for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations and on any other amount payable by the Borrowers hereunder or under the Notes held by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). (b)

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