AFR RATE means the fixed rate of return as of the date of the first Drawdown, equal to the applicable federal long-term rate under section 1274(d) of the Code, compounded annually, as determined in the good faith judgment of the General Partner, PROVIDED, that the General Partner may increase such fixed rate of return if, as of the date of any subsequent Drawdown, such fixed rate of return is less than the applicable federal rate under Section 1274(d) of the Code, compounded annually.
AFR RATE means the applicable federal interest rate determined in accordance with Section 1274 of the Code.
AFR RATE means, with respect to any Fund, the fixed rate of return as of the date of the first capital call of such Fund, equal to the applicable federal long-term rate under section 1274(d) of the Code, compounded annually, as determined in the good faith judgment of the general partner of such Fund, PROVIDED that the general partner of such Fund may increase such fixed rate of return if, as of the date of any subsequent capital call of such Fund, such fixed rate of return is less than the applicable federal rate under section 1274(d) of the Code, compounded annually.
More Definitions of AFR RATE
AFR RATE means 120% of the long term Applicable Federal Rate (as defined in the Code), compounded monthly, as in effect each month.
AFR RATE means the rate of interest established from time to time by the Secretary of the United States Department of the Treasury pursuant to section 724(d) of the Internal Revenue Code of 1986.
AFR RATE means the applicable federal rate published from time to time by the Department of Treasury, as determined on the date hereof and on each anniversary date thereafter.
AFR RATE is defined in Section 6.2B.
AFR RATE means the applicable federal rate for “mid-term” loans in effect as of the date on which the Community Center Parcel and Public Community Center are accepted by City, as published by the Internal Revenue Service pursuant to section 1274(d) of the Internal Revenue Code. City shall pay the Community Center Reimbursement Payment in annual installments commencing on the September 1 immediately following City’s acceptance of dedication of the Community Center Parcel and Public Community Center and continuing annually thereafter on each September 1 until paid in full, provided that in no event shall full payment be made later than the ninth (9th) annual payment. Community Center Reimbursement Payments shall be applied first to payment accrued interest and second to payment of outstanding principal. Initially, City shall reimburse Developer out of City’s Capital Facilities Fee Fund. Developer acknowledges that City currently commits approximately One Million Dollars ($1,000,000.00) of Capital Facilities Fund revenues per year to payment of debt service on City’s outstanding certificates of participation indebtedness, and that City will pay to Developer in each annual installment the difference between the total amount of Capital Facilities Fee Fund revenue collected from capital facilities Impact Fees during the prior fiscal year and the amount of those Impact Fees used in the prior fiscal year to pay debt service on the certificates of participation indebtedness (including any refinancing of such certificate of participation indebtedness; provided the highest annual debt service of the refinancing obligation is not greater than $1,000,000.00) until the Community Center Reimbursement Payment is fully paid. Except as otherwise provided above with respect to City’s existing certificate of participation indebtedness and potential permitted refinancing of same, until such time as the Community Center Reimbursement Payment has been paid in full, City shall not obligate Capital Facilities Fee Fund revenues in any way that would create an obligation senior in priority to the Community Center Reimbursement Payment. In the event that annual payments from the Capital Facilities Fee Fund are insufficient to fully repay the Community Center Reimbursement Payment, City shall supplement the ninth (9th) annual payment (the “Final Community Center Reimbursement Payment”) from other City sources of funds sufficient to fully repay the Community Center Reimbursement Payment. City a...
AFR RATE means (i) for any Reset Date occurring prior to the AFR Switch Date, the mid-term annual interest rate, and (ii) for any Reset Date occurring on or after the AFR Switch Date, the short-term annual interest rate, in each case as published by the Internal Revenue Service of the U.S. Treasury (“IRS”) to calculate imputed interest charges, as listed monthly on the IRS website at xxxxx://xxx.xxx.xxx/applicable-federal-rates. “AFR Switch Date” means December 31, 2024, which is the date occurring three years prior to the Maturity Date. “Agreement” shall mean this Second Amended and Restated Uncommitted Revolving Loan Agreement, as amended from time to time. DOC ID - 45183065.3 -8- “Bankruptcy Law” shall mean Title 11, U.S. Code or any similar federal or state law for the relief of debtors. “Borrower” is defined in the first paragraph of this Agreement. “Business Day” shall mean any day other than a Saturday, Sunday or other day on which banks in New York, New York are authorized to close. “Dollars” and the sign “$” shall mean lawful money of the United States of America. “Event of Default” is defined in Section 9 of this Agreement. “Facility” is defined in Section 1 of this Agreement. “Facility Period” is defined in Section 1 of this Agreement. “Indemnitee” is defined in Section 15 of this Agreement. “Interest Accrual Period” means each period commencing on a Reset Date and ending on the day immediately prior to the next succeeding Reset Date. “Interest Rate” means, for each Interest Accrual Period, a rate per annum equal to the AFR Rate as in effect on the first day of such Interest Accrual Period. “Loan Request” is defined in Section 6 of this Agreement. “Loans” is defined in Section 1 of this Agreement. “Lender” is defined in the first paragraph of this Agreement. “Maturity Date” shall mean December 31, 2027. “Maximum Facility Amount” is defined in Section 1 of this Agreement. “Note” is defined in Section 4 of this Agreement. “Person” shall mean any individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. “Register” is defined in Section 11 of this Agreement. “Repayment Date” is defined in Section 8 of this Agreement. “Reset Date” means (i) in the case of the initial Interest Accrual Period, the Second AR Effective Date, and (ii) for each subsequent Interest Accrual Period, the first Business Day of each calendar quarter.
AFR RATE means the minimum applicable federal rate in effect on the date of inception of the loan necessary to avoid the imputation of income and gift for federal income tax purposes.