INTEREST BUYDOWN. The City of Overland Park will maintain the city’s existing account with Valley View Bank in an interest bearing money market account. As loans under this program are closed, the Bank will withdraw funds from the account to be used as prepaid interest on the note. The Bank will provide the City of Overland Park with a notice of each withdrawal and a report of all applications received and pending. For the period July 1, 2006 through June 30, 2007. the Bank will use the interest rate of 6.75% as the basis rate for the interest rate buy down for the city. NOTE TERM AND RATE TO BORROWERS FOR PERIOD JULY 1, 2006 THROUGH JUNE 30, 2007; Term Borrowers Rate 36 months 3.65% 48 months 4.50% 60 months 5.25% Valley View Bank may establish for this program loan terms greater than 5 years, however, the city will only subsidize the interest for 5 years of the extended loan term.

INTEREST BUYDOWN. The City will maintain the City’s existing account with the Bank in an interest bearing money market account. As loans under this program are closed, the Bank will withdraw funds from the account to be used as prepaid interest on the note. The Bank will provide the City with a notice of each withdrawal and a report of all applications received and pending. The Bank will use the interest rate of 6.75% as the basis rate for the interest rate buy down for the City.

INTEREST BUYDOWN. The City of Overland Park will maintain the city’s existing account with Valley View State Bank in an interest bearing money market account. As loans under this program are closed, the Bank will withdraw funds from the account to be used as prepaid interest on the note. The Bank will provide the City of Overland Park with a notice of each withdrawal and a report of all applications received and pending. The Bank will use the interest rate of 5.75% as the basis rate for the interest rate buy down for the city.

Examples of INTEREST BUYDOWN in a sentence

APPROVE THE INTEREST BUYDOWN AGREEMENT OF THE FLEX PACE PROGRAM – SOURIS HEIGHTS LLLPPresented by Chris Plank, NDR Program Manager RECOMMENDED ACTION It is recommended City Council approve the Interest Buydown Agreement for the Flex PACE Buydown agreement for Souris Heights, LLLP and authorize the Mayor to sign the necessary documents.
UNITED PULSE TRADING INC By: Title: FIRST WESTERN BANK & TRUST By: Title: INTEREST BUYDOWN AGREEMENT PACE PROGRAM This Interest Buydown Agreement is made between CITY OF MINOT (the "Community), and the Bank of North Dakota ("BND") acting on behalf of the PACE Program (“PACE”) for the purpose of a buydown on the interest for the loan (the "Loan") received by UNITED PULSE TRADING INC (the "Borrower") from FIRST WESTERN BANK & TRUST (the "Originating Lender") dated .
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DESCRIPTION OF THE INTEREST BUY-DOWN SCHEMEThe Interest Buy-Down Scheme will operate as follows: Facility EligibilityThe following types of facilities are eligible to apply for funds under the EAS scheme• Industrial plants• Commercial buildings• Hospitals and health care facilities• Universities and colleges• Schools• Multifamily buildingsThe facility needs to meet the criteria for commercial borrowers established by the financial institution.

Related to INTEREST BUYDOWN

Interest Reserve means, for any Calculation Period, the product (expressed as a percentage) of (i) 1.5 times (ii) the Alternate Base Rate as of the immediately preceding Cut-Off Date times (iii) a fraction the numerator of which is the highest Days Sales Outstanding for the most recent 12 Calculation Periods and the denominator of which is 360.
Buydown means an arrangement or arrangements involving the
Interest Reserve Account As defined in Section 3.4(d).
Interest Reset Date means, with respect to any Interest Period with respect to the Floating Rate Notes, the first day of such Interest Period; provided that if any Interest Reset Date would otherwise be a day that is not a Business Day, that Interest Reset Date will be postponed to the next succeeding day that is a Business Day, except that if that Business Day falls in the next succeeding calendar month, such Interest Reset Date will be the immediately preceding Business Day.
Interest Collection Account A Securities Account created and maintained on the books and records of the Securities Intermediary entitled “Interest Collection Account” in the name of the Borrower and subject to the prior Lien of the Collateral Agent for the benefit of the Secured Parties.