Common use of Credit for Payment Receipt Clause in Contracts

Credit for Payment Receipt. No payment due under this Loan Agreement or any of the other Loan Documents shall be deemed paid to Lender until received by Lender at its designated office on a Business Day prior to 2:00 p.m. Eastern Standard Time. Any payment received after the time established by the preceding sentence shall be deemed to have been paid on the immediately following Business Day. Each payment that is paid to Lender within ten (10) days prior to the date on which such payment is due, and prior to its scheduled Payment Due Date, shall not be deemed a prepayment and shall be deemed to have been received on the Payment Due Date solely for the purpose of calculating interest due.

Appears in 4 contracts

Samples: Loan Agreement (Resource Real Estate Opportunity REIT, Inc.), Loan Agreement (Macquarie Infrastructure CO LLC), Loan Agreement (Angeles Income Properties LTD Ii)

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Credit for Payment Receipt. No payment due under this Loan Agreement or any of the other Loan Documents shall be deemed paid to Lender until received by Lender at its designated office on a Business Day business day prior to 2:00 p.m. Eastern Standard Time. Any payment received after the time established by the preceding sentence shall be deemed to have been paid on the immediately following Business Daybusiness day. Each payment that is paid to Lender within ten (10) days prior to the date on which such payment is due, and prior to its scheduled Where a Payment Due DateDate falls on a date other than a business day, shall not be deemed a prepayment and shall be deemed to have been received on the Payment Due Date solely for shall be deemed the purpose of calculating interest duefirst business day immediately thereafter.

Appears in 2 contracts

Samples: Mezzanine Loan Agreement (CNL Hotels & Resorts, Inc.), Loan Agreement (CNL Hotels & Resorts, Inc.)

Credit for Payment Receipt. No payment due under the Note, this Loan Agreement or any of the other Loan Documents shall be deemed paid to Lender until received by Lender at its designated office on a Business Day prior to 2:00 p.m. Eastern Standard Time4:00 p.m., central time. Any payment received after the time established by the preceding sentence shall be deemed to have been paid on the immediately following succeeding Business Day. Each payment that is paid to Lender within ten (10) days prior to the date on which such payment is due, and prior to its scheduled Payment Due Date, shall not be deemed a prepayment and shall be deemed to have been received on the Payment Due Date solely for the purpose of calculating interest due.

Appears in 1 contract

Samples: Loan Agreement (AmREIT, Inc.)

Credit for Payment Receipt. No payment due under this Loan Agreement or any of the other Loan Documents shall be deemed paid to Lender until received by Lender at its designated office on a Business Day business day prior to 2:00 p.m. Eastern Standard Timetime. Any payment received after the time established by the preceding sentence shall be deemed to have been paid on the immediately following Business Daybusiness day. Each payment that is paid to Lender within ten (10) days prior to the date on which such payment is due, and prior to its scheduled Where a Payment Due DateDate falls on a date other than a business day, shall not be deemed a prepayment and shall be deemed to have been received on the Payment Due Date solely for shall be deemed the purpose of calculating interest duefirst business day immediately thereafter.

Appears in 1 contract

Samples: Loan Agreement (Behringer Harvard Opportunity REIT I, Inc.)

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Credit for Payment Receipt. No payment due under the Note, this Loan Agreement or any of the other Loan Documents shall be deemed paid to Lender until received by Lender at its designated office on a Business Day prior to 2:00 p.m. Eastern Standard Timep.m., central time. Any payment received after the time ATLANTA 5481238.10 established by the preceding sentence shall be deemed to have been paid on the immediately following succeeding Business Day. Each payment that is paid to Lender within ten (10) days prior to the date on which such payment is due, and prior to its scheduled Payment Due Date, shall not be deemed a prepayment and shall be deemed to have been received on the Payment Due Date solely for the purpose of calculating interest due.

Appears in 1 contract

Samples: Loan Agreement (Chesapeake Lodging Trust)

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