Common use of Interest and Principal Clause in Contracts

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender interest on the average Principal Indebtedness for the applicable Interest Accrual Period ending on the day immediately prior to such Payment Date at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Spread and (ii) at any time the Loan is a Prime Rate Loan, the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.6(e), the Loan shall at all times be a LIBOR Loan. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).

Interest and Principal. The Loan shall be payable ---------------------- as follows: (ai) On payment of interest only (computed at the Contract Rate) on the date hereof for the period from the date hereof through the last day of the current month (unless the Closing Date is the first day of a calendar month, in which case no such interest is due); and (ii) thereafter, a constant payment of $518,924.55 (the "MONTHLY DEBT SERVICE PAYMENT AMOUNT") due and payable on the first day of January, 1999 and on each Payment Date thereafter; each of such payments, to be applied (A) to the payment of interest computed at the Contract Rate and (B) the balance applied toward reduction of the principal sum. The constant payment required hereunder is calculated to pay the entire principal sum over a twenty-five (25) year amortization schedule. (b) To the extent the Loan is outstanding, from and after the Anticipated Payment Date interest shall accrue on the unpaid principal balance from time to time outstanding on the Loan at the Adjusted Rate. Borrower shall continue to make payments of principal and interest in monthly installments beginning on the Anticipated Payment Date and on the first day of each calendar month thereafter up to and including the Maturity Date in an amount equal to the Monthly Debt Service Payment Amount and, notwithstanding the following provision with respect to Accrued Interest, the failure to make any such payment within the time period required pursuant to Section 11.1 shall constitute an Event of Default. Each Monthly Debt Service Payment Amount paid after the Anticipated Payment Date shall be applied to the payment of interest computed at the Contract Rate with remainder applied to reduce the outstanding principal balance of the Loan in accordance with Section 2.3(a) above. Interest accrued at the Adjusted Rate and not paid shall be deferred and added to the Debt and shall earn interest at the Adjusted Rate to the extent permitted by applicable law (such accrued interest is hereinafter defined as "ACCRUED INTEREST"). In addition to such payments of principal and interest, from and after the Anticipated Payment Date, Borrower shall pay to Lender make payments in reduction of the outstanding principal balance of the Loan and accrued interest in monthly installments beginning on the average Principal Indebtedness for the applicable Interest Accrual Period ending Anticipated Payment Date and on the first day immediately prior of each calendar month thereafter up to such Payment Date at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Spread and (ii) at any time the Loan is a Prime Rate Loan, the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.6(e), the Loan shall at all times be a LIBOR Loan. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Maturity Date through in accordance with the end terms and provisions of the first Interest Accrual Period in lieu of making such payment on the first Payment Date following the Closing Date Section 3.5 below. (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Datec).

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender interest on the average Principal Indebtedness each Note for the applicable Interest Accrual Period ending on the day immediately prior to such Payment Date at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Spread and (ii) at any time the Loan is a Prime Rate Loan, the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (, in which case the “monthly payment shall be increased by the amount of Default Interest Rate”accrued on the Notes during the applicable Interest Accrual Period). As Interest payable hereunder shall be computed on the basis of a 360-day year and the Closing Date, actual number of days elapsed in the Loan is a LIBOR Loan, and except as provided in Section 1.6(e), the Loan shall at all times be a LIBOR Loanrelated Interest Accrual Period. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.1(d), the Loan shall at all times be a LIBOR Loan.

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender (to be applied to each Note on a pro rata, pari passu basis) interest on the average Principal Indebtedness for the applicable Interest Accrual Period ending on the day immediately prior to such Payment Date at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Spread and (ii) at any time the Loan is a Prime Rate Loan, the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Prime Rate Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.6(e1.2(e), the Loan shall at all times be a LIBOR Loan. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date)) and the next payment of interest shall be due and payable on the next subsequent Payment Date.

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender (to be applied to each Note on a pro rata, pari passu basis, if applicable) interest on the average Principal Indebtedness for the applicable Interest Accrual Period ending on the day immediately prior to such Payment Date at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Spread and (ii) at any time the Loan is a Prime Rate Loan, the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Prime Rate Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.6(e1.2(e), the Loan shall at all times be a LIBOR Loan. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date)) and the next payment of interest shall be due and payable on the next subsequent Payment Date.

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender interest on the average Principal Indebtedness for the applicable Interest Accrual Period ending on the day immediately prior to such Payment Date at a rate per annum (the “Interest Rate”) equal to (i) at any time the Loan is a LIBOR Loan, the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Spread and Period (ii) except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread (except that Spread; and in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.6(e1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender interest on the average Principal Indebtedness outstanding principal balance of each Note or Note Component for the applicable entire Interest Accrual Period ending on the day immediately prior to in which such Payment Date falls at a rate per annum equal to (i) at any time the Loan is a LIBOR Loan, the sum of LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Spread and (ii) at any time applicable LIBOR Spread; provided that if the Loan is a has been converted to an Alternate Rate Loan or Prime Rate Loan, such rate per annum shall instead be the sum of the Alternate Rate Index or Prime Rate, respectively, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Alternate Rate Spread or Prime Rate Spread (except Spread, respectively, in each case subject to the proviso that in each caseno event shall the rate per annum of any Note or Note Component be less than the LIBOR Spread corresponding to such Note or Note Component while the Loan was a LIBOR Loan. Together with the interest payment required pursuant to the immediately preceding sentence, Borrower shall pay to Lender all amounts required to be reserved by Lender on the applicable Payment Date pursuant to Article III of this Agreement. Notwithstanding the foregoing, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.6(e1.2(d), the Loan shall at all times be a LIBOR Loan. Notwithstanding the foregoing, on On the Closing Date, Borrower shall pay interest from and including the Closing Date through the end of the first Interest Accrual Period in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).. 39 [AM_ACTIVE 400655008_12]