Common use of LC Loan Interest Clause in Contracts

LC Loan Interest. (i) The Borrowers shall pay interest (including interest accruing after the commencement of an insolvency proceeding against any Borrower under applicable Bankruptcy Law) on the unpaid principal amount of all Unreimbursed Obligations and each LC Loan from the date of the drawing made under such Letter of Credit until (A) such Unreimbursed Obligation is repaid or (B) the maturity of such LC Loan, as applicable. Each Unreimbursed Obligation and LC Loan shall accrue interest from the date of such drawing at a rate per annum equal to: (1) during such periods as such Unreimbursed Obligation or LC Loan, as applicable, is a Base Rate Loan, the Base Rate (as in effect from time to time) plus the Applicable Margin; and (2) during such periods as such Unreimbursed Obligation or LC Loan, as applicable, is a SOFR Loan, Daily Simple SOFR (as in effect from time to time) plus the Applicable Margin. (ii) Accrued interest on the unpaid principal amount of each such Unreimbursed Obligation (for any period during which it has not converted to an LC Loan in accordance with Section 2.1(h)(iii)(B)) and each such LC Loan that is a SOFR Loan shall be payable (A) on each Quarterly Date; (B) on the LC Loan Maturity Date or the date upon which the Unreimbursed Obligation (for any period during which it has not converted to an LC Loan in accordance with Section 2.1(h)(iii)(B)) is repaid, as applicable; and (C) in all cases, upon prepayment of any such SOFR Loan as and to the extent provided in Section 2.1(g) and on the Term Loan Maturity Date. Accrued interest on the unpaid principal amount of each such Unreimbursed Obligation or LC Loan that is a Base Rate Loan shall be payable (1) on the date of the conversion of such Unreimbursed Obligation or LC Loan, as applicable, that is a Base Rate Loan to a SOFR Loan; (2) (x) prior to the Term Conversion Date, on each Quarterly Date and (y) following the Term Conversion Date, on each Semi-Annual Date; (3) on the LC Loan Maturity Date or the date upon which the Unreimbursed Obligation (for any period during which it has not converted to an LC Loan in accordance with Section 2.1(h)(iii)(B)) is repaid, as applicable and (4) in all cases, upon prepayment of any Base Rate Loans as and to the extent provided in Section 2.1(g) and on the Term Loan Maturity Date. (iii) [Reserved]. US-DOCS\169476957.30 (iv) Any LC Loan, whether a Base Rate Loan or a SOFR Loan, shall continue as such until the LC Loan Maturity Date; provided that, the Borrowers shall have the right, at any time from the Term Conversion Date until the LC Loan Maturity Date, to request a Conversion of an LC Loan of one Type to an LC Loan of the other Type by delivering a written notice requesting such Conversion (such notice shall be in the form and substance acceptable to the applicable Issuing Bank) to the Administrative Agent and such Issuing Bank [REDACTED]. Daily Simple SOFR applicable to SOFR LC Loans shall be determined pursuant to the definition of “Daily Simple SOFR” and Section 2.1(i)(i), and the Base Rate for any applicable LC Loan that is a Base Rate Loan shall be equal to the Base Rate in effect on the date when such Base Rate Loan is made or deemed made hereunder. The Administrative Agent, on behalf of each Issuing Bank, shall, as soon as practicable (and, in any case, within three (3) Business Days) after an LC Loan is made, Continued or Converted, notify the Borrowers of each determination of Daily Simple SOFR (in the case of any SOFR LC Loan made hereunder) or the Base Rate (in the case of any LC Loan that is a Base Rate Loan made hereunder). (v) Each Borrower authorizes the Issuing Banks to record in an account or accounts maintained by such Issuing Bank on its books (A) the interest rates applicable to all LC Loans and Unreimbursed Obligations and the effective dates of all changes thereto; (B) the date and amount of each principal and interest payment on each LC Loan and Unreimbursed Obligation; and (C) such other information as such Issuing Bank may determine is necessary for the computation of interest payable by the Borrowers hereunder consistent with the basis hereof. Each Borrower agrees that all computations by each Issuing Bank of interest shall be conclusive in the absence of manifest error. Each Issuing Bank shall, at the request of the Borrowers, deliver to the Borrowers a statement detailing such computations of interest promptly after request. All computations of interest on LC Loans and Unreimbursed Obligations hereunder, as applicable, shall include the first day but exclude the last day of the period for which such interest is payable and shall be based upon a year of (1) in the case of Base Rate LC Loans or Unreimbursed Obligations, 365 days (or 366 days in a leap year), and (2) in the case of SOFR LC Loans or Unreimbursed Obligations, 360 days, in each case for the actual days elapsed. All interest hereunder on any LC Loan or Unreimbursed Obligations shall be computed on a daily basis based upon the outstanding principal amount of such LC Loan or Unreimbursed Obligation, as applicable, as of the applicable date of determination. (vi) (A) To the extent any Unreimbursed Obligations or LC Loans are outstanding prior to the Term Conversion Date, on the Construction Loan Maturity Date, the Borrowers shall repay to Administrative Agent on behalf of the applicable Issuing Bank(s), in accordance with Section 7.3(b) and Section 7.4(b), as applicable an amount equal to all Unreimbursed Obligations and LC Loans plus all interest, fees and costs with respect to such Unreimbursed Obligations and such LC Loans; (B) from and after the Term Conversion Date, the Borrowers shall repay to Administrative Agent on behalf of the Issuing Banks, in accordance with Section 7.3(c) and Section 7.4(c), as applicable, the Unreimbursed Obligations and LC Loans plus all interest, fees and costs with respect to US-DOCS\169476957.30 any such Unreimbursed Obligations and LC Loans; and (C) on the LC Loan Maturity Date the Borrowers shall repay to Administrative Agent on behalf of the applicable Issuing Banks, an amount equal to all Unreimbursed Obligations and LC Loans plus all interest, fees and costs with respect to such Unreimbursed Obligations and LC Loans. (vii) Any remaining unpaid principal, interest, fees and costs with respect to any Unreimbursed Obligation or LC Loan then outstanding, if any, shall be due and payable on the LC Loan Maturity Date.

LC Loan Interest. (i) The Borrowers Borrower shall pay interest (including interest accruing after the commencement of an insolvency proceeding against any Borrower under applicable Bankruptcy Law) on the unpaid principal amount of all Unreimbursed Obligations and each LC Loan from the date of the drawing made under such any Letter of Credit until (Aa) such Unreimbursed Obligation is repaid or (Bb) the maturity of such LC Loan, as applicable. Each Unreimbursed Obligation and each LC Loan shall accrue interest from the date of such drawing at a rate per annum equal to: (1) during such periods as such LC Loan or Unreimbursed Obligation or LC LoanObligation, as applicable, is a Base Rate Loan, the Base Rate (as in effect from time to time) plus plus, in each case, an applicable margin of (A) from the Applicable Margin; Closing Date and until the fourth anniversary of the Closing Date, 0.375% per annum and (B) from the fourth anniversary of the Closing Date and thereafter, 0.50% per annum, and (2) during such periods as such Unreimbursed Obligation or LC Loan, as applicable, Loan is a SOFR Loan, Adjusted Daily Simple SOFR plus, in each case, an applicable margin of (as in effect A) from time to timethe Closing Date and until the fourth anniversary of the Closing Date, 1.375% per annum and (B) plus from the Applicable Marginfourth anniversary of the Closing Date and thereafter, 1.50% per annum. (ii) Accrued interest on the unpaid principal amount of each such Unreimbursed Obligation (for any period during which it has not converted to an LC Loan in accordance with Section 2.1(h)(iii)(B)) and each such LC Loan that is a SOFR Loan shall be payable (Ai) with respect to SOFR Loans, on each Quarterly Date; (Bii) on the applicable LC Loan Maturity Date or the date upon which the Unreimbursed Obligation (for any period during which it has not converted to an LC Loan in accordance with Section 2.1(h)(iii)(B)) is repaid, as applicableDate; and (Ciii) in all cases, upon prepayment of any such SOFR Loan as and to the extent provided in Section 2.1(g2.1(l)(iii) and on the Term Loan Maturity Date. Accrued interest on the unpaid principal amount of each such LC Loan or Unreimbursed Obligation or LC Loan that is a Base Rate Loan shall be payable (1i) on the date of the conversion of such Unreimbursed Obligation or LC Loan, as applicable, that is a Base Rate LC Loan to a SOFR Loan; (2ii) (x) prior to the Term Conversion Date, on each Quarterly Date and (y) following the Term Conversion Date, on each Semi-Annual Date; (3iii) on the applicable LC Loan Maturity Date or the date upon which the Unreimbursed Obligation (for any period during which it has not converted to an LC Loan in accordance with Section 2.1(h)(iii)(B)) is repaid, as applicable and (4) in all cases, upon prepayment of any Base Rate Loans as and to the extent provided in Section 2.1(g2.1(l)(iii) and on the Term Loan Maturity Date. (iii) [ReservedIntentionally Omitted]. US-DOCS\169476957.30. (iv) Any LC Loan, whether a Base Rate Loan or a SOFR Loan, shall continue as such until the applicable LC Loan Maturity Date; provided thatprovided, the Borrowers however, that Borrower shall have the right, at any time from the Term Conversion Closing Date until the LC Loan Maturity Date, to request a Conversion of an LC Loan of one Type to an LC Loan of the other Type by delivering a written notice requesting such Conversion (such notice shall be in the form and substance acceptable to the applicable such Issuing Bank) to the Administrative Agent and such the Issuing Bank [REDACTED]at least two (2) Business Days prior to the requested Conversion. Notwithstanding anything to the contrary set forth herein, any Conversion of an Adjusted Daily Simple SOFR LC Loan to a Base Rate LC Loan may only occur on the last day of the applicable Interest Period for such SOFR Loan. Adjusted Daily Simple SOFR applicable to SOFR an Interest Period for LC Loans shall be determined pursuant to that in effect two (2) Business Days before the definition first day of “the applicable Interest Period for such Adjusted Daily Simple SOFR” and Section 2.1(i)(i)SOFR LC Loan, and the Base Rate for any applicable LC Loan that is a Base Rate LC Loan shall be equal to the Base Rate in effect on the date when such Base Rate Loan is made or deemed made hereunder. The Administrative Agent, on behalf of each Issuing Bank, shall, as soon as practicable (and, in any case, within three (3) Business Days) after an LC Loan is made, Continued or Converted, notify the Borrowers Borrower of each determination of (i) Adjusted Daily Simple SOFR (in the case of any Adjusted Daily Simple SOFR LC Loan made hereunder) or (ii) the Base Rate (in the case of any LC Loan that is a Base Rate LC Loan made hereunder). (v) Each Borrower authorizes the each Issuing Banks Bank to record in an account or accounts maintained by such Issuing Bank on its books (Ai) the interest rates applicable to all LC Loans and Unreimbursed Obligations and the effective dates of all changes thereto; (Bii) the Interest Period for each LC Loan; (iii) the date and amount of each principal and interest payment on each LC Loan and Unreimbursed ObligationLoan; and (Civ) such other information as such the Issuing Bank may determine is necessary for the computation of interest payable by the Borrowers Borrower hereunder consistent with the basis hereof. Each Borrower ▇▇▇▇▇▇▇▇ agrees that all computations by each such Issuing Bank of interest shall be conclusive in the absence of manifest error. Each Issuing Bank shall, at the request of the BorrowersBorrower, deliver to the Borrowers Borrower a statement detailing such computations of interest promptly after requestinterest. All computations of interest on LC Loans and Unreimbursed Obligations hereunder, as applicable, shall include the first day but exclude the last day of the period for which such interest is payable and shall be based upon a year of (1) in the case of Base Rate LC Loans or Unreimbursed Obligations, 365 days (or 366 days in the case of a leap year), and (2) in the case of SOFR LC Loans or Unreimbursed Obligations, 360 days, in each case for the actual days elapsed. All interest hereunder on any LC Loan or Unreimbursed Obligations shall be computed on a daily basis based upon the outstanding principal amount of such LC Loan or Unreimbursed Obligation, as applicable, as of the applicable date of determination. (vi) (A) To On the extent any Unreimbursed Obligations or LC Loans are outstanding prior to the Term Conversion Date, on the Construction Loan Maturity Date, Date the Borrowers Borrower shall repay to Administrative Agent on behalf of the applicable Issuing Bank(s)Agent, in accordance with Section 7.3(b) and Section 7.4(b), as applicable an amount equal to all Unreimbursed Obligations and LC Loans plus all interest, fees and costs with respect to such Unreimbursed Obligations and such LC Loans; (B) from and after the Term Conversion Date, the Borrowers shall repay to Administrative Agent on behalf of the Issuing Banks, in accordance with Section 7.3(c) and Section 7.4(c), as applicable, the Unreimbursed Obligations and LC Loans plus all interest, fees and costs with respect to US-DOCS\169476957.30 any such Unreimbursed Obligations and LC Loans; and (C) on the LC Loan Maturity Date the Borrowers shall repay to Administrative Agent on behalf of the applicable Issuing Banks, an amount equal to all Unreimbursed Obligations and LC Loans plus all interest, fees and costs with respect to such Unreimbursed Obligations and LC Loans. (vii) Any remaining unpaid principal, interest, fees and costs with respect to any Unreimbursed Obligation or LC Loan then outstanding, if any, shall be due and payable on the LC Loan Maturity Date.