Loan Payments Clause Samples

Loan Payments. The Borrower shall pay the following amounts to the Trustee, all as "Loan Payments" under this Loan Agreement: (a) The Borrower covenants and agrees during the Loan Term to make Loan Payments to the Trustee at its Principal Office, for the account of the Issuer, for deposit in the Revenue Fund, in federal or other immediately available funds, during normal business hours on or before 10:00 A.M., Trustee's local time, on each Loan Payment Date, the amount of such payment being as follows: (i) the amount of the principal, if any, of the Bonds due and payable on such Loan Payment Date, whether at stated maturity, by redemption prior to maturity or acceleration or otherwise; (ii) the amount of interest on the Bonds due and payable on such Loan Payment Date; (iii) the amount of redemption premium, if any, on the Bonds due and payable on such Loan Payment Date; and (iv) the purchase price of any Bonds required to be purchased on such Loan Payment Date pursuant to Article III of the Indenture. (b) The amounts received by the Trustee under the Credit Facility shall be credited against the Loan Payment due on the applicable Loan Payment Date. Any Loan Payment made by the Borrower and held by the Trustee in such event shall be delivered to the Credit Enhancer in reimbursement of the amounts so received by the Trustee under the Credit Facility, and any excess shall be returned to the Borrower as an overpayment. (c) Except for such interest of the Borrower as may hereafter arise pursuant to Section 510 of the Indenture, the Borrower and the Issuer each acknowledge that neither the Borrower nor the Issuer has any interest in the Revenue Fund or the Debt Service Fund and any moneys deposited therein shall be in the custody of and held by the Trustee in trust for the benefit of the Bondowners and the Credit Enhancer.

Loan Payments. Payments of principal, interest and fees in respect of the Loans will be settled on the date of receipt if received by the Administrative Agent on the last Business Day of a month or on the Business Day immediately following the date of receipt if received on any day other than the last Business Day of a month.

Loan Payments. (a) On the Closing Date, Borrowers shall make a payment to Administrative Agent of interest only with respect to the initial Interest Period. Borrowers shall make a payment to Administrative Agent equal to the Monthly Debt Service Payment Amount on the Payment Date occurring in June, 2010 and on each Payment Date thereafter to and including the Payment Date immediately preceding the Maturity Date. Each payment shall be applied first to interest accrued, or to be accrued, for the Interest Period in which the Payment Date or Maturity Date occurs and the balance to principal. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law. All amounts due pursuant to this Agreement and the other Loan Documents shall be payable without setoff, counterclaim, defense or any other deduction whatsoever. (b) On the Maturity Date, Borrower shall pay to the Administrative Agent the outstanding principal balance of the Loan, all accrued and unpaid interest, all other amounts due hereunder and under the Notes, the Mortgages and the other Loan Documents. (c) Except as otherwise expressly provided herein, all payments by Borrowers hereunder shall be made in Dollars and in immediately available funds not later than 4:00 p.m. on the date specified herein, and such sums shall be paid to Administrative Agent at Administrative Agent’s Office for the account of the respective Lenders to which such payment is owed. Administrative Agent will promptly distribute to each Lender such Lender’s Applicable Percentage in respect of the Loan (or other applicable share as provided herein) of such payment in like funds as received by wire transfer to such Lender’s Lending Office; provided, however, that if the Notes are accruing interest at different interest rates, then in lieu of distributing proceeds in relation to each Lender’s Applicable Percentage, Administrative Agent shall distribute interest amounts to the Lenders based upon the amount of interest accrued due under their respective Notes and shall distribute principal to the Lenders pro rata in accordance with their respective Applicable Percentages, except that after and during the continuance of an Event of Default funds shall be allocated and disbursed to the Lenders in accordance with the terms of any applicable co-lender agreement, intercreditor agreement or other similar agreement among the applicab...

Loan Payments. (a) Borrower shall make a payment to Lender of interest only on the Closing Date for the period from (and including) the Closing Date through (but excluding) the sixth (6th) day of either (i) the month in which the Closing Date occurs (if such Closing Date is after the first day of such month, but prior to the sixth (6th) day of such month) or (ii) if the Closing Date is after the sixth (6th) day of the then current calendar month, the month following the month in which the Closing Date occurs; provided, however, if the Closing Date is the sixth (6th) day of a calendar month, no such separate payment of interest shall be due. Borrower shall make a payment to Lender of interest and, to the extent applicable, principal in the amount of the Monthly Debt Service Payment Amount on the First Monthly Payment Date and on each Monthly Payment Date occurring thereafter to and including the Maturity Date. Each payment shall be applied first to accrued and unpaid interest and the balance to principal.

Loan Payments. During the continuance of an Event of Default, the Lender may deduct any obligations due or any other amounts due and payable by the Borrower under the Loan Documents from any accounts maintained with the Lender.

Loan Payments. The Loan and interest thereon shall be payable pursuant to the terms of the Note.

Loan Payments. (a) Borrower shall make a payment to Lender of interest only on the Closing Date for the period from (and including) the Closing Date through (and including) the fourteenth (14th) day of either (i) the month in which the Closing Date occurs (if the Closing Date occurs on or before the fourteenth (14th) day of such month, or (ii) the month following the month in which the Closing Date occurs (if the Closing Date occurs on or after the fifteenth (15th) day of the then current calendar month; provided, however, if the Closing Date is the fourteenth (14th) day of a calendar month, no such separate payment of interest shall be due. Borrower shall make a payment to Lender of interest in the amount of the Monthly Debt Service Payment Amount on the First Monthly Payment Date and on each Monthly Payment Date occurring thereafter to and including the Maturity Date. Each payment shall be applied first to accrued and unpaid interest and the balance to principal.

Loan Payments. (a) In consideration of the issuance, sale and delivery of the Bonds by the Authority, the Company hereby agrees to pay to the Trustee for the account of the Authority Loan Payments in such amounts and manner so as to enable the Trustee to make payment of the principal of, and premium, if any, and accrued interest on the Bonds as the same shall become due and payable whether at stated maturity or by acceleration, redemption or otherwise in accordance with the terms of the Indenture; provided, however, that the obligation of the Company to make any Loan Payment hereunder shall be reduced by the amount of any reduction under the Indenture of the amount of the corresponding payment required to be made by the Authority of the principal of or premium, if any, or interest on the Bonds. Pursuant to the Indenture, the Authority directs the Trustee to apply such Loan Payments in the manner provided in the Indenture. Whenever payment or provision for payment has been made in respect of the principal of, or premium, if any, and interest on all of the Bonds, the Loan Payments shall be deemed paid in full. (b) The obligation of the Company to make the Loan Payments directly to the Trustee, as the assignee of the Authority under the Indenture, shall be evidenced by the Company’s Note substantially in the form of Exhibit C hereto, which shall be delivered concurrently with the delivery by the Authority of the Bonds. (c) Notwithstanding the foregoing, if a Credit Facility is then in effect and while such Credit Facility is in effect with respect to the Bonds, the Company’s obligation to make Loan Payments hereunder in respect of the principal of, and premium, if any, and accrued interest on the Bonds shall be deemed to have been satisfied to the extent that moneys shall have been paid by a Credit Facility Issuer to the Trustee for such payment in respect of the Bonds, which amounts may be reimbursed by the Company directly to such Credit Facility Issuer, and no Event of Default shall occur hereunder by reason of any failure of the Company to make any such Loan Payment to the Trustee under subsection (a) above unless the Trustee is notified by the Credit Facility Issuer of the Company’s failure to have reimbursed the Credit Facility Issuer in accordance with the terms of the Credit Facility.

Loan Payments. The Borrower shall punctually repay the Loan in installments on the dates, in the amounts, and in the manner specified in the Note. The outstanding amount of the Loan shall bear interest at a rate per annum equal to the rate or rates of interest set forth in Exhibit B, and shall be payable in accordance with the amortization schedule as specified in Exhibit B attached hereto and more particularly set out in the Note (which amortization schedule is subject to adjustment in accordance with this Agreement and the Note). On or prior to the Loan Closing Date, the Borrower shall execute the Note to evidence such obligation. In addition, the Borrower shall pay to the Administration an Administrative Fee in accordance with paragraph (c) of this Section.