Common use of Loan Clause in Contracts

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the Bank agrees to lend to the Company the sum of $8,900,000.00 to be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount from time to time outstanding under the Note shall bear interest during each day the loan evidenced thereby at a variable per annum rate equal to the lesser of (i) the Basic Rate, as it varies, or (ii) the Maximum Rate, as it varies. Notwithstanding the foregoing, if at any time the Basic Rate shall exceed the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by payment. The principal of and interest to accrue on the Note shall be due and payable as follows: (a) Interest to accrue on the outstanding principal balance of the Note shall be due and payable in quarter-annual installments as it accrues, with the first such installment of interest to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeeding

Appears in 2 contracts

Sources: Credit Agreement (First Commonwealth Corp), Credit Agreement (United Trust Inc /Il/)

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred and fifty million Dollars ($8,900,000.00 to 150,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of Schedule 2 to this Agreement. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the first such installment provisions of the Conversion Guidelines, the interest rate basis applicable to be due and payable three (3) months consecutive withdrawals from the date hereofLoan Account which in the aggregate equal fifteen million Dollars ($15,000,000) shall be converted from the initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of the General Conditions and of the Conversion Guidelines. 2.09. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such pursuant to paragraph 4 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), and a subsequent installment the Borrower shall promptly furnish to the Bank such information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable on the same day of each succeedingtime, reasonably request.

Appears in 2 contracts

Sources: Loan Agreement, Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty million Dollars ($8,900,000.00 to 20,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.08 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). 2.02. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Borrower’s Minister of Economy and Finance or the Borrower’s Director General de la Direccion Nacional del Endeudamiento Publico of MEF, and any person whom he or she shall bear designate in writing to the Bank. 2.03. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.04 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 2 contracts

Sources: Loan Agreement, Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of five million Dollars ($8,900,000.00 to 5,000,000) as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25% percent) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of thirty million Dollars ($8,900,000.00 to 30,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is its Secretary for Development and Regional Integration. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time, in each case with the prior no-objection of the Guarantor, through the Secretariat of the National Treasury of the Guarantor’s Ministry of Finance, request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of five hundred one million two hundred fifty thousand Dollars ($8,900,000.00 to 501,250,000) (“Loan”), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement. 2.02. The Borrower may, or may cause NAFIN to, withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Director Internacional of NAFIN or any person or persons whom such representative shall bear jointly designate in writing. 2.03. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower, for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 1 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purposes of interest the table in Section II.B of Schedule 1 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to one hundred fifteen million United States Dollars (US$115,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the IBRD General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateIBRD General Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the IBRD General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the IBRD General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to twenty million Dollars (US$20,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to be due and payable three (3) months consecutive withdrawals from the date hereof, Loan Account which in the aggregate equal three million Dollars ($3,000,000) shall be converted from the initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of the General Conditions and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred seventy five million Dollars ($8,900,000.00 to 175,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to one hundred forty nine million nine hundred eighty thousand United States Dollars (US$149,980,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement the amount of two hundred million Dollars ($8,900,000.00 to 200,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing Part B of the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV.A of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of four hundred thirty million Dollars ($8,900,000.00 430,000,000) (“Loan”), to be evidenced assist in financing the project described in Schedule 1 to this Agreement. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Bank in substantially the form of Exhibit C, attached heretoLoan amount. The principal amount from time to time outstanding under interest payable by the Note Borrower for each Interest Period shall bear interest during each day the loan evidenced thereby be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to seventy three million seven hundred thousand Euro (€73,700,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such installment pursuant to paragraph 4 of interest Section II of the Appendix to be due this Agreement and payable three (3) months relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may, from the date hereoftime to time, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 one hundred and fifty million dollars (US$150,000,000), as such amount may be converted from time to be evidenced time through a Currency Conversion in accordance with the provisions of Section 2.08 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Commitment Charge payable by the Company's promissory note payable Borrower shall be equal to: (i) eighty five one-hundredths of one per cent (0.85%) per annum from the date on which the Commitment Charge commences to accrue in accordance with the order provisions of Section 3.01 of the General Conditions to but not including the fourth anniversary of such date; and (ii) seventy five one-hundredths of one per cent (0.75%) per annum thereafter; subject in either case to any waiver of a portion of such charge as may be determined by the Bank from time to time. The Front-end Fee payable by the Borrower shall be equal to one percent (1.0%) of the Loan amount, subject to any waiver of a portion of such fee as may be determined by the Bank from time to time. The interest payable by the Borrower for each Interest Period shall be at a rate equal to LIBOR for the Loan Currency plus the Fixed Spread, subject to any waiver of a portion of such interest as may be determined by the Bank from time to time; provided, that upon a Conversion of all or any portion of the principal amount of the Loan, the interest payable by the Borrower during the Conversion Period on such amount shall be determined in substantially accordance with the form relevant provisions of Exhibit C, attached heretoArticle IV of the General Conditions. The Payment Dates are April 15 and October 15 in each year. The principal amount from time to time outstanding under of the Note shall bear interest during each day the loan evidenced thereby at a variable per annum rate equal to the lesser of (i) the Basic Rate, as it varies, or (ii) the Maximum Rate, as it varies. Notwithstanding the foregoing, if at any time the Basic Rate shall exceed the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder Loan shall be repaid in accordance with the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by payment. The principal of and interest amortization schedule set forth in Schedule 2 to accrue on the Note shall be due and payable as follows:this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three hundred million Dollars ($8,900,000.00 to 300,000,000) as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two hundred and fifty million Dollars ($8,900,000.00 to 250,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to seventy million eight hundred thousand Euros (EUR 70,800,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section II of Schedule 1 to this Agreement. 2.8. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as it accruessuch pursuant to paragraph 4 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), with the first Borrower shall promptly furnish to the Bank such installment information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable three (3) months from the date hereoftime, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of thirty two million Dollars ($8,900,000.00 to 32,000,000) as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one per cent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread, provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of Article IV of the General Conditions and of the Conversion Guidelines. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to the aggregate principal amount of the Loan withdrawn during each Interest Period shall be due and payable three (3) months changed from the date hereof, initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to thirty million United States Dollars (US$30,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, an amount of one hundred million Dollars ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.04(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, (a) the amount of thirty million Dollars ($8,900,000.00 to 30,000,000), (b) the amount of twenty-two million seven hundred thousand Euros (€22,700,000), and (c) the amount of twenty-eight million Pounds Sterling (£28,000,000), as any such amounts may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentGeneral Conditions. The principal of Payment Dates are June 15 and interest to accrue on the Note shall be due and payable as follows:December 15 in each year. (a) Interest to accrue on Except as otherwise provided in paragraph (b) of this Section, the outstanding principal balance amount of the Note Loan shall be due and payable repaid in quarter-annual installments as it accrues, accordance with the first amortization schedule set forth in Schedule 2 to this Agreement. (b) The Borrower may at the time of requesting a Withdrawal also request repayment provisions different from those set out in Schedule 2 to this Agreement for such installment Withdrawal, provided that (i) the average maturity of interest to be due and payable three (3) months such Withdrawal does not exceed 18 years from the date hereofWithdrawal Date and the final maturity of such Withdrawal does not exceed 30 years from the Withdrawal Date (or such other average maturity and/or final maturity as may be generally applicable to loans made by the Bank to the Borrower at the time of such agreement), and (ii) such repayment provisions have been agreed between the Borrower and the Bank prior to the Withdrawal Date of such Withdrawal. (a) The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a subsequent installment change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable on shall be effected in accordance with the same day provisions of each succeedingArticle IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such pursuant to paragraph 4 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may, from time to time, reasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred and fifty million Dollars ($8,900,000.00 to 150,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Rate; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section II of Schedule 1 to this Agreement. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the first such installment provisions of the Conversion Guidelines, the interest rate basis applicable to be due and payable three (3) months consecutive withdrawals from the date hereofLoan Account which in the aggregate equal fifteen million Dollars ($15,000,000) shall be converted from the initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of the General Conditions and of the Conversion Guidelines. 2.09. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such pursuant to paragraph 4 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), and a subsequent installment the Borrower shall promptly furnish to the Bank such information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable on the same day of each succeedingtime, reasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 two hundred fourteen million two hundred thousand Egyptian pounds (EGP214,200,000) (“Loan”), to be evidenced assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Commitment Charge payable by the Company's promissory note Borrower shall be equal to three-fourths of one percent (3/4 of 1%) per annum on the Unwithdrawn Loan Balance, subject to any waiver of a portion of such charge as may be determined by the Bank from time to time. The Front-end Fee payable by the Borrower shall be equal to the order one percent (1.0%) of the Loan amount, subject to any waiver of a portion of such fee as may be determined by the Bank from time to time. On or promptly after the Effective Date, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay itself the amount of such fee. The interest payable by the Borrower on the principal amount of the Loan withdrawn and outstanding from time to time for any Interest Period shall be at a rate equal to Loan Currency Swap Rate plus the Fixed Spread, subject to any waiver of a portion of such interest as may be determined by the Bank from time to time; provided that upon a Conversion of all or any portion of the principal amount of the Loan, the interest payable by the Borrower during the Conversion Period on such amount shall be determined in substantially accordance with the form relevant provisions of Exhibit C, attached heretoArticle IV of the General Conditions. The Payment Dates are March 15 and September 15 in each year. The principal amount from time to time outstanding under of the Note shall bear interest during each day the loan evidenced thereby at a variable per annum rate equal to the lesser of (i) the Basic Rate, as it varies, or (ii) the Maximum Rate, as it varies. Notwithstanding the foregoing, if at any time the Basic Rate shall exceed the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder Loan shall be repaid in accordance with the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by payment. The principal of and interest amortization schedule set forth in Schedule 3 to accrue on the Note shall be due and payable as follows:this Agreement. (a) Interest In order to accrue on facilitate prudent debt management, the outstanding principal balance Borrower may at any time request a change of the Note interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of Article IV of the General Conditions and of the Conversion Guidelines. Without limitation upon the provisions of paragraph (a) of Section 2.08 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to the aggregate principal amount of the Loan withdrawn during each Interest Period shall be due and payable three (3) months changed from the date hereofinitial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines, and a subsequent installment of interest as such General Conditions may be modified to be due and payable on the same day of each succeedingaccommodate this Loan.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three million Dollars ($8,900,000.00 to 3,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are January 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentJuly 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of seven hundred fifty one million eight hundred seventy nine thousand seven hundred Dollars ($8,900,000.00 to 751,879,700.00), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). As a consequence of the Borrower’s maintenance of an adequate macroeconomic policy framework and its satisfactory implementation of the Program, the Borrower may withdraw, or may cause BANSEFI to withdraw, the proceeds of the Loan in accordance with Section II of Schedule 1 to this Agreement. Unless the Borrower’s representative designated in Section 6.01 of this Agreement otherwise informs the Bank, the Borrower’s Representatives for purposes of taking any action required or permitted to be taken pursuant to this Section are the Director General of BANSEFI, or the Director General Adjunto de Banca Institucional of BANSEFI or any person or persons whom such representatives shall bear jointly or severally designate in writing. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are January 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentJuly 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section II of Schedule 1 to this Agreement. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as it accruessuch pursuant to paragraph 3 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), with the first Borrower shall promptly furnish to the Bank such installment information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable three (3) months from the date hereoftime, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to three hundred and thirty million Dollars (US$330,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentGeneral Conditions. The principal of Payment Dates are April 1 and interest to accrue on the Note shall be due and payable as follows:October 1 in each year. (a) Interest Except as otherwise provided in paragraph (b) of this Section, the principal amount of the Loan shall be repaid in accordance with the provisions of Schedule 2 to accrue this Agreement. (b) The Borrower may at the time of requesting a Withdrawal also request repayment provisions different from those set out in Schedule 2 to this Agreement for such Withdrawal, provided that: (i) the average maturity of such Withdrawal does not exceed 18 years from the Withdrawal Date and the final maturity of such Withdrawal does not exceed 30 years from the Withdrawal Date (or such other average maturity and/or final maturity as may be generally applicable to loans made by the Bank to the Borrower at the time of such agreement); and (ii) such repayment provisions have been agreed between the Borrower and the Bank prior to the Withdrawal Date of such Withdrawal. (a) The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such installment pursuant to paragraph 4 of interest Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may, from time to time, reasonably request. 2.09. The Borrower’s Minister of Economy and Finance or the Borrower’s Director of Public Indebtedness, or any person whom any of them shall designate in writing is designated as the representative of the Borrower for the purposes of taking any action required or permitted to be due taken under the provisions of Section 2.02 of this Agreement and payable three (3) months from Article II of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingGeneral Conditions.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred million Dollars ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread, provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of seven million eight hundred twelve thousand Dollars ($8,900,000.00 to 7,812,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, an amount of two hundred million Dollars ($8,900,000.00 to 200,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided that, upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section II of interest Schedule 1 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of forty million dollars ($8,900,000.00 to 40,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread, provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two hundred million Dollars ($8,900,000.00 to 200,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or un-withdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such installment pursuant to paragraph 4 of interest Section II of the Appendix to be due this Agreement and payable three (3) months relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may from the date hereof, and a subsequent installment of interest time to be due and payable on the same day of each succeedingtime reasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to two hundred fifty-five million four hundred thousand Euro (EUR 255,400,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread, provided that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to the aggregate principal amount of the Loan withdrawn during each Interest Period shall be due and payable three (3) months changed from the date hereof, initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of five hundred million Dollars ($8,900,000.00 to 500,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to the Financing Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to the Financing Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingFinancing Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred million dollars ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread, provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to twenty six million Euros (EUR 26,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty five million two hundred ten thousand Dollars ($8,900,000.00 25,210,000) (“Loan”), to be evidenced assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Bank in substantially the form of Exhibit C, attached heretoLoan amount. The principal amount from time to time outstanding under interest payable by the Note Borrower for each Interest Period shall bear interest during each day the loan evidenced thereby be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of thirty million Dollars ($8,900,000.00 to 30,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement the amount of one hundred million Dollars ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing Part A of the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV.A of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to five hundred million Euro (EUR 500,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 one hundred million United States dollars (US$100,000,000), as such amount may be converted from time to be evidenced time through a Currency Conversion in accordance with the provisions of Section 2.08 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Commitment Charge payable by the Company's promissory note Borrower shall be equal to three-fourths of one percent (3/4 of 1%) per annum on the Unwithdrawn Loan Balance, subject to any waiver of a portion of such charge as may be determined by the Bank from time to time. The Front-end Fee payable by the Borrower shall be equal to the order one percent (1.0%) of the Loan amount, subject to any waiver of a portion of such fee as may be determined by the Bank from time to time. The interest payable by the Borrower for each Interest Period shall be at a rate equal to LIBOR for the Loan Currency plus the Fixed Spread, subject to any waiver of a portion of such interest as may be determined by the Bank from time to time; provided, that upon a Conversion of all or any portion of the principal amount of the Loan, the interest payable by the Borrower during the Conversion Period on such amount shall be determined in substantially accordance with the form relevant provisions of Exhibit C, attached heretoArticle IV of the General Conditions. The Payment Dates are April 15 and October 15 in each year. The principal amount from time to time outstanding under of the Note shall bear interest during each day the loan evidenced thereby at a variable per annum rate equal to the lesser of (i) the Basic Rate, as it varies, or (ii) the Maximum Rate, as it varies. Notwithstanding the foregoing, if at any time the Basic Rate shall exceed the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder Loan shall be repaid in accordance with the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by payment. The principal of and interest amortization schedule set forth in Schedule 2 to accrue on the Note shall be due and payable as follows:this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three hundred thirty million Dollars ($8,900,000.00 330,000,000) (“Loan”), to be evidenced assist in financing the project described in Schedule 1 to this Agreement. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Bank in substantially the form of Exhibit C, attached heretoLoan amount. The principal amount from time to time outstanding under interest payable by the Note Borrower for each Interest Period shall bear interest during each day the loan evidenced thereby be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are August 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentFebruary 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement the amount of two hundred million Dollars ($8,900,000.00 to 200,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing Part C of the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV.A of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to sixty six million Euro, (€66,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.10 of the General Conditions, the Borrower shall promptly furnish to the Bank such installment information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable three (3) months from the date hereoftime, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty-four million two hundred and fifty thousand Dollars ($8,900,000.00 24,250,000) (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representatives for purposes of taking any action required or permitted to be evidenced taken pursuant to this Section are its Secretary of Planning and Economic Development and its Secretary of Finance. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Bank in substantially the form of Exhibit C, attached heretoLoan amount. The principal amount from time to time outstanding under interest payable by the Note Borrower for each Interest Period shall bear interest during each day the loan evidenced thereby be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the 2007 General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum Rate2007 General Conditions. All past due principal The Payment Dates are June 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time, in each case with the prior no-objection of the Guarantor and through the Guarantor’s Secretariat of National Treasury, request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.04 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of fifty five million Dollars ($8,900,000.00 55,000,000), (“Loan”), to be evidenced assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Bank in substantially the form of Exhibit C, attached heretoLoan amount. The principal amount from time to time outstanding under Borrower shall pay the Note Front-end Fee not later than 60 days after the Effective Date. The interest payable by the Borrower for each Interest Period shall bear interest during each day the loan evidenced thereby be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management, namely: a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of thirty million Dollars ($8,900,000.00 to 30,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). 2.02. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Minister of Economy and Finance or the Borrower’s Director of Public Indebtedness or any person whom any of them shall bear designate in writing. 2.03. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non- payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty million Dollars ($8,900,000.00 to 20,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn and outstanding, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to thirty three million and five hundred thousand United States Dollars (US$33,500,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing Parts A and C of the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of eight hundred forty million Dollars ($8,900,000.00 to 840,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three hundred million Dollars ($8,900,000.00 to 300,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of fifty million Dollars ($8,900,000.00 to 50,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding through a Currency Conversion in accordance with the provisions of Section 2.07 of this Agreement (“Loan”). (a) the Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement; and (b) the Borrower’s Director of Public Indebtedness at the Ministry of Economy and Finance, or the person who shall be designated in writing as their representative, will serve as the representative of the Borrower for purposes of taking any action required or permitted to be taken under the Note provisions of Section 2.02(a) of this Agreement and Article II of the General Conditions. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty days after the Effective Date. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to The Reference Rate for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Rate; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of the General Conditions relating to Cooperation and Consultation (Originally Section 5.10 and renumbered as Section 5.08 pursuant to paragraph 3 Section II of the Appendix to this Agreement), the Borrower shall promptly furnish to the Bank such installment information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable three (3) months from the date hereoftime, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty two million five hundred thousand Dollars ($8,900,000.00 to 22,500,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser of (i) Loan Currency plus the Basic Rate, as it varies, or (ii) the Maximum Rate, as it variesFixed Spread. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance of the Note shall be due and payable in quarter-annual installments as it accruesThe Borrower may at any time, with the first such installment prior non-objection of the Guarantor, through the Secretariat of National Treasury of the Guarantor’s Ministry of Finance, request any of the following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the Variable Rate applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable three shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (3c) months Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the date hereof, Loan Account and a subsequent installment pay to itself the amounts required to pay any premium payable in accordance with Section 4.04 (c) of interest the General Conditions up to be due and payable on the same day amount allocated from time to time for the purpose in the table in Section IV of each succeedingSchedule 2 to this Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement the amount of $8,900,000.00 to one hundred sixty nine million two hundred thousand Euro (€169,200,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing of the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of seven hundred million Dollars ($8,900,000.00 to 700,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). As a consequence of the Borrower’s maintenance of an adequate macroeconomic policy framework and its satisfactory implementation of the Program, the Borrower may withdraw or may cause NAFIN to withdraw the proceeds of the Loan in accordance with Section II of Schedule 1 to this Agreement. Unless the Borrower’s representative designated in Section 6.01 of this Agreement otherwise informs the Bank, the Borrower’s representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Director de Organismos Financieros Internacionales of NAFIN or any person or persons whom such representative shall bear designate in writing. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%). 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of Schedule 2 to this Agreement. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as it accruessuch pursuant to paragraph 4 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), with the first Borrower shall promptly furnish to the Bank such installment information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable three (3) months from the date hereoftime, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of four hundred and five million Dollars ($8,900,000.00 to 405,000,000) as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“the Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to three hundred million US Dollars (US$300,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two hundred fifty million Dollars ($8,900,000.00 to 250,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 1 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments accordance with Section 4.05(c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section II of Schedule 1 to this Agreement. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as it accruessuch pursuant to paragraph 3 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), with the first Borrower shall promptly furnish to the Bank such installment information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable three (3) months from the date hereoftime, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to $ 40,000,000 (forty million Dollars), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to the aggregate principal amount of the Loan withdrawn during each Interest Period shall be due and payable three (3) months changed from the date hereof, initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of sixty-nine million and seven hundred thousand Dollars ($8,900,000.00 to 69,700,000) (“Loan”), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement, to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. On or promptly after the Effectiveness Date, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay itself the amount of said fee. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread, provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are January 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentJuly 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Fixed Rate to a Variable Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to sixty million Dollars (USD60,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to fifty million Dollars (USD 50,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Minister of Finance and Economic Empowerment. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are January 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentJuly 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of ten million twenty five thousand Dollars ($8,900,000.00 to 10,025,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Director Internacional of NAFIN or any person or persons whom he or she shall bear designate in writing. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may (or may cause NAFIN) at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower (or NAFIN at the request of the Borrower) has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two hundred and twenty nine million Dollars ($8,900,000.00 to 229,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred million Dollars ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the Project. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. Unless the Borrower’s representative designated in Section 6.01 of this Agreement otherwise informs the Bank, the Borrower’s representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Director General of BANSEFI, the Director General Adjunto de Banca Institucional of BANSEFI or any person or persons whom such representative shall bear designate in writing. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to one hundred and nine million eight hundred thousand Euro (€109,800,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two hundred and twenty-five million Dollars ($8,900,000.00 to 225,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or un-withdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of thirty nine million Dollars ($8,900,000.00 to 39,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty million Dollars ($8,900,000.00 to 20,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of seventy seven million eight hundred twenty two thousand United States Dollars ($8,900,000.00 to 77,822,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum of terms and conditions set forth or referred to in this Agreement, an amount equal to one hundred million Dollars ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to seven hundred fifty million United States Dollars (US$750,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such installment pursuant to paragraph 2 of interest Section II of the Appendix to be due this Agreement and payable three (3) months relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may, from the date hereoftime to time, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of eighteen million Dollars ($8,900,000.00 to 18,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of nineteen million Dollars ($8,900,000.00 to 19,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of ten million dollars ($8,900,000.00 to 10,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two hundred twenty million Dollars ($8,900,000.00 to 220,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the Project. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. Unless the Borrower’s representative designated in Section 6.01 of this Agreement otherwise informs the Bank, the Borrower’s representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Director de Organismos Financieros Internacionales of NAFIN or any person or persons whom such representative shall bear designate in writing. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may (or may cause NAFIN) at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower (or NAFIN at the request of the Borrower) has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of fifteen million dollars ($8,900,000.00 to 15,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 of this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of Schedule 2 to this Agreement. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the first such installment provisions of the Conversion Guideline, the interest rate basis applicable to be due and payable three (3) months consecutive withdrawals from the date hereof, Loan Account which in the aggregate equal $ 3 million shall be converted from the initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of Article IV of the General Conditions and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of eighty million Dollars ($8,900,000.00 to 80,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one billion and three hundred million dollars ($8,900,000.00 to 1,300,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to six hundred million United States Dollars (USD600,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%), of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are April 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 1 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Rate; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such installment pursuant to paragraph 4 of interest Section II of the Appendix to be due this Agreement and payable three (3) months relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may, from the date hereoftime to time, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of two billion United States Dollars ($8,900,000.00 to 2,000,000,000) as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentGeneral Conditions. The principal of Payment Dates are February 15 and interest to accrue on the Note shall be due and payable as follows:August 15 in each year. (a) Interest Except as otherwise provided in paragraph (b) of this Section, the principal amount of the Loan shall be repaid in accordance with the provisions of Schedule 2 to accrue this Agreement. (b) The Borrower may at the time of requesting a Withdrawal also request repayment provisions different from those set out in Schedule 2 to this Agreement for such Withdrawal, provided that: (i) the average maturity of such Withdrawal does not exceed eighteen (18) years from the Withdrawal Date and the final maturity of such Withdrawal does not exceed thirty (30) years from the Withdrawal Date (or such other average maturity and/or final maturity as may be generally applicable to loans made by the Bank to the Borrower at the time of such agreement) and (ii) such repayment provisions have been agreed between the Borrower and the Bank prior to the Withdrawal Date of such Withdrawal. (a) The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such installment pursuant to paragraph 2 of interest Section II of the Appendix to be due this Agreement and payable three (3) months relating to Cooperation and Consultation), the Borrower shall promptly furnish to the Bank such information relating to the provisions of this Article II as the Bank may, from the date hereoftime to time, and a subsequent installment of interest to be due and payable on the same day of each succeedingreasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to fifty million Dollars (USD 50,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one hundred million Dollars, ($8,900,000.00 to 100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of Article IV of the General Conditions and of the Conversion Guidelines. 2.08. Without limitation upon the provisions of paragraph (a) of Section 2.07 of this Agreement and unless otherwise notified by the Borrower to the Bank in accordance with the provisions of the Conversion Guidelines, the interest rate basis applicable to be due and payable three (3) months consecutive withdrawals from the date hereofLoan Account which in the aggregate equal ten million Dollars ($10,000,000) shall be converted from the initial Variable Rate to a Fixed Rate for the full maturity of such amount in accordance with the provisions of the General Conditions and of the Conversion Guidelines. 2.09. Without limitation upon the provisions of Section 5.08 of the General Conditions (renumbered as such pursuant to paragraph 4 of Section II of the Appendix to this Agreement and relating to Cooperation and Consultation), and a subsequent installment the Borrower shall promptly furnish to the Bank such information relating to the provisions of interest this Article II as the Bank may, from time to be due and payable on the same day of each succeedingtime, reasonably request.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 thirty-three million United States dollars (US$33,000,000) (“Loan”), as such amount may be converted in accordance with the provisions of Article II of this Agreement, to be evidenced assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Loan amount. On or promptly after the Effectiveness Date, the Bank in substantially shall, on behalf of the form Borrower, withdraw from the Loan Account and pay itself the amount of Exhibit C, attached heretosaid fee. The principal amount from time to time outstanding under interest payable by the Note Borrower for each Interest Period shall bear interest during each day the loan evidenced thereby be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Fixed Rate to a Variable Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of seventy million Dollars ($8,900,000.00 to 70,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are January 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentJuly 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty four million Dollars ($8,900,000.00 to 24,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are January 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentJuly 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest to accrue on the outstanding principal balance The Borrower may at any time request any of the Note following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; and (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to ninety million dollars, (US$90,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Secretary of SAR. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time, in each case with the prior no-objection of the Guarantor, through its Secretariat of the National Treasury, request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of twenty five million Dollars ($8,900,000.00 to 25,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of four hundred million Dollars ($8,900,000.00 to 400,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three hundred million seven hundred fifty-one thousand eight hundred and eighty Dollars ($8,900,000.00 300,751,880), as such amount may be converted from time to time through a Currency Conversion in accordance with the provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be evidenced taken pursuant to this Section is the Director General of BANSEFI, or the Director General Adjunto de Banca Institucional of BANSEFI or any person or persons whom such representatives shall jointly or severally designate in writing. The Front-end Fee payable by the Company's promissory note payable Borrower shall be equal to the order one quarter of one percent (0.25%) of the Bank Loan amount. The interest payable by the Borrower for each Interest Period shall be at a rate equal to LIBOR for the Loan Currency plus the Fixed Spread; provided, that upon a Conversion of all or any portion of the principal amount of the Loan, the interest payable by the Borrower during the Conversion Period on such amount shall be determined in substantially accordance with the form relevant provisions of Exhibit C, attached heretoArticle IV of the General Conditions. The Payment Dates are May 15 and November 15 in each year. The principal amount of the Loan shall be repaid in accordance with the provisions of Schedule 2 to this Agreement. (a) The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the Variable Rate applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in accordance with Section 4.05 (c) of the General Conditions up to the amount allocated from time to time outstanding under for the Note shall bear interest during each day purpose in the loan evidenced thereby at a variable per annum rate equal table in Section II.B of Schedule 1 to the lesser of (i) the Basic Rate, as it varies, or (ii) the Maximum Rate, as it varies. Notwithstanding the foregoing, if at any time the Basic Rate shall exceed the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during the period of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by payment. The principal of and interest to accrue on the Note shall be due and payable as follows: (a) Interest to accrue on the outstanding principal balance of the Note shall be due and payable in quarter-annual installments as it accrues, with the first such installment of interest to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of seventy eight million dollars ($8,900,000.00 to 78,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representatives for purposes of taking any action required or permitted to be taken pursuant to this Section are its Governor or its Secretary of Finance. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time, in each case with the prior no objection of the Guarantor, through its Secretariat of the National Treasury, request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to one hundred million United States Dollars (US$100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than sixty (60) days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 1 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 1 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of one billion and forty five million Dollars ($8,900,000.00 to 1,045,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”). The Borrower may withdraw the proceeds of the Loan in support of the Program in accordance with Section II of Schedule 1 to this Agreement. The Front-end Fee payable by the Borrower shall bear interest during each day be equal to one quarter of one percent (0.25%) of the loan evidenced thereby Loan amount. The Borrower shall pay the Front-end Fee not later than sixty days after the Effective Date. The Borrower shall pay a transaction fee for its selection of a monthly amortization schedule for the Loan. Such transaction fee shall be charged at a variable rate of one hundredth of one percent (0.01%) of the Loan amount per annum annum. The transaction fee shall be added to the interest rate applicable to the Withdrawn Loan Balance and shall be payable monthly on each Payment Date. 2.05. The interest payable by the Borrower for each Interest Period shall be at a rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period General Conditions. 2.06. The Payment Dates are the 15th of time the Basic Rate exceeded the Maximum Rate. All past due principal and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymenteach calendar month. 2.07. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 2 to this Agreement. (a) Interest The Borrower may at any time, in each case with the prior non-objection of the Guarantor, through the Secretariat of the National Treasury of the Guarantor’s Ministry of Finance, request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of fifty million Dollars ($8,900,000.00 to 50,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Minister of Economy and Finance or the Borrower’s Director of Indebtedness and Public Treasury or any person whom any of them shall bear designate in writing. The Front-end Fee payable by the Borrower shall be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to one hundred million Dollars (US$100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three hundred million Dollars ($8,900,000.00 to 300,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are June 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentDecember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.04 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of three hundred million Dollars ($8,900,000.00 to 300,000,000) as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The Borrower shall pay the Front-end Fee not later than 60 days after the Effective Date. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Fixed Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are February 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentAugust 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan withdrawn to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to two hundred million United States Dollars (US$200,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are April 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentOctober 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to ninety million dollars, (US$90,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). 2.02. The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Borrower’s Representative for purposes of taking any action required or permitted to be taken pursuant to this Section is the Secretary of SAR. 2.03. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. 2.04. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. 2.05. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. 2.06. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time, in each case with the prior no-objection of the Guarantor, through its Secretariat of the National Treasury, request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05 (c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to one hundred million Dollars (USD100,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to LIBOR for the lesser Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty (30) days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02(d) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are March 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentSeptember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the amortization schedule set forth in Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and shall be effected in accordance with the provisions of Article IV of the General Conditions and of the Conversion Guidelines. (c) Promptly following the Execution Date for an Interest Rate Cap or Interest Rate Collar for which the Borrower has requested that the premium be paid out of the proceeds of the Loan, the Bank shall, on behalf of the Borrower, withdraw from the Loan Account and pay to itself the amounts required to pay any premium payable in quarter-annual installments as it accrues, accordance with Section 4.05(c) of the first such installment General Conditions up to the amount allocated from time to time for the purpose in the table in Section IV of interest Schedule 2 to be due and payable three (3) months from the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingthis Agreement.

Appears in 1 contract

Sources: Loan Agreement

Loan. 2.1 $8,900,000.00 LOAN2.01. Subject to and upon the terms, conditions, covenants and agreements contained herein, the The Bank agrees to lend to the Company Borrower, on the sum terms and conditions set forth or referred to in this Agreement, the amount of $8,900,000.00 to fifty million Euro (€ 50,000,000), as such amount may be evidenced by the Company's promissory note payable to the order of the Bank in substantially the form of Exhibit C, attached hereto. The principal amount converted from time to time outstanding under through a Currency Conversion in accordance with the Note provisions of Section 2.07 of this Agreement (“Loan”), to assist in financing the project described in Schedule 1 to this Agreement (“Project”). The Borrower may withdraw the proceeds of the Loan in accordance with Section IV of Schedule 2 to this Agreement. The Front-end Fee payable by the Borrower shall bear be equal to one quarter of one percent (0.25%) of the Loan amount. The interest during payable by the Borrower for each day the loan evidenced thereby Interest Period shall be at a variable per annum rate equal to the lesser Reference Rate for the Loan Currency plus the Variable Spread; provided, that upon a Conversion of (i) all or any portion of the Basic Rateprincipal amount of the Loan, as it varies, or (ii) the Maximum Rate, as it variesinterest payable by the Borrower during the Conversion Period on such amount shall be determined in accordance with the relevant provisions of Article IV of the General Conditions. Notwithstanding the foregoing, if at any time amount of the Basic Rate shall exceed Withdrawn Loan Balance remains unpaid when due and such non-payment continues for a period of thirty days, then the Maximum Rate and thereafter the Basic Rate shall become less than the Maximum Rate, the rate of interest payable thereunder shall be the Maximum Rate until the Bank shall have received the amount of interest which the Bank would have received if the Basic Rate had not been limited by the Maximum Rate during Borrower shall instead be calculated as provided in Section 3.02 (e) of the period of time the Basic Rate exceeded the Maximum RateGeneral Conditions. All past due principal The Payment Dates are May 15 and interest thereunder, whether due as a result of acceleration of maturity or otherwise, shall bear interest at the lesser of (x) the Post-Default Rate, as it varies, or (y) the Maximum Rate, as it varies, from the date payment thereof shall have become due until same shall have been discharged by paymentNovember 15 in each year. The principal amount of and interest to accrue on the Note Loan shall be due and payable as follows:repaid in accordance with the provisions of Schedule 3 to this Agreement. (a) Interest The Borrower may at any time request any of the following Conversions of the terms of the Loan in order to accrue facilitate prudent debt management: (i) a change of the Loan Currency of all or any portion of the principal amount of the Loan, withdrawn or unwithdrawn, to an Approved Currency; (ii) a change of the interest rate basis applicable to all or any portion of the principal amount of the Loan withdrawn and outstanding from a Variable Rate to a Fixed Rate, or vice versa, or from a Variable Rate based on a Variable Spread to a Variable Rate based on a Fixed Spread; and (iii) the setting of limits on the outstanding principal balance Variable Rate applicable to all or any portion of the Note principal amount of the Loan withdrawn and outstanding by the establishment of an Interest Rate Cap or Interest Rate Collar on the Variable Rate. (b) Any conversion requested pursuant to paragraph (a) of this Section that is accepted by the Bank shall be due considered a “Conversion”, as defined in the General Conditions, and payable shall be effected in quarter-annual installments as it accrues, accordance with the first such installment provisions of interest to be due Article IV of the General Conditions and payable three (3) months from of the date hereof, and a subsequent installment of interest to be due and payable on the same day of each succeedingConversion Guidelines.

Appears in 1 contract

Sources: Loan Agreement