Discounted Payoff Amount definition
Discounted Payoff Amount. Defined in the Arbor Credit Agreement.”
Discounted Payoff Amount means $4,800,000.00 ("Discounted Payoff Base"), plus the Initial Loan Purchase Payment (as defined below), plus interest calculated on the Discounted Payoff Base accruing at the rate of 10.5% per annum from May 1, 1995 through and including the date of payment in full of the Discounted Payoff Amount ("Forbearance Period Interest"). If the Initial Loan Purchase Payment (as defined below) is made prior to execution of this Agreement, the Discounted Payoff Amount shall be reduced to the Discounted Payoff Base, plus the Forbearance Period Interest. For purposes of this Agreement, "Initial Loan Purchase Payment" shall mean a non-refundable payment in immediately available funds in the amount of $241,617.65. Upon receipt of the Initial Loan Purchase Payment, and full execution of this Agreement and the Purchase Agreement, Lender shall pay an amount equal to the Initial Loan Purchase Payment to the Tax Collectors of Hernando and Citrus Counties, Florida, to be applied to ad valorem taxes assessed against the Property;
Discounted Payoff Amount shall have the meaning set forth in the Fee Letter.”
More Definitions of Discounted Payoff Amount
Discounted Payoff Amount is hereby added to Subsection 1.1 of the Loan Agreement:
Discounted Payoff Amount means $4,800,000.00 ("Discounted Payoff Base") plus the Initial Loan Purchase Payment (as defined below) plus interest calculated ---- on the Discounted Payoff Base accruing at the rate of 10.5% per annum from May 1, 1995 through and including the date of payment in full of the Discounted Payoff Amount ("Forbearance Period Interest"). If the Initial Loan Purchase Payment (as defined in below) is made prior to execution of this Agreement, the Discounted Payoff Amount shall be reduced to the Discounted Payoff Base plus the Forbearance Period Interest. For purposes ---- of this Agreement, "Initial Loan Purchase Payment" shall mean a non-refundable payment in immediately available funds in the amount of $241,617.65.