Permanent Phase Interest Rate definition

Permanent Phase Interest Rate means, during the Permanent Phase, the fixed interest rate of [ ]% per annum; provided during the continuance of any Event of Default hereunder, the Permanent Phase Interest Rate shall be the Default Rate, in each case computed on the basis of a 360-day year and the actual number of days elapsed.
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Permanent Phase Interest Rate means, during the Permanent Phase, the fixed interest rate of [ ]% per annum; provided during the continuance of any Event of Default, the Permanent Phase Interest Rate shall be the Default Rate, in each case, computed on the basis of a 360-day year consisting of twelve 30-day months.
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Permanent Phase Interest Rate means, during the Permanent Phase, the “Interest Rate” set forth in the Project Note.
Sample 1

Examples of Permanent Phase Interest Rate in a sentence

  • Except as otherwise provided in Section 6.11, the Governmental Note and the Funding Loan shall bear interest payable on each Interest Payment Date at (i) the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent Phase Interest Rate during the Permanent Phase.

  • The Funding Loan shall bear interest payable on each Interest Payment Date at (i) the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent Phase Interest Rate during the Permanent Phase.

  • The Governmental Note and the Funding Loan shall bear interest payable on each Interest Payment Date at (i) the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent Phase Interest Rate during the Permanent Phase.

  • The Series 2022 Funding Loan shall bear interest payable on each Interest Payment Date at [(i)] the Construction Phase Interest Rate during the Construction Phase and (ii) the Permanent Phase Interest Rate during the Permanent Phase.

  • As used in this Note, (i) the term “Funding Lender” means the holder of this Note, (ii) the term “Indebtedness” means the principal of, premium, if any, and interest on or any other amounts due at any time under this Note or the Funding Loan Agreement and (iii) the terms "Construction Phase Interest Rate" and "Permanent Phase Interest Rate" and certain related terms have the meanings set forth below.

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Related to Permanent Phase Interest Rate

  • Effective Interest Rate means the rate of interest per annum on the Loans in effect from time to time pursuant to the provisions of Section 3.1(a), (b) and (c).

  • Interest Rate shall have the meaning assigned to such term or analogous term in the Mortgage Loan Agreement.

  • Applicable Interest Rate means (i) with respect to any Fixed Rate Indebtedness, the fixed interest rate applicable to such Fixed Rate Indebtedness at the time in question, and (ii) with respect to any Floating Rate Indebtedness, either (x) the rate at which the interest rate applicable to such Floating Rate Indebtedness is actually capped (or fixed pursuant to an interest rate hedging device), at the time of calculation, if Borrower has entered into an interest rate cap agreement or other interest rate hedging device with respect thereto or (y) if Borrower has not entered into an interest rate cap agreement or other interest rate hedging device with respect to such Floating Rate Indebtedness, the greater of (A) the rate at which the interest rate applicable to such Floating Rate Indebtedness could be fixed for the remaining term of such Floating Rate Indebtedness, at the time of calculation, by Borrower’s entering into any unsecured interest rate hedging device either not requiring an upfront payment or if requiring an upfront payment, such upfront payment shall be amortized over the term of such device and included in the calculation of the interest rate (or, if such rate is incapable of being fixed by entering into an unsecured interest rate hedging device at the time of calculation, a fixed rate equivalent reasonably determined by Administrative Agent) or (B) the floating rate applicable to such Floating Rate Indebtedness at the time in question.

  • Class B Note Interest Rate means a per annum rate of [ ]% [in excess of LIBOR as determined on the LIBOR Determination Date for the applicable Interest Period].