Definition of Term Loan Amortization Period


Term Loan Amortization Period means forty-eight (48) months; provided, that if Bank has consented to an IO Extension Request, the Term Loan Amortization Period shall mean forty-two (42) months.

Examples of Term Loan Amortization Period in a sentence

During the Construction and Term Loan Amortization Period, interest on the Construction and Term Loans shall accrue at the per annum rate of interest equal to the greater of (i) 5.00%, and (ii) the Prime Rate as determined on the applicable Determination Date plus 100 basis points (1.00%); provided, this rate shall not exceed 8.00% during the first 36 months of the Construction and Term Loan Amortization Period or 10.0% at any time thereafter.
Upon determination by Lender of Construction Completion, the Construction and Term Loan Amortization Period shall begin.
In addition, commencing on the Term Loan Amortization Date and on each Payment Date thereafter until the Term Loan is repaid in full, Borrower shall repay the principal amount of the Term Loan in equal monthly installments based on the applicable Term Loan Amortization Period.
Prior to the Construction and Term Loan Amortization Period, interest on the Construction and Term Loans shall accrue at the per annum rate of interest equal to the greater of (i) 5.50%, and (ii) the Prime Rate as determined on the applicable Determination Date plus 100 basis points (1.00%).