Common use of Interest and Principal Clause in Contracts

Interest and Principal. (a) On each Payment Date, Borrower shall pay interest on the Principal Indebtedness for the applicable Interest Accrual Period at a rate per annum (the “Interest Rate”) equal to the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).

Interest and Principal. The Loan shall be payable as follows: (ai) On payment of interest only on the date hereof for the period from the date hereof through the last day of the current month (unless the Closing Date is the first day of a calendar month, in which case no such interest is due); and (ii) thereafter a constant payment of $283,842.05 (the "Monthly Debt Service Payment Amount"), on the first day of December, 2000 and on each Payment Date thereafter; each of such payments, to be applied (A) to the payment of interest computed at the Contract Rate and (B) the balance applied toward reduction of the principal sum. The constant payment required hereunder is based upon a twenty-five (25) year amortization schedule. To the extent the Loan is outstanding, from and after the Anticipated Payment Date interest shall accrue on the unpaid principal balance from time to time outstanding on the Loan at the Adjusted Rate. Borrower shall continue to make payments of principal and interest in monthly installments beginning on the Anticipated Payment Date and on the first day of each calendar month thereafter up to and including the Maturity Date in an amount equal to the Monthly Debt Service Payment Amount and, notwithstanding the following provision with respect to Accrued Interest, the failure to make any such payment as and when due shall constitute an Event of Default. Each Monthly Debt Service Payment Amount paid after the Anticipated Payment Date shall be applied to the payment of interest computed at the Contract Rate with remainder applied to reduce the outstanding principal balance of the Loan in accordance with Section 2.3(a) above. Interest accrued at the Adjusted Rate and not paid shall be deferred and added to the Debt and shall earn interest at the Adjusted Rate to the extent permitted by applicable law (such accrued interest is hereinafter defined as "Accrued Interest"). In addition to such payments of principal and interest, from and after the Anticipated Payment Date, Borrower shall pay make payments in reduction of the outstanding principal balance of the Loan and accrued interest in monthly installments beginning on the Principal Indebtedness for the applicable Interest Accrual Period at a rate per annum (the “Interest Rate”) equal to the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Anticipated Payment Date immediately preceding such Interest Accrual Period (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect first day of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal calendar month thereafter up to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Maturity Date through in accordance with the end terms and provisions of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date)3.5 below.

Interest and Principal. The Loan shall be payable ---------------------- as follows: (ai) On payment of interest only (computed at the Contract Rate) on the date hereof for the period from the date hereof through the last day of the current month (unless the Closing Date is the first day of a calendar month, in which case no such interest is due); and (ii) thereafter, a constant payment of $518,924.55 (the "MONTHLY DEBT SERVICE PAYMENT AMOUNT") due and payable on the first day of January, 1999 and on each Payment Date thereafter; each of such payments, to be applied (A) to the payment of interest computed at the Contract Rate and (B) the balance applied toward reduction of the principal sum. The constant payment required hereunder is calculated to pay the entire principal sum over a twenty-five (25) year amortization schedule. (b) To the extent the Loan is outstanding, from and after the Anticipated Payment Date interest shall accrue on the unpaid principal balance from time to time outstanding on the Loan at the Adjusted Rate. Borrower shall continue to make payments of principal and interest in monthly installments beginning on the Anticipated Payment Date and on the first day of each calendar month thereafter up to and including the Maturity Date in an amount equal to the Monthly Debt Service Payment Amount and, notwithstanding the following provision with respect to Accrued Interest, the failure to make any such payment within the time period required pursuant to Section 11.1 shall constitute an Event of Default. Each Monthly Debt Service Payment Amount paid after the Anticipated Payment Date shall be applied to the payment of interest computed at the Contract Rate with remainder applied to reduce the outstanding principal balance of the Loan in accordance with Section 2.3(a) above. Interest accrued at the Adjusted Rate and not paid shall be deferred and added to the Debt and shall earn interest at the Adjusted Rate to the extent permitted by applicable law (such accrued interest is hereinafter defined as "ACCRUED INTEREST"). In addition to such payments of principal and interest, from and after the Anticipated Payment Date, Borrower shall pay make payments in reduction of the outstanding principal balance of the Loan and accrued interest in monthly installments beginning on the Principal Indebtedness for the applicable Interest Accrual Period at a rate per annum (the “Interest Rate”) equal to the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Anticipated Payment Date immediately preceding such Interest Accrual Period (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect first day of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal calendar month thereafter up to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Maturity Date through in accordance with the end terms and provisions of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date Section 3.5 below. (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Datec).

Interest and Principal. (a) On each Payment Date prior to the Initial Principal Payment Date, Borrower shall pay to Lender interest on the Principal Indebtedness each Note for the applicable Interest Accrual Period at a rate per annum (the “applicable Interest Rate”) equal to the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period Rate (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and in each case, interest shall be payable on the Indebtedness, including including, without limitation, due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling upon the occurrence and during the continuance of an Event of Default, in which case the monthly payment shall be increased by the amount of Default Interest accrued on the Notes during the applicable Interest Accrual Period). On the Closing Date, Borrower shall pay interest from and including, without limitation, the Closing Date through the end of the first Interest Accrual Period. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. Commencing with the Initial Principal Payment Date, and on each and every Payment Date thereafter, Borrower shall pay to Lender a constant monthly payment of $370,385.04, which amount shall be applied first toward the payment of interest on each Note for the applicable Interest Accrual Period at the applicable Interest Rate (except that in each case, interest shall be payable at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As , and the balance shall be applied toward the reduction of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) outstanding principal balances of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full Notes pro rata in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date)with their then outstanding principal balances.

Interest and Principal. (a) On each Payment Date prior to the Initial Principal Payment Date, Borrower shall pay to Lender interest on the Principal Indebtedness each Note for the applicable Interest Accrual Period at a rate per annum (the “applicable Interest Rate”) equal to the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period Rate (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of On the Closing Date, Borrower shall pay interest from and including the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), Closing Date through the Loan shall at all times be a LIBOR Loanend of the first Interest Accrual Period. On each Commencing with the Initial Principal Payment Date, and on each and every Payment Date thereafter, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that a constant monthly payment of $5,172,387.70, which amount shall be calculated applied first toward the payment of interest on each Note for the applicable Interest Accrual Period at the applicable Interest Rate (except that in each case, interest shall be payable at the Default Rate with respect to any portion of each interest accrual period in such Interest Accrual Period falling during the same manner as interest hereundercontinuance of an Event of Default), at a rate per annum equal to 0.05% (5 basis points) and the balance shall be applied toward the reduction of the Principal Indebtedness, outstanding principal balances of the Notes pro rata in accordance with their then outstanding principal balances. Interest payable hereunder shall be computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender (to be applied to each Note on a pro rata, pari passu basis) interest on the Principal Indebtedness for the applicable Interest Accrual Period at a rate per annum (the “Interest Rate”) equal to (i) at any time the Loan is a LIBOR Loan, the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period Period, plus the applicable Spread and (except that ii) at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Prime Rate Spread; and Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d1.2(e), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date)) and the next payment of interest shall be due and payable on the next subsequent Payment Date.

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender interest on the average Principal Indebtedness for the applicable Interest Accrual Period ending on the day immediately prior to such Payment Date at a rate per annum (the “Interest Rate”) equal to (i) at any time the Loan is a LIBOR Loan, the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period Period, plus the Spread and (except that ii) at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default) (the “Interest Rate”). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d1.6(e), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, Period in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender (to be applied to each Note on a pro rata, pari passu basis, if applicable) interest on the Principal Indebtedness for the applicable Interest Accrual Period at a rate per annum (the “Interest Rate”) equal to (i) at any time the Loan is a LIBOR Loan, the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period Period, plus the applicable Spread and (except that ii) at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable Prime Rate Spread; and Spread (except that in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d1.2(e), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date)) and the next payment of interest shall be due and payable on the next subsequent Payment Date.

Interest and Principal. (a) On each Payment Date prior to the Initial Principal Payment Date, Borrower shall pay to Lender interest on the Principal Indebtedness each Note for the applicable Interest Accrual Period at a rate per annum the applicable Interest Rate (except that in each case, interest shall be payable on the “Interest Rate”) equal Indebtedness, including due and unpaid interest, at the Default Rate with respect to the sum any portion of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period falling during the continuance of an Event of Default). Commencing with the Initial Principal Payment Date, and on each and every Payment Date thereafter, Borrower shall pay to Lender a constant monthly payment of $445,410.72, which amount shall be applied first toward the payment of interest on each Note for the applicable Interest Accrual Period at the applicable Interest Rate (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Prime Rate Spread; and in each case, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of , in which case the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that monthly payment shall be calculated in respect increased by the amount of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed Default Interest accrued on the basis of a 360-day year and Notes during the actual number of days elapsed in the related applicable Interest Accrual Period. The Administrative Fee shall start to accrue on ), and the Closing Date and balance shall be payable in arrears on each Payment Date until applied toward the Loan is repaid in full reduction of the outstanding principal balances of the Notes or Note Components pro rata in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Ratewith their then outstanding principal balances. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).

Interest and Principal. (a) On each Payment Date, Borrower shall pay to Lender interest on the Principal Indebtedness outstanding principal balance of each Note or Note Component for the applicable entire Interest Accrual Period in which such Payment Date falls at a rate per annum (the “Interest Rate”) equal to the sum of the Spread plus the greater of (x) 0.99% (99 basis points) or (y) LIBOR, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period (except that at any time that the Loan is a Prime Rate Loan, such rate per annum shall be the sum of the Prime Rate, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the applicable LIBOR Spread; provided that if the Loan has been converted to an Alternate Rate Loan or Prime Rate Loan, such rate per annum shall instead be the sum of the Alternate Rate Index or Prime Rate, respectively, determined as of the Interest Determination Date immediately preceding such Interest Accrual Period, plus the Alternate Rate Spread or Prime Rate Spread; and , respectively, in each casecase subject to the proviso that in no event shall the rate per annum of any Note or Note Component be less than the LIBOR Spread corresponding to such Note or Note Component while the Loan was a LIBOR Loan. Together with the interest payment required pursuant to the immediately preceding sentence, Borrower shall pay to Lender all amounts required to be reserved by Lender on the applicable Payment Date pursuant to Article III of this Agreement. Notwithstanding the foregoing, interest shall be payable on the Indebtedness, including due but unpaid interest, at the Default Rate with respect to any portion of such Interest Accrual Period falling during the continuance of an Event of Default). As of the Closing Date, the Loan is a LIBOR Loan, and except as provided in Section 1.2(d), the Loan shall at all times be a LIBOR Loan. On each Payment Date, Borrower shall additionally pay to Lender an administrative fee (the “Administrative Fee”) that shall be calculated in respect of each interest accrual period in the same manner as interest hereunder, at a rate per annum equal to 0.05% (5 basis points) of the Principal Indebtedness, computed on the basis of a 360-day year and the actual number of days elapsed in the related Interest Accrual Period. The Administrative Fee shall start to accrue on the Closing Date and shall be payable in arrears on each Payment Date until the Loan is repaid in full in accordance herewith. For avoidance of doubt, the Administrative Fee shall be paid in the same manner and amount, and at the same times, as if it were a 5 basis point increase in the Interest Rate. Notwithstanding the foregoing, on the Closing Date, Borrower shall pay interest and the Administrative Fee from and including the Closing Date through the end of the first Interest Accrual Period, Period in lieu of making such payment on the first Payment Date following the Closing Date (unless the Closing Date falls on a Payment Date, in which case, no interest or Administrative Fee will be collected on the Closing Date, and Borrower shall make the payment required pursuant to this Section commencing on the first Payment Date following the Closing Date).. 39 [AM_ACTIVE 400655008_12]