Applicable Interest. Subject to the provisions of subsection (b) below, each Loan shall bear interest on the outstanding principal amount thereof at the rates of interest imposed on the borrowing by the Lender under the SNH Revolving Credit Agreement to fund such Loan plus 1%. Lender will advise the Borrowers of the applicable rate within one (1) Business Day of (x) the funding of such Loan and (y) any change in the applicable rate upon continuation of the interest period for any Loan funded by a LIBOR Loan.
Appears in 2 contracts
Sources: Bridge Loan Agreement (Five Star Quality Care Inc), Bridge Loan Agreement (Senior Housing Properties Trust)