Common use of Committed Amount Clause in Contracts

Committed Amount. Interest shall be paid on Advances of the Tranche 3 Committed Amount as follows: (i) With respect to that portion of the Tranche 3 Committed Amount Advanced to Borrower in connection with the Existing Projects and Planned Projects, commencing on January 1, 2012, and on each Scheduled Interest Payment Date thereafter through and including the Scheduled Interest Payment Date immediately preceding the Maturity Date, all accrued but unpaid interest on the outstanding principal balance of all Advances of the Tranche 3 Committed Amount Advanced in connection with the Existing Projects and Planned Projects shall be due and payable. (ii) With respect to the Tranche 3 Committed Amount, being that portion of the outstanding principal balance of the Loan to be Advanced to Borrower in connection with a Future Project, interest shall be payable on Advances of such Tranche 3 Committed Amount on a Project Tranche by Project Tranche basis as follows: on the first Scheduled Interest Payment Date following the earlier to occur of (1) the date which is six (6) months following the opening of a Future Project funded by any proceeds of the Project Tranche designated for such Future Project, or (2) the date which is twenty-one (21) months following the initial Advance of the Project Tranche designated for such Future Project, and on each Scheduled Interest Payment Date thereafter through and including the Scheduled Interest Payment Date immediately preceding the Maturity Date, all accrued but unpaid interest on the outstanding principal balance of all Advances of the Project Tranche designated for such Future Project shall be due and payable. (iii) With respect to the Tranche 3 Committed Amount, being that portion of the outstanding principal balance of the Loan Advanced on the Second Restatement Effective Date in connection with the Village Note Payoff Advance, interest shall be payable commencing on the first Scheduled Interest Payment Date following the Second Restatement Effective Date, and on each Scheduled Interest Payment Date thereafter through and including the Scheduled Interest Payment Date immediately preceding the Maturity Date. (iv) With respect to the Tranche 3 Committed Amount, being that portion of the outstanding principal balance of the Loan Advanced in connection with the Operating Expense Advance, interest on Advances of the Operating Expense Advance shall be payable commencing on the first Scheduled Interest Payment Date following the initial Advance of the Operating Expense Advance, and on each Scheduled Interest Payment Date thereafter through and including the Scheduled Interest Payment Date immediately preceding the Maturity Date.