equal to the Loan
Amount (the "Loan"). The Loan shall be made by Lenders ratably in proportion to
their respective Commitments. The Loan shall be evidenced by the Note. Interest
and Additional Interest, if any, shall be payable in accordance with the Note
and this Loan Agreement. The Loan shall be repaid with Interest, Additional
Interest, costs, fees and charges as more particularly set forth in this Loan
Agreement, the Note, the Mortgages and the other Loan Documents. Principal
amounts of the Loan which are repaid for any reason may not be reborrowed.
SECTION 2.2.
Interest.
(A)
INTEREST AT THE APPLICABLE INTEREST RATE. UNTIL PAID IN FULL, AND
SUBJECT TO SECTIONS 2.5(C) AND 2.11 HEREOF, EACH LOAN PORTION SHALL BEAR
INTEREST AT AN INTEREST RATE WHICH SHALL BE A LIBOR RATE OR BASE RATE (AN
"APPLICABLE INTEREST RATE") AS DESIGNATED (AND AS APPLICABLE, CONVERTED) BY
BORROWER FROM TIME TO TIME PURSUANT TO SECTION 2.3 HEREOF OR AS OTHERWISE
PROVIDED IN SECTION 2.3 HEREOF.
(B)
INTEREST PAYMENTS.
BORROWER SHALL PAY INTEREST AS PROVIDED IN
THIS LOAN AGREEMENT ON EACH LOAN PORTION ON EACH PAYMENT DATE, IN ARREARS, FOR
THE INTEREST PERIOD THEN ENDING. BORROWER SHALL PAY ADDITIONAL INTEREST AS AND
WHEN PROVIDED HEREIN, AND IN THE EVENT ANY LENDER INTEREST RATE PROTECTION
AGREEMENT IS IN EFFECT, IN SUCH LENDER INTEREST RATE PROTECTION AGREEMENT BY
BORROWER AS THE COUNTERPARTY THEREUNDER.
(C)
CALCULATION OF INTEREST.
(I)
INTEREST ACCRUING AT THE APPLICABLE INTEREST RATE SHALL BE
CALCULATED ON THE BASIS OF THE ACTUAL NUMBER OF DAYS ELAPSED AND A YEAR OF
360 DAYS.
30
(II)
ANY CHANGE IN THE BASE RATE SHALL BE AUTOMATICALLY EFFECTIVE AS
OF THE DAY ON WHICH SUCH CHANGE IN RATE OCCURS.
(III)
EACH DETERMINATION OF AN INTEREST RATE BY AGENT PURSUANT TO ANY
PROVISION OF THIS LOAN AGREEMENT SHALL BE CONCLUSIVE AND BINDING ON BORROWER IN
THE ABSENCE OF MANIFEST ERROR.
SECTION 2.3.
Determination of Applicable Interest Rate.
(A)
APPLICABLE INTEREST RATE.
(I)
THE APPLICABLE INTEREST RATE AT THE CLOSING SHALL BE EITHER THE
BASE RATE OR THE LIBOR RATE SELECTED BY BORROWER IN WRITING AND DELIVERED TO
AGENT ON THE CLOSING DATE.
(II)
THE APPLICABLE INTEREST RATE (AND ANY RELATED LIBOR RATE PERIOD)
FROM TIME TO TIME APPLICABLE TO EACH LOAN PORTION UPON AND AFTER THE EXPIRATION
OF ANY LIBOR RATE PERIOD SHALL BE DETERMINED IN THE MANNER SET FORTH IN
SECTION 2.3(C), (D) AND (E) HEREOF.
(III)
AFTER A CONVERSION ELECTION, EACH LOAN PORTION SHALL BEAR
INTEREST DURING EACH APPLICABLE INTEREST PERIOD AT THE APPLICABLE INTEREST RATE
AS SHALL HAVE BEEN DESIGNATED PURSUANT TO SECTION 2.3(C) OR (E) HEREOF, OR AS
OTHERWISE PROVIDED IN SECTION 2.3(D) HEREOF. IN CONNECTION WITH THE SELECTION OR
CONVERSION OF THE APPLICABLE INTEREST RATE PURSUANT TO SECTION 2.3(C) OR
(E) HEREOF, BORROWER SHALL SPECIFY THE PRINCIPAL AMOUNT OF THE LOAN PORTION FOR
WHICH SUCH SELECTION OR CONVERSION IS BEING MADE.
(IV)
AT ALL TIMES, THE SUM OF ALL LOAN PORTIONS SHALL EQUAL THE
OUTSTANDING PRINCIPAL AMOUNT OF THE LOAN.
(V)
NOTWITHSTANDING