Amortization Adjustment Election Sample Clauses

Amortization Adjustment Election. Subject to Borrower’s satisfaction of the Amortization Adjustment Conditions, Borrower, upon delivery of written notice to Lender at the Notice Office, may elect to adjust the Amortization Period on the Term Loan from fifteen (15) years to twenty-five (25) years and such election (the “Amortization Adjustment Election”), shall become effective on a go-forward basis beginning on the first (1st) day of the first (1st) full month following the date of Lender’s receipt of the written notice containing the Amortization Adjustment Election, and the payments required by Section 4.02(b)(ii) shall be adjusted to reflect the new applicable Amortization Period. Borrower may make the Amortization Adjustment Election one time and such election shall be irrevocable and effective as to each Term Loan. For the avoidance of any doubt, (a) the monthly payment payable under Section 4.02(b)(ii) after the Amortization Adjustment Election shall be an amount equal to the monthly payment required to fully amortize the initial principal balance of the Term Loan over a period of 25 years and (b) the Amortization Adjustment Election does not effect the amount or application of any payments made on account of the Term Loan prior to the effective date of the Amortization Adjustment Election.