Application of Release Price. (1) The Release Price for the Release Mortgaged Property shall be applied in reduction of the principal amounts of the Advances Outstanding in the order selected by Borrower, provided that (A) any amount of the Note that Borrower elects to prepay must be prepaid in full or, if the Release Price is not sufficient to do so, the Note shall be the only Note partially prepaid; (B) prepayment is permitted under such Note; (C) any Prepayment Premium due and owing is paid; and (D) interest is paid through the end of the month. If Borrower does not give Lender direction with respect to the application of the Release Price or if the selected Note does not comply with the provisions of (A) and (B) above, then the Release Price shall be applied:
(i) first against any Variable Advances Outstanding so long as the prepayment is permitted under the Variable Note (and any Prepayment Premium due and owing is paid), until any Variable Advance is no longer Outstanding (provided that, in the event there are multiple Variable Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Variable Notes, and which Variable Note Outstanding has the lowest prepayment costs or highest interest rate);
(ii) then against any Fixed Advances Outstanding, so long as prepayment is permitted under the applicable Fixed Note (and any Prepayment Premium due and owing is paid) (provided that, in the event there are multiple Fixed Advances Outstanding, Lender shall determine the order of application of the Release Price taking into account factors including the unpaid principal balances of the Fixed Notes, and which Fixed Note Outstanding has the lowest prepayment costs or the highest interest rate). The Note to be prepaid or partially prepaid as determined pursuant to this Section (d) (Application of Release Price), shall be referred to as the “Selected Advance”.
(2) In connection with a Substitution, Borrower may substitute a Mortgaged Property that has an estimated Allocable Facility Amount that is less than the Allocable Facility Amount of the Release Mortgaged Property so long as Borrower pays the Release Price associated with the difference between such Allocable Facility Amounts.
Application of Release Price. The Release Price shall be applied against the Variable Advances Outstanding until there are no further Variable Advances Outstanding, and thereafter shall be held by the Lender (or its appointed collateral agent) as substituted Collateral (“Substituted Cash Collateral”), in accordance with a security agreement and other documents in form and substance acceptable to the Lender (or, at the Borrower’s option, may be applied against the prepayment of Fixed Facility Advances, so long as the prepayment is permitted under the Fixed Facility Note for the Fixed Facility Advance). Any portion of the Release Price held as Substituted Cash Collateral may be released if, immediately after giving effect to the release, each of the conditions set forth in Section 7.03(a) below shall have been satisfied. If, on the date on which the Borrower pays the Release Price, Variable Advances are Outstanding but are not then due and payable, the Lender shall hold the payments as additional Collateral for the Credit Facility, until the next date on which Variable Advances are due and payable, at which time the Lender shall apply the amounts held by it to the amounts of the Variable Advances due and payable.
Application of Release Price. The Release Price of each Approved Parcel shall be applied, in the Administrative Agent's sole discretion, first to any amounts due hereunder other than interest or principal then due and payable, then to interest then due, and then to the prepayment of principal (first to any Reference Rate Loans then outstanding and then to LIBOR Rate Loans with the shortest Interest Periods remaining).
Application of Release Price. The Release Price shall be applied ---------------------------- against the Revolving Advances Outstanding until there are no further Revolving Advances Outstanding, and thereafter shall be held by the Lender (or its appointed collateral agent) as substituted Collateral ("Substituted Cash ---------------- Collateral"), in accordance with a security agreement and other documents in ---------- form and substance acceptable to the Lender (or, at the Borrower's option, may be applied against the prepayment of Base Facility Advances, so long as the prepayment is permitted under the Base Facility Note for the Base Facility Advance). Any portion of the Release Price held as Substituted Cash Collateral may be released if, immediately after giving effect to the release, each of the conditions set forth in Section 7.03(a) below shall have been satisfied. If, on the date on which the Borrower pays the Release Price, Revolving Advances are Outstanding but are not then due and payable, the Lender shall hold the payments as additional Collateral for the Credit Facility, until the next date on which Revolving Advances are due and payable, at which time the Lender shall apply the amounts held by it to the amounts of the Revolving Advances due and payable.
Application of Release Price. The Release Price shall be treated and applied as an optional prepayment under the Note pursuant to Section 10 of the Note and may be paid only on the last Business Day of a calendar month. If the Release Closing Date occurs on a day other than the last Business Day of a calendar month, the Lender shall hold the payments as additional Collateral in an interest bearing account until the last Business Day of such month, at which time the Lender shall apply the amounts held by it (including interest earned thereon) to the amount of the prepayment of the Note.
Application of Release Price. The Release Price shall be applied first against the Variable Advances Outstanding until there are no further Variable Advances Outstanding, then against the prepayment of Fixed Advances Outstanding, so long as the prepayment is permitted under the applicable Fixed Facility Note. If, on the date Borrower pays the Release Price, Variable Advances are Outstanding but not then due and payable, Lender shall hold the Release Price in an interest-bearing account as additional Collateral, until the next date on which Variable Advances are due and payable, at which time Lender shall apply the appropriate portion of the Release Price to such Variable Advances.
Application of Release Price. Borrower shall determine whether the Release Price for the Release Mortgaged Property will be applied first against the Variable Advances Outstanding until there are no further Variable Advances Outstanding, or first against the prepayment of Fixed Advances Outstanding, so long as the prepayment is permitted under the applicable Fixed Facility Note. The remainder of the Release Price, if any, shall be held by Lender (or its appointed collateral agent) as Additional Collateral, in accordance with a security agreement and other documents in form and substance acceptable to Lender. Any such Additional Collateral remaining will be returned to Borrower on the Termination Date. If, on the date Borrower pays the Release Price, Variable Advances are Outstanding but not then due and payable, Lender shall hold the Release Price as Additional Collateral, until the next date on which Variable Advances are due and payable, at which time Lender shall apply the appropriate portion of the Release Price to such Variable Advances.
Application of Release Price. Any Release Price in excess of the amount necessary to pay the Bonds shall be held and applied by Fannie Mae (or its appointed collateral agent) as Additional Collateral, in accordance with the Cash Collateral Agreement. Any portion of the Release Price held as Additional Collateral may be released if, immediately after giving effect to the release, each of the conditions set forth in Section 6.3(a) below shall have been satisfied.
Application of Release Price. (i) The Release Price for Conventional Mortgaged Properties shall be applied first against the Variable Advances Outstanding which are allocated to the Release Property, then against Variable Advances which are not allocated to the Release Property until there are no further Variable Advances Outstanding, then against the prepayment of Fixed Advances Outstanding so long as, in the case of Fixed Advances, the prepayment is permitted under the applicable Fixed Facility Note; provided, that, if Borrower so requests and Xxxxxx Xxx consents (such consent not to be unreasonably withheld or conditioned) the Release Price may be applied first to Fixed Facility Advances, and then to the Variable Advances as stated above.
(ii) The remainder of the Release Price, if any, shall be held by Lender (or its appointed collateral agent) as Additional Collateral, in accordance with a security agreement and other documents in form and substance acceptable to Lender. Any Additional Collateral remaining will be returned to Borrower on the Termination Date. If, on the date Borrower pays the Release Price, Variable Advances are Outstanding but not then due and payable, Lender shall hold the Release Price as additional Collateral, until the next date on which Variable Advances are due and payable, at which time Lender shall apply the appropriate portion of the Release Price to such Variable Advances.
Application of Release Price. (i) The Release Price for the Release Mortgaged Property shall be applied against Outstanding Advances in the order selected by Borrower, provided that (A) any Outstanding Advance which Borrower elects to prepay must be the only Advance partially prepaid or must be prepaid in full or, if the Release Price is not sufficient to do so, must be the only Advance partially prepaid; (B) such prepayment is permitted (for example, not subject to a lock out period) under the applicable Note; (C) any prepayment premium due and owing is paid; and (D) interest must be paid through the end of the month.
(ii) In the event Borrower desires to release a Release Mortgaged Property on a date other than the last day of the month, or in the event that no Outstanding Advances may be prepaid under the terms of the applicable Note (for example, due to a lock out period), the Release Price or the remainder of the Release Price, if any, shall be held by Lender (or its appointed collateral agent) as substitute Collateral (“Substitute Cash Collateral”), in accordance with a security agreement (if required by Lender) and other documents in form and substance acceptable to Lender. Notwithstanding the foregoing, the release of the Release Mortgaged Property may not be approved unless the aggregate Valuation of all Mortgaged Properties remaining in the Collateral Pool is greater than Outstanding Advances. Any Substitute Cash Collateral shall be used to prepay the applicable Advance once such prepayment is permitted.
