Common use of Loan Prepayment Clause in Contracts

Loan Prepayment. (i) Except as otherwise provided in Section 2.1(D) (ii) below, Borrower shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of the Note until the Open Period. From and after such date, provided there is no Event of Default, the principal balance of the Note may be prepaid, at par, in whole but not in part, upon: (a) not less than 15 days prior written notice to Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than the fifth day of such month unless Borrower pays to Lender all interest that would have accrued for the entire month in which the Note is prepaid absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower shall make the scheduled monthly payment in accordance with the terms of the Note, regardless of any prepayment; (b) payment of all accrued and unpaid interest on the outstanding principal balance of the Note to the date on which prepayment is to be made; and (c) payment of all other Indebtedness then due under the Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of the Note unless it is accompanied by all sums due in connection therewith; (ii) In addition, Borrower shall have the right to prepay all or any portion of the unpaid principal balance after the Lockout Date in accordance with the terms in 2.1(D)(i) above provided, however that such prepayment which is prior to the Open Period will require the payment of the Make Whole Premium.

Loan Prepayment. (i) Except as otherwise provided in Section 2.1(D) (ii) below, Borrower The Borrowers shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of the any of Note A, Note B, or Note C until the Open Period. From and after such dateJuly 1, 2014, provided that if there is no Event of Default, the aggregate principal balance of the Note Notes may be prepaid, at par, in whole but not in part, upon: (a) upon not less than 15 thirty (30) days prior written notice to Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than only on a date that monthly debt service is otherwise due and payable unless the fifth day of such month unless Borrower pays Borrowers pay to Lender all interest that would have accrued for the entire month in which the Note is A, Note B, and Note C are all prepaid absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower (a) the Borrowers shall make the scheduled monthly payment in accordance with the terms of the NoteNotes, regardless of any prepayment; (b) payment of all accrued and unpaid interest on the aggregate outstanding principal balance of the Note Notes to and including the date on which prepayment is to be made; and (c) payment of all other Indebtedness then due under the Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of the Note Notes unless it is accompanied by all sums due in connection therewith; (ii) In addition, Borrower shall have the right to prepay all or any portion of the unpaid principal balance after the Lockout Date in accordance with the terms in 2.1(D)(i) above provided, however that such prepayment which is prior to the Open Period will require the payment of the Make Whole Premium.

Loan Prepayment. (i) Except as otherwise provided in Section 2.1(D) (ii) below, Borrower The Borrowers shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of the any of Note A, Note B, or Note C until the Open Period. From and after such dateJuly 1, 2014, provided that if there is no Event of Default, the aggregate principal balance of the Note Notes may be prepaid, at par, in whole but not in part, upon: (a) upon not less than 15 thirty (30) days prior written notice to Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than only on a date that monthly debt service is otherwise due and payable unless the fifth day of such month unless Borrower pays Borrowers pay to Lender all interest that would have accrued for the entire month in which the Note is A, Note B, and Note C are all prepaid absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower (a) the Borrowers shall make the scheduled monthly payment in accordance with the terms of the NoteNotes, regardless of any prepayment; (b) payment of all accrued and unpaid interest on the aggregate outstanding principal balance of the Note Notes to and including the date on which prepayment is to be made; and (c) payment of all other Indebtedness then due under the Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of the Note Notes unless it is accompanied by all sums due in connection therewith; . (iiF) In additionApplication of Principal .and Interest Prior to an Event of Default. Notwithstanding anything to the contrary contained herein or in any other Loan Document, Borrower shall have but 15 <PAGE> subject nevertheless to Section 2.1(G) hereof, at all times prior to the right to prepay occurrence of an Event of Default and provided that no monetary default under the Loan Documents exists: (i) all or any scheduled and unscheduled payments of principal (including, without limitation, the principal portion of the amount of any prepayments) on the Loan received from or on behalf of the Borrowers shall be applied by Lender to the payment of principal on Note A, Note B, and Note C pro rata (not to exceed the unpaid principal balance after of Note A, Note B, or Note C, as applicable), in accordance with the Lockout Date applicable Pro Rata Share of principal allocable to Note A, Note B, and Note C; (ii) all payments in respect of accrued and unpaid interest on the Loan (including, without limitation, the interest portion of the amount of any prepayments) received from or on behalf of the Borrowers shall be applied by Lender pro rata to (x) the payment of all accrued and unpaid interest on the outstanding principal amount of Note A at the then-applicable rate of interest set forth in Note A, (y) the payment of all accrued and unpaid interest on the outstanding principal amount of Note B at the then-applicable rate of interest set forth in Note B, and (z) the payment of all accrued and unpaid interest on the outstanding principal amount of Note C at the then-applicable rate of interest set forth in Note C; (iii) all amounts other than the amounts described in clauses (i) and (ii) of this Section 2.1(F) shall be applied by Lender to Note A, Note B, and Note C, in each case, in accordance with the terms and provisions of this Agreement and the other Loan Documents, or otherwise in 2.1(D)(i) above provided, however that such prepayment which is prior to the Open Period will require the payment sole and absolute discretion of the Make Whole PremiumLender.

Loan Prepayment. (i) Except as otherwise provided in Section 2.1(D2.1(E) (ii) below, Borrower shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of the Note until the Open Perioddate which is three (3) months prior to the Maturity Date. From and after such date, provided there is no Event of Default, the principal balance of the Note may be prepaid, at par, in whole but not in part, upon: (a) not less than 15 days prior written notice to Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than the fifth day of any such month unless Borrower pays to Lender all interest that would have accrued for the entire month in which the Note is prepaid absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower shall make the scheduled monthly payment in accordance with the terms of the Note, regardless of any prepayment; (b) payment of all accrued and unpaid interest on the outstanding principal balance of the Note to and including the date on which prepayment is to be made; and (c) payment of all other Indebtedness then due under the Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of the Note unless it is accompanied by all sums due in connection therewith; (ii) In additionaddition to the Loan Prepayment rights set forth in paragraph 2.1 (E)(i) hereinabove, after the Lock Out Date but prior to the date which is three (3) months prior to the Maturity Date, Borrower may prepay the principal balance of the Note, provided there is no Event of Default, in whole but not in part, upon (a) not less than 30 days prior written notice to the Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than the fifth day of any such month unless Borrower pays to Lender all interest that would have accrued for the entire month in which the Note is prepaid, absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower shall have make the right to prepay all or any portion of the unpaid principal balance after the Lockout Date scheduled monthly payment in accordance with the terms in 2.1(D)(iof the Note regardless of any prepayment; (b) above provided, however that such prepayment which is prior to the Open Period will require the payment of all accrued and unpaid interest on the outstanding principal balance of the Note to and including the date on which prepayment is made, (c) payment of all other Indebtedness then due under the Loan Documents, and (d) payment of a Make Whole Premium. Lender shall not be obligated to accept any prepayment of the principal balance of the Note unless it is accompanied by all sums due in connection therewith.

Loan Prepayment. (i) Except as otherwise provided in Section 2.1(D) (ii) below, Borrower shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of the Note until the Open Perioddate which is one (1) month prior to the Maturity Date. From and after such date, provided there is no Event of Default, the principal balance of the Note may be prepaid, at par, in whole but not in part, upon: (a) not less than 15 days prior written notice to Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than the fifth day of any such month unless Borrower pays to Lender all interest that would have accrued for the entire month in which the Note is prepaid absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower shall make the scheduled monthly payment in accordance with the terms of the Note, regardless of any prepayment; (b) payment of all accrued and unpaid interest on the outstanding principal balance of the Note to and including the date on which prepayment is to be made; and (c) payment of all other Indebtedness then due under the Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of the Note unless it is accompanied by all sums due in connection therewith; (ii) In addition, Borrower shall have the right to prepay all or any portion of the unpaid principal balance after the Lockout Date in accordance with the terms in 2.1(D)(i) above provided, however that such prepayment which is prior to the Open Period will require the payment of the Make Whole Premium.

Loan Prepayment. (i) Except as otherwise provided in Section 2.1(D2.1(E) (ii) below, Borrower shall not have the right or privilege to prepay all or any portion of the unpaid principal balance of the Note until the Open Perioddate which is one (1) month prior to the Maturity Date. From and after such date, provided there is no Event of Default, the principal balance of the Note may be prepaid, at par, in whole but not in part, upon: (a) not less than 15 days prior written notice to Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than the fifth day of such month unless Borrower pays to Lender all interest that would have accrued for the entire month in which the Note is prepaid absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower shall make the scheduled monthly payment in accordance with the terms of the Note, regardless of any prepayment; (b) payment of all accrued and unpaid interest on the outstanding principal balance of the Note to and including the date on which prepayment is to be made; and (c) payment of all other Indebtedness then due under the Loan Documents. Lender shall not be obligated to accept any prepayment of the principal balance of the Note unless it is accompanied by all sums due in connection therewith; (ii) In additionaddition to the Loan Prepayment rights set forth in paragraph 2.1 (E)(i) hereinabove, Borrower shall have the right to prepay all or any portion of the unpaid principal balance after the Lockout Date but prior to the date which is one (1) month prior to the Maturity Date, Borrower may prepay the principal balance of the Note, provided there is no Event of Default, in whole but not in part, upon (a) not less than 30 days prior written notice to the Lender specifying the date on which prepayment is to be made, which prepayment must occur no later than the fifth day of any such month unless Borrower pays to Lender all interest that would have accrued for the entire month in which the Note is prepaid, absent such prepayment. If prepayment occurs on a date other than a scheduled monthly payment date, Borrower shall make the scheduled monthly payment in accordance with the terms in 2.1(D)(iof the Note regardless of any prepayment; (b) above provided, however that such prepayment which is prior to the Open Period will require the payment of all accrued and unpaid interest on the outstanding principal balance of the Note to and including the date on which prepayment is made, (c) payment of all other Indebtedness then due under the Loan Documents, and (d) payment of a Make Whole Premium. Lender shall not be obligated to accept any prepayment of the principal balance of the Note unless it is accompanied by all sums due in connection therewith.