Common use of Loan to Value Default Clause in Contracts

Loan to Value Default. If the Borrowers fail to comply with the covenant set forth in Section 5.21, then the Designated Borrower shall immediately notify the Term Agent in writing of such failure and shall immediately deliver, or cause to be delivered, to the Term Agent for distribution to the Term Lenders as a prepayment of the Term Loan, an amount that is sufficient (after being applied in accordance with Section 1.8(c)(i) or Section 1.8(c)(ii), as the case may be) to cause the Borrowers to be in compliance with the covenant set forth in Section 5.21. All prepayments of the principal amount of the Term Loan pursuant to this Section 1.6(c) shall be accompanied by interest and any related Early Termination Fee.

Loan to Value Default. If the Borrowers fail to comply with the covenant set forth in Section 5.21, then the Designated Borrower Representative shall immediately promptly, upon knowledge thereof, notify the Term Agent in writing of such failure and shall immediately promptly deliver, or cause to be delivered, to the Term Agent for distribution to the Term Lenders as a prepayment of the Term Loan, an amount that is sufficient (after being applied in accordance with Section 1.8(c)(i) or Section 1.8(c)(ii), as the case may be) to cause the Borrowers to be in compliance with the covenant set forth in Section 5.21. All prepayments of the principal amount of the Term Loan pursuant to this Section 1.6(c) shall be accompanied by interest and any related Early Termination Fee.