Common use of Mandatory Prepayment of the Borrower Loan Clause in Contracts

Mandatory Prepayment of the Borrower Loan. (a) As further provided in the Construction Funding Agreement, if and to the extent the Permanent Period Amount is less than the Interim Phase Amount, Funding Lender may in its sole discretion require Borrower to make a partial prepayment of the Borrower Loan in an amount equal to the difference between the Interim Phase Amount and the Permanent Period Amount (a “Pre-Conversion Loan Equalization Payment”); provided, however, that if the Permanent Period Amount is less than the Minimum Permanent Period Amount, then Funding Lender may in its sole discretion require Borrower to prepay the Borrower Loan in full. (b) Any prepayment in full of the Borrower Loan required pursuant to Section 3.3(a) above shall be subject to a prepayment premium as more particularly set forth in the Borrower Note. Any prepayment in part of the Borrower Loan required pursuant to Section 3.3(a) above shall not be subject to a prepayment premium and shall not constitute a violation of the provisions of the Borrower Note prohibiting prepayment of the Borrower Loan prior to the end of the Lock-Out Period (as defined in the Borrower Note).

Appears in 3 contracts

Samples: Borrower Loan Agreement, Borrower Loan Agreement, Borrower Loan Agreement

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Mandatory Prepayment of the Borrower Loan. 24OHS WEST:261155539.6 (a) As further provided in the Construction Funding Agreement, if and to the extent the Permanent Period Amount is less than the Interim Phase Amount, Funding Lender may in its sole discretion require Borrower to make a partial prepayment of the Borrower Loan in an amount equal to the difference between the Interim Phase Amount and the Permanent Period Amount (a “Pre-Conversion Loan Equalization Payment”); , provided, however, that if the Permanent Period Amount is less than the Minimum Permanent Period Amount, then Funding Lender may in its sole discretion require Borrower to prepay the Borrower Loan in full. (b) Any prepayment in full of the Borrower Loan required pursuant to Section 3.3(a) above shall be subject to a prepayment premium as more particularly set forth in the Borrower Note. Any prepayment in part of the Borrower Loan required pursuant to Section 3.3(a) above shall not be subject to a prepayment premium and shall not constitute a violation of the provisions of the Borrower Note prohibiting prepayment of the Borrower Loan prior to the end of the Lock-Out Period (as defined in the Borrower Note).

Appears in 1 contract

Samples: Borrower Loan Agreement

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