Common use of Monthly Debt Service Payments Clause in Contracts

Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan from and including the Closing Date up to and including December 31, 2007, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, and (b) on each Payment Date commencing on the Payment Date occurring in February, 2008 and thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due and unpaid pursuant to the Loan Documents hereto. Borrower and Lender acknowledge and agree that, on the 15th calendar day of the month preceding each Payment Date during the Construction Term: (a) if and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, the Monthly Debt Service Amount then due and owing shall be advanced by Lender by a Project Loan Advance under Interest Reserve Line Item of the Project Loan Budget; and (b) if no amount remains available under the Interest Reserve Line Item but and to the extent Interest Reserve Funds are on deposit in the Interest Reserve Account, and no Event of Default or monetary Default then exists under any of the Loan Documents, the Monthly Debt Service Payment Amount then due and payable shall be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, without the need for Borrower to submit a Draw Request or otherwise request such an Advance or application.

Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan from and including the Closing Date up to and including December 31, 2007, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, and (b) on each Payment Date commencing on the Payment Date occurring in February, 2008 2008, and thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due and unpaid pursuant to the Loan Documents hereto. Borrower and Lender acknowledge and agree that, on the 15th calendar day of the month preceding each Payment Date during the Construction Term: (a) if and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, the Monthly Debt Service Amount then due and owing shall be advanced by Lender by a Project Loan Advance under Interest Reserve Line Item of the Project Loan Budget; and (b) if no amount remains available under the Interest Reserve Line Item but and to the extent Interest Reserve Funds are on deposit in the Interest Reserve Account, and no Event of Default or monetary Default then exists under any of the Loan Documents, the Monthly Debt Service Payment Amount then due and payable shall be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan an Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, without the need for Borrower to submit a Draw Request or otherwise request such an Advance or application.

Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan from and including the Closing Date up to and including December 31, 2007, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, and (b) on each Payment Date commencing on the Payment Date occurring in February, 2008 2008, and thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due and unpaid pursuant to the Loan Documents hereto. Borrower and Lender acknowledge and agree that, on the 15th calendar day of the month preceding each Payment Date during the Construction Term: (a) if and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, the Monthly Debt Service Amount then due and owing shall be advanced by Lender by a Project Loan Advance under Interest Reserve Line Item of the Project Loan Budget; and (b) if no amount remains available under the Interest Reserve Line Item but and to the extent Interest Reserve Funds are on deposit in the Interest Reserve Account, and no Event of Default or monetary Default then exists under any of the Loan Documents, the Monthly Debt Service Payment Amount then due and payable shall be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, without the need for Borrower to submit a Draw Request or otherwise request such an Advance or application.Line

Monthly Debt Service Payments. (a) Borrower shall pay to Lender (ai) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan from and including for the Closing Date up to and including December 31initial Accrual Period, 2007(ii) on February 1, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof2011, and (b) on each Payment Date commencing on the Payment Date occurring in February, 2008 and thereafter up to and including the Maturity Payment Date on January 1, 2016, an amount equal to interest only on the outstanding principal balance of the Loan for the related Accrual Period, and (iii) on February 1, 2016, and on each Payment Date thereafter up to and including the Anticipated Repayment Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due accrued and unpaid pursuant interest and the balance to the Loan Documents hereto. Borrower and Lender acknowledge and agree that, on the 15th calendar day of the month preceding principal. (b) On each Payment Date during occurring after the Construction Term: Anticipated Repayment Date Borrower shall (ai) if make a payment to Lender of principal and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, the Monthly Debt Service Amount then due and owing shall be advanced by Lender by a Project Loan Advance under Interest Reserve Line Item of the Project Loan Budget; and (b) if no amount remains available under the Interest Reserve Line Item but and to the extent Interest Reserve Funds are on deposit interest in the Interest Reserve Account, and no Event amount of Default or monetary Default then exists under any of the Loan Documents, the Monthly Debt Service Payment Amount then due Amount, such payment to be applied to interest in an amount equal to interest that would have accrued on the outstanding principal balance of the Loan (without adjustment for Accrued Interest) at the Initial Interest Rate and payable shall the remainder to the principal balance of the Loan, and (ii) pay the other amounts required to be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1the Cash Management Agreement. In addition, without to the need extent there is Excess Cash Flow for the preceding month, Borrower shall pay to submit a Draw Request or otherwise request Lender such an Advance or applicationExcess Cash Flow, such payment to be applied as follows: (A) first, to the reduction of the principal balance of the Note until the entire outstanding principal balance of the Note is paid in full; and (B) then, to the payment of Accrued Interest. “Accrued Interest” shall mean interest calculated at the Adjusted Interest Rate, and deferred and not paid pursuant to subsection (i) above.

Monthly Debt Service Payments. (a) Borrower shall pay to Lender (ai) on the Closing Date, an amount equal to interest only on the outstanding principal balance Outstanding Principal Balance of the Loan Components from and including the Closing Date up to and including December 31March 30, 20072015, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, and (bii) on each Payment Date commencing on the Payment Date occurring in FebruaryMay 9, 2008 2015, and on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount. For avoidance of doubt, which payments ARD Spread Interest accruing from and after the Anticipated Repayment Date shall not be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due and unpaid pursuant to the Loan Documents hereto. Borrower payable on a monthly basis and Lender acknowledge and agree that, on the 15th calendar day of the month preceding each Payment Date during the Construction Term: (a) if and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, shall not be included in the Monthly Debt Service Amount then due Payment Amount, but rather shall accrue and owing be payable as provided in Section 2.3.1(b) and Section 2.3.3. Borrower shall be advanced by also pay to Lender by a Project Loan Advance under Interest on the Closing Date all amounts required in respect of Reserve Line Item Funds as set forth in Article 6 and an amount equal to the sum of the Project Loan Budget; initial monthly certificate administrator fee and the initial monthly trustee fee. (b) if no amount remains available under On the Interest Reserve Line Item but Anticipated Repayment Date and to on each Payment Date from and after the extent Interest Reserve Funds are on deposit in Anticipated Repayment Date until the Interest Reserve Account, and no Event earlier of Default the Maturity Date or monetary Default then exists under any the date which the entire Outstanding Principal Balance of the Loan Documentsand all Accrued Additional Interest, together with all accrued but unpaid interest thereon and all other amounts due under the Loan Documents has been paid in full, Borrower shall pay to Lender, in addition to the Monthly Debt Service Payment Amount then due and payable shall be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds as provided in Section 2.3.1(a) above, all Available Cash on deposit each Payment Date, which Available Cash, together with all amounts held in the Cash Collateral Account, shall, so long as no Event of Default exists, be applied as set forth in Section 2.7.2(i)(B). From and after the Anticipated Repayment Date, ARD Spread Interest Reserve Account shall accrue on the Outstanding Principal Balance of the Components, and all accrued and unpaid ARD Spread Interest shall earn interest at the Applicable Interest Rate, compounding monthly on each Payment Date occurring during after such ARD Spread Interest first accrues (the Construction Term, in either instance, in accordance with aggregate amount of all such ARD Spread Interest and all interest accruing thereon is herein referred to as the “Accrued Additional Interest”). Borrower’s obligation to pay Accrued Additional Interest shall constitute additional Debt evidenced by this Section 2.3.1, without Agreement and the need for Borrower to submit a Draw Request or otherwise request such an Advance or applicationNote.

Monthly Debt Service Payments. (a) Borrower shall pay to Lender (ai) on the Closing Date, an amount equal to interest only on the outstanding principal balance Outstanding Principal Balance of the Loan Components from and including the Closing Date up to and including December 31September 30, 20072015, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, and (bii) on each Payment Date commencing on the Payment Date occurring in FebruaryNovember 9, 2008 2015, and on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount. For avoidance of doubt, which payments ARD Spread Interest accruing from and after the Anticipated Repayment Date shall not be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due and unpaid pursuant to the Loan Documents hereto. Borrower payable on a monthly basis and Lender acknowledge and agree that, on the 15th calendar day of the month preceding each Payment Date during the Construction Term: (a) if and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, shall not be included in the Monthly Debt Service Amount then due Payment Amount, but rather shall accrue and owing be payable as provided in Section 2.3.1(b) and Section 2.3.3. Borrower shall be advanced by also pay to Lender by a Project Loan Advance under Interest on the Closing Date all amounts required in respect of Reserve Line Item Funds as set forth in Article 6 and an amount equal to the sum of the Project Loan Budget; initial monthly certificate administrator fee and the initial monthly trustee fee. (b) if no amount remains available under On the Interest Reserve Line Item but Anticipated Repayment Date and to on each Payment Date from and after the extent Interest Reserve Funds are on deposit in Anticipated Repayment Date until the Interest Reserve Account, and no Event earlier of Default the Maturity Date or monetary Default then exists under any the date which the entire Outstanding Principal Balance of the Loan Documentsand all Accrued Additional Interest, together with all accrued but unpaid interest thereon and all other amounts due under the Loan Documents has been paid in full, Borrower shall pay to Lender, in addition to the Monthly Debt Service Payment Amount then due and payable shall be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds as provided in Section 2.3.1(a) above, all Available Cash on deposit each Payment Date, which Available Cash, together with all amounts held in the Cash Collateral Subaccount, shall, so long as no Event of Default exists, be applied as set forth in Section 2.7.2(i)(B). From and after the Anticipated Repayment Date, ARD Spread Interest Reserve Account shall accrue on the Outstanding Principal Balance of the Components, and all accrued and unpaid ARD Spread Interest shall earn interest at the Applicable Interest Rate, compounding monthly on each Payment Date occurring during after such ARD Spread Interest first accrues (the Construction Term, in either instance, in accordance with aggregate amount of all such ARD Spread Interest and all interest accruing thereon is herein referred to as the “Accrued Additional Interest”). Borrower’s obligation to pay Accrued Additional Interest shall constitute additional Debt evidenced by this Section 2.3.1, without Agreement and the need for Borrower to submit a Draw Request or otherwise request such an Advance or applicationNote.

Monthly Debt Service Payments. Borrower shall pay to Lender (a) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan from and including for the Closing Date up to and including December 31, 2007, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, initial Accrual Period and (b) on December 1, 2011 and on each Payment Date commencing on the Payment Date occurring in February, 2008 and thereafter up to and including the Maturity Anticipated Repayment Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amount, which payments shall be applied first to interest due for the related Interest Period at the Interest Rate, for such related Interest Period and then to the principal amount of the Loan due in accordance with this Agreement, and lastly, to any other amounts due accrued and unpaid pursuant interest and the balance to the Loan Documents heretoprincipal. Borrower and Lender acknowledge and agree that, Commencing on the 15th calendar day of the month preceding each first Payment Date during immediately succeeding the Construction Term: (a) if Anticipated Repayment Date and to the extent undrawn funds remain available for Advance under the Project Loan from the Interest Reserve Line Item of the Project Loan Budget, and provided that that no Event of Default or monetary Default then exists under any of the Loan Documents or would occur as a result of such Project Loan Advance, the Monthly Debt Service Amount then due and owing shall be advanced by Lender by a Project Loan Advance under Interest Reserve Line Item of the Project Loan Budget; and (b) if no amount remains available under the Interest Reserve Line Item but and to the extent Interest Reserve Funds are on deposit in the Interest Reserve Account, and no Event of Default or monetary Default then exists under any of the Loan Documents, the Monthly Debt Service Payment Amount then due and payable shall be paid by application of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Extension Term, Borrower shall pay to Lender an amount equal to the Monthly Debt Service Payment Amount and deposit with Lender all Excess Cash Flow for the preceding month, and Lender shall apply such amounts as follows: (i) first, to interest in either instancean amount equal to the interest that would have accrued on the outstanding principal balance of the Loan (without adjustment for Accrued Interest, as defined below) at the Initial Term Interest Rate, (ii) second, to the reduction of the principal balance of the Note until the entire outstanding principal balance of the Note is paid in accordance with this Section 2.3.1full, without and (iii) third, to the need for Borrower payment of Accrued Interest on the Note until all Accrued Interest on the Note is paid in full. Interest accrued at the Extension Term Interest Rate and not paid pursuant to submit a Draw Request or otherwise request the preceding sentence shall be added to the outstanding principal balance of the Loan on the first day following such an Advance or applicationPayment Date and shall accrue interest at the Extension Term Interest Rate to the extent permitted by law (such accrued interest referred to as, “Accrued Interest”).

Monthly Debt Service Payments. (a) Borrower shall pay to Lender (ai) on the Closing Date, an amount equal to interest only on the outstanding principal balance of the Loan from and including for the Closing Date up to and including December 31, 2007Initial Interest Period, which interest shall be calculated in accordance with the provisions of Section 2.2 hereof, hereof and (bii) on each Payment Date commencing on the Payment Date occurring in FebruaryJanuary, 2008 2013 and on each Payment Date thereafter up to and including the Maturity Date, Borrower shall make a payment to Lender equal to the Monthly Debt Service Payment Amountfor the applicable Interest Period, which payments shall be applied first to interest due for the related Interest Period at the Floating Interest RateRate or Prime Rate plus the Prime Rate Spread, as applicable, for such related Interest Period and then to the principal amount of the Loan due in accordance with this AgreementAgreement (subject to Section 2.4.4), and lastly, to any other amounts due and unpaid pursuant to the Loan Documents hereto. . (b) If Borrower and Lender acknowledge and agree thatdelivers an Amortization Election Notice in accordance with Section 2.8(h), on the 15th calendar day of the month preceding each Payment Date during thereafter through the Construction Term: Extended Maturity Date, Borrower shall make an additional principal payment in the amount of $500,000. (ac) if and If a Go Dark Stage 1 Amortization Event or a Go Dark Stage 2 Amortization Event exists, on each Payment Date thereafter that such Go Dark Stage 1 Amortization Event or Go Dark Stage 2 Amortization Event continues, Borrower shall make an additional principal payment equal to the extent undrawn funds remain available for Advance under applicable Monthly Go Dark Amortization Payment. For the Project Loan from avoidance of doubt, upon the Interest Reserve Line Item occurrence of the Project Loan Budgeta Go Dark Stage 2 Amortization Event, and provided that that Borrower shall no Event of Default or monetary Default then exists under longer be required to make any of the Loan Documents or would occur as a result of such Project Loan Advance, the Monthly Debt Service Amount then due and owing shall be advanced by Lender by a Project Loan Advance under Interest Reserve Line Item of the Project Loan Budget; and (b) if no amount remains available under the Interest Reserve Line Item but and Go Dark Amortization Payment applicable to the extent Interest Reserve Funds are on deposit in the Interest Reserve Account, and no Event of Default or monetary Default then exists under any of the Loan Documents, the Go Dark Stage 1 Amortization Event. Each Monthly Debt Service Go Dark Amortization Payment Amount then due and payable required to be made hereunder shall be paid by application Borrower to Lender and, if applicable, shall be applied to principal as a portion of funds from the Interest Reserve Account. Borrower and Lender acknowledge and agree that Lender may automatically make a Project Loan Advance or apply Interest Reserve Funds on deposit in the Interest Reserve Account on each Payment Date occurring during the Construction Term, in either instance, in accordance with this Section 2.3.1, Free Prepayment Amount (without the need for payment of any Spread Maintenance Payment) to the extent of any remaining portion thereof. In the event any Monthly Go Dark Amortization Payment is due hereunder on or prior to the Spread Maintenance End Date, such payment by Borrower shall be accompanied by the applicable Spread Maintenance Payment unless the same is allocated to submit a Draw Request or otherwise request such an Advance or applicationthe Free Prepayment Amount.