Mortgage Deleveraging Thresholds Clause Samples

Mortgage Deleveraging Thresholds. (i) Borrower shall be required to have made prepayments of the Loan (which may be achieved by (x) the application of Excess Cash Flow in accordance with Section 7.8.2 (in which case no Exit Fee would be payable), (y) in connection with a release of an Individual Property effectuated in accordance with Section 2.5.2 or (z) in connection with (A) voluntary prepayments in accordance with Section 2.4.1 and Mandatory Prepayments in accordance with Section 2.4.2, in each case, to the extent of the amount applied to the principal portion of the Loan for such prepayment) as follows (each, a “Mortgage Deleveraging Payment”): (A) On or prior to the date that is twelve (12) months following the Funding Date (the “First MDP Deadline”), in an amount, in the aggregate, equal to or greater than $50,250,000.00 (the “First MDP Threshold”); (B) On or prior to the date that is twelve (12) months following the First MDP Deadline (the “Second MDP Deadline”), in an amount, in the aggregate, together with any prepayments by Borrower to satisfy the First MDP Threshold, no less than $134,000,000.00 (the “Second MDP Threshold”); and (C) If the Initial Maturity Date is extended in accordance with Section 2.8, on or prior to the date that is twelve (12) months following the Second MDP Deadline (the “Third MDP Deadline”; together with the First MDP Deadline and the Second MDP Deadline, each, a “MDP Deadline”), in an amount, in the aggregate, together with any prepayments by Borrower to satisfy the First MDP Threshold and the Second MDP Threshold, no less than $234,500,000.00 (the “Third MDP Threshold”; together with the First MDP Threshold and the Second MDP Threshold, each a “Mortgage Deleveraging Threshold”). (ii) In the event that (i) Borrower fails to make Mortgage Deleveraging Payments in an amount equal to or greater than the First MDP Threshold as of the First MDP Deadline, Borrower shall pay to Lender a nonrefundable fee in an amount equal to one percent (1%) of the then-outstanding principal amount of the Loan (and, for the avoidance of doubt, taking into account any Mortgage Deleveraging Payments which have been made as of such date), (ii) Borrower fails to make Mortgage Deleveraging Payments in an amount equal to or greater than the Second MDP Threshold as of the Second MDP Deadline, Borrower shall pay to Lender a nonrefundable fee in an amount equal to 2% of the then-outstanding principal amount of the Loan (and, for the avoidance of doubt, taking into account any Mortgage...