Common use of New Payment Date Clause in Contracts

New Payment Date. Lender shall have the right, to be exercised not more than one (1) time during the term of the Loan, to change the Payment Date to a date other than the sixth (6th) day of each month (a “New Payment Date”), on not less than sixty (60) days’ written notice to Borrower; provided, however, that any such change in the Payment Date: shall not (x) increase any of Borrower’s obligations hereunder (other than to a de minimis extent), (y) change the Maturity Date or (z) modify the Monthly Debt Service Payment Amount, except that the first (1st) payment of interest payable on the New Payment Date shall be accompanied by interest at the Interest Rate for the period from the Payment Date in the month in which the New Payment Date first occurs to the New Payment Date. In addition, in the event that Lender elects to change the Payment Date to a New Payment Date pursuant to this Section 2.2.9, Lender may, but shall not be obligated to, change the Accrual Period to a corresponding period of thirty-one (31) days or less selected by Lender (a “New Interest Accrual Period”), and in the event that Lender elects to change the Accrual Period to a New Interest Accrual Period, the first (1st) payment of interest payable on the New Payment Date shall be adjusted accordingly to accommodate such change in the Accrual Period.

New Payment Date. Lender shall have the right, to be exercised not more than one (1) time during the term of the Loan, to change the Payment Date to a date other than the sixth (6th) day of each month (a “New Payment Date”), on not less than sixty (60) days’ written notice to Borrower; provided, however, that any such change in the Payment Date: shall not (x) increase any of Borrower’s obligations hereunder (other than to a de minimis extent), (y) change the Maturity Date or (z) modify the Monthly Debt Service Payment Amount, except that the first (1st) payment of interest payable on the New Payment Date shall be accompanied by interest at the Interest Rate for the period from the Payment Date in the month in which the New Payment Date first occurs to the New Payment Date. In addition, in the event that Lender elects to change the Payment Date to a New Payment Date pursuant to this Section 2.2.9, Lender may, but shall not be obligated to, change the Accrual Period to a corresponding period of thirty-one (31) days or less selected by Lender L▇▇▇▇▇ (a “New Interest Accrual Period”), and in the event that Lender elects to change the Accrual Period to a New Interest Accrual Period, the first (1st) payment of interest payable on the New Payment Date shall be adjusted accordingly to accommodate such change in the Accrual Period.

New Payment Date. Lender shall have the right, to be exercised not more than one (1) time during the term of the Loan, to change the Payment Date to a date other than the sixth (6th) day of each month (a “New Payment Date”), on not less than sixty (60) days’ written notice to Borrower; provided, however, that any such change in the Payment Date: shall not (x) increase any of Borrower’s obligations hereunder (other than to a de minimis extent), (y) change the Maturity Date or (z) modify the Monthly Debt Service Payment Amount, except that the first (1st) payment of interest payable on the New Payment Date shall be accompanied by interest at the Interest Rate for the period from the Payment Date in the month in which the New Payment Date first occurs to the New Payment Date. In addition, in the event that Lender elects to change the Payment Date to a New Payment Date pursuant to this Section 2.2.9, Lender may, but shall not be obligated to, change the Accrual Period to a corresponding period of thirty-one (31) days or less selected by Lender ▇▇▇▇▇▇ (a “New Interest Accrual Period”), and in the event that Lender elects to change the Accrual Period to a New Interest Accrual Period, the first (1st) payment of interest payable on the New Payment Date shall be adjusted accordingly to accommodate such change in the Accrual Period.