Prepayment After Open Date Clause Samples

Prepayment After Open Date. After the Open Date, Borrower may prepay principal in whole, or in part, as long as each of the following conditions are satisfied: (i) Borrower provides written notice to Lender of its intent to prepay not more than sixty (60) days and not less than ten (10) days prior to the intended prepayment date; (ii) If Event of Default exists on the date of such prepayment, Borrower shall reimburse Lender for all actual costs reasonably incurred by Lender in processing the prepayment request, including, without limitation, reasonable legal fees and expenses; (iii) Borrower pays with such prepayment all accrued interest and all other outstanding amounts then due and unpaid under this Agreement and the other Loan Documents including the Prepayment Fee, if any; (iv) If prepayment is not made on a Payment Due Date, Borrower pays with such prepayment (in addition to all other amounts due under this Section 2.05(b)) an amount equal to the unearned interest (if applicable, at the Default Rate) computed on the principal amount being prepaid which would accrue for the period from the date of prepayment through and including the end of the Interest Period in which such prepayment occurs; (v) Notwithstanding anything contained herein to the contrary, no prepayment shall be permitted on any date during the period commencing on the first calendar day immediately following a Payment Due Date to, but not including, the Interest Rate Adjustment Date in such calendar month, unless consented to by Lender in its sole and absolute discretion; and (vi) Unless Mortgage Borrower is making a proportionate prepayment under the Mortgage Loan Documents, with respect to any voluntary prepayment, Borrower provides evidence reasonably satisfactory to Lender that the funds used to make such prepayment are capital contributions from a CNL Entity and/or a Marriott Entity and not from excess cash flow from the Property.