Common use of Voluntary and Mandatory Prepayment Clause in Contracts

Voluntary and Mandatory Prepayment. (a) Borrower shall have the right, at its option, upon ten Business Days’ prior written notice to Lender (which notice may be revocable at any time by Borrower, provided that Borrower shall reimburse Lender for all of its reasonable out-of-pocket costs and expenses incurred as a result of any such revocation), to prepay the Loan in whole or in part at any time, provided that if such prepayment is made prior to the Par Prepayment Date then Borrower shall pay to Lender simultaneously with such prepayment the applicable Prepayment Fee; provided, however, that no Prepayment Fee shall be payable with respect to (i) a prepayment of the Loan in connection with the release of one or more Value Add Pool Properties or the release of one or more of the Properties within the Xxxx Portfolio, except, in each case, to the extent that aggregate prepayments of the Loan shall exceed 30% of the Loan Amount, (ii) a prepayment of the Loan in connection with the sale of a Disposition Asset or (iii) any prepayment of the Loan pursuant to Section 5.16(d). Each such prepayment shall be accompanied by the amount of interest theretofore accrued but unpaid in respect of the principal amount so prepaid, plus the amount of interest that would have accrued on the principal amount so prepaid had it remained outstanding through the end of the Interest Accrual Period in which such prepayment is made and, if such prepayment is made during the last two Business Days in any Interest Accrual Period, the amount of additional interest that would have accrued on the principal amount so prepaid had it remained outstanding through the end of the following Interest Accrual Period. Following any such prepayment, Borrower may release or transfer, free and clear of the Lien of the Loan Documents, a portion of the notional amount of the Interest Rate Cap Agreement equal to the amount of such prepayment. Any partial prepayment shall be applied to the last payments of principal due under the Loan.

Voluntary and Mandatory Prepayment. (a) Borrower shall have the right, at its option, upon ten Business Days’ prior written notice to Lender (which notice may be revocable at any time by Borrower, provided that Borrower shall reimburse Lender for all of its reasonable out-of-pocket costs and expenses incurred as a result of any such revocation), to prepay the Loan in whole or in part at any time, provided that if such prepayment is made prior to the Par Prepayment Date then Borrower shall pay to Lender simultaneously with such prepayment the applicable Prepayment Fee; provided, however, that no Prepayment Fee shall be payable with respect to (i) a prepayment of the Loan in connection with the release of one or more Value Add Pool Properties or the release of one or more of the Properties within the Xxxx Portfolio, except, in each case, to the extent that aggregate prepayments of the Loan shall exceed 30% of the Loan Amount, (ii) a prepayment of the Loan in connection with the sale of a Disposition Asset or (iii) any prepayment of the Loan pursuant to Section 5.16(d). Each such prepayment shall be accompanied by the amount of interest theretofore accrued but unpaid in respect of the principal amount so prepaid, plus the amount of interest that would have accrued on the principal amount so prepaid had it remained outstanding through the end of the Interest Accrual Period in which such prepayment is made and, if such prepayment is made during the last two Business Days in any Interest Accrual Period, the amount of additional interest that would have accrued on the principal amount so prepaid had it remained outstanding through the end of the following Interest Accrual Period. Following any such prepayment, Borrower may release or transfer, free and clear of the Lien of the Loan Documents, a portion of the notional amount of the Interest Rate Cap Agreement equal to the amount of such prepayment. Any partial prepayment shall be applied to the last payments of principal due under the Loan.