AMOUNT-NYTC SHALL EACH
BE REDUCED BY THE AMOUNT OF SUCH COST SAVINGS.
SECTION 3.09
PAYMENT OF
INDEBTEDNESS.
ON THE MATURITY DATE THE ENTIRE INDEBTEDNESS SHALL BE DUE AND
PAYABLE.
SECTION 3.10
PAYMENT OF INTEREST.
(A) SUBJECT TO PARAGRAPH (B) OF THIS SECTION 3.10, THE OUTSTANDING PRINCIPAL
SHALL BEAR INTEREST AT THE INTEREST RATE UNTIL THE MATURITY DATE.
INTEREST ON
THE OUTSTANDING PRINCIPAL SHALL (SUBJECT TO SECTION 3.15 HEREOF) BE DUE AND
PAYABLE IN ARREARS ON THE FIRST BUSINESS DAY OF EACH CALENDAR MONTH.
(B)
THE OUTSTANDING PRINCIPAL, AND ANY INTEREST
(BUT NOT ANY INTEREST NOT PAID WHEN DUE BECAUSE AGENT AND/OR LENDERS DO NOT
COMPLY WITH SECTION 5.03(B) HEREOF), FEE OR OTHER AMOUNT PAYABLE HEREUNDER OR
UNDER ANY OTHER PROJECT LOAN DOCUMENT THAT IS NOT PAID WHEN DUE (AFTER GIVING
EFFECT TO ANY APPLICABLE GRACE PERIOD EXPRESSLY REFERRED TO HEREIN OR THEREIN),
SHALL BEAR INTEREST FROM THE DUE DATE THEREOF (WITHOUT GIVING EFFECT TO ANY SUCH
GRACE PERIOD) UNTIL PAID AT THE DEFAULT RATE.
DURING THE CONTINUANCE OF AN
EVENT OF DEFAULT, THE OUTSTANDING PRINCIPAL AND ANY INTEREST, FEE OR OTHER
AMOUNT PAYABLE HEREUNDER OR UNDER ANY OTHER PROJECT LOAN DOCUMENT SHALL BEAR
INTEREST AT THE DEFAULT RATE.
SECTION 3.11
LATE CHARGE.
ANY AND
ALL AMOUNTS DUE HEREUNDER OR UNDER THE OTHER PROJECT LOAN DOCUMENTS (OTHER THAN
THE OUTSTANDING PRINCIPAL DUE ON THE MATURITY DATE) WHICH REMAIN UNPAID MORE
THAN FIVE (5) DAYS AFTER THE DATE SAID AMOUNT WAS DUE AND PAYABLE SHALL INCUR A
FEE (THE "LATE CHARGE") OF FIVE PERCENT (5.00%) OF SAID AMOUNT, PAYABLE ON
DEMAND, WHICH SHALL BE IN ADDITION TO ALL OF AGENT'S OTHER RIGHTS AND REMEDIES
UNDER THE PROJECT LOAN DOCUMENTS.
SECTION 3.12
PREPAYMENT.
(A)
IN
ADDITION TO PREPAYMENTS MADE IN ACCORDANCE WITH THE PROJECT LOAN MORTGAGE OR
SECTIONS 7.05, 7.46 AND 7.51 HEREOF, THE THEN OUTSTANDING PRINCIPAL MAY BE
PREPAID AT ANY TIME, IN WHOLE OR IN PART, UPON NOT LESS THAN FIVE (5) BUSINESS
DAYS' PRIOR NOTICE TO AGENT (BUT IF IN PART, IN THE PRINCIPAL AMOUNT OF
$1,000,000 OR ANY WHOLE NUMBER MULTIPLE THEREOF) ON ANY BUSINESS DAY (OTHER THAN
THE DAY IMMEDIATELY FOLLOWING THANKSGIVING DAY OR GOOD FRIDAY); PROVIDED,
HOWEVER, THAT BORROWER SHALL PAY AT THE TIME OF ANY SUCH PREPAYMENT (X) ALL
ACCRUED AND UNPAID
40
INTEREST ON THE PRINCIPAL PORTION OF THE PROJECT LOAN BEING PREPAID AND (Y) ALL
"BREAKAGE" COSTS ACTUALLY INCURRED BY LENDERS AS A RESULT OF SUCH PREPAYMENT
("BREAKAGE COSTS"), INCLUDING, WITHOUT LIMITATION, ANY EXPENSES INCURRED AS A
RESULT OF ANY TERMINATION OF ANY APPLICABLE INTEREST RATE MANAGEMENT CONTRACTS
OR "HEDGE AGREEMENTS" ENTERED INTO BY ANY LENDER.
A CERTIFICATE OF AGENT
SETTING FORTH THE AMOUNT OF BREAKAGE COSTS WHICH LENDERS ARE ENTITLED TO RECEIVE
SHALL BE BINDING AND CONCLUSIVE, ABSENT MANIFEST ERROR.
ANY PAYMENT OF THE
OUTSTANDING PRINCIPAL MADE DURING THE CONTINUATION OF AN EVENT OF DEFAULT MUST
INCLUDE ANY BREAKAGE COSTS.
(B)
PREPAYMENTS MADE IN ACCORDANCE WITH THE
PROJECT LOAN MORTGAGE OR SECTIONS 7.05, 7.46 AND 7.51 HEREOF SHALL, AT
BORROWER'S (OR THE