WHETHER AN EVENT OF DEFAULT HAS OCCURRED OR A LATE PAYMENT CHARGE IS PAYABLE,
PAYMENTS FROM THE ACCOUNTS SHALL BE DEEMED TO BE MADE, PROVIDED SUFFICIENT FUNDS
ARE ON DEPOSIT IN THE ACCOUNTS FOR THE PURPOSES INTENDED ON THE DATE SUCH
PAYMENTS ARE DUE AND BORROWER HAS NOT ATTEMPTED TO PREVENT OR DELAY ANY
DISBURSEMENT BY AGENT OF ANY SUCH AMOUNTS FROM THE ACCOUNTS.
(B)
WHENEVER ANY PAYMENT TO BE MADE HEREUNDER OR UNDER ANY OTHER LOAN
DOCUMENT SHALL BE STATED TO BE DUE ON A DAY WHICH IS NOT A BUSINESS DAY, THE DUE
DATE THEREOF SHALL BE THE BUSINESS DAY IMMEDIATELY PRECEDING SUCH DAY.
(C)
ALL PAYMENTS REQUIRED TO BE MADE BY BORROWER HEREUNDER OR UNDER
THE NOTE OR THE OTHER LOAN DOCUMENTS SHALL BE MADE IRRESPECTIVE OF, AND WITHOUT
DEDUCTION FOR, ANY SETOFF, CLAIM OR COUNTERCLAIM AND SHALL BE MADE IRRESPECTIVE
OF ANY DEFENSE THERETO.
2.3.6
PAYMENTS AFTER EVENT OF DEFAULT.
ANY AMOUNTS RECEIVED BY LENDER
FOLLOWING THE OCCURRENCE AND CONTINUANCE OF AN EVENT OF DEFAULT SHALL BE APPLIED
BY LENDER
23
TOWARD THE PAYMENT OF INTEREST AND/OR PRINCIPAL OF LOAN AND/OR ANY OTHER AMOUNTS
DUE UNDER THE LOAN DOCUMENTS IN SUCH ORDER, PRIORITY AND PROPORTIONS AS LENDER
IN ITS SOLE DISCRETION SHALL DEEM PROPER.
SECTION 2.4
PREPAYMENTS.
2.4.1
VOLUNTARY PREPAYMENTS.
EXCEPT AS OTHERWISE PROVIDED HEREIN,
BORROWER SHALL NOT HAVE THE RIGHT TO PREPAY THE LOAN IN WHOLE OR IN PART.
BORROWER MAY, AT ITS OPTION, PREPAY THE DEBT IN WHOLE (BUT NOT IN PART),
PROVIDED THE FOLLOWING CONDITIONS ARE SATISFIED: (A) NO EVENT OF DEFAULT HAS
OCCURRED AND IS CONTINUING; (B) BORROWER PROVIDES LENDER WITH NOT LESS THAN
FIFTEEN (15) DAYS PRIOR NOTICE OF THE DATE OF SUCH PREPAYMENT (OR SUCH SHORTER
PERIOD OF TIME AS MAY BE PERMITTED BY LENDER IN ITS SOLE DISCRETION); (C) IF
SUCH PREPAYMENT IS MADE PRIOR TO AUGUST 1, 2011, BORROWER SHALL ALSO PAY TO
LENDER THE YIELD MAINTENANCE PREMIUM; PROVIDED, HOWEVER, IF SUCH PREPAYMENT IS
MADE ON OR AFTER AUGUST 1, 2011, NO YIELD MAINTENANCE PREMIUM SHALL BE PAYABLE
BY BORROWER TO LENDER; AND (D) IF ANY PREPAYMENT IS RECEIVED BY LENDER ON A DATE
OTHER THAN A MONTHLY PAYMENT DATE, SUCH PREPAYMENT SHALL INCLUDE INTEREST WHICH
WOULD HAVE ACCRUED THEREON TO (BUT NOT INCLUDING) THE NEXT MONTHLY PAYMENT DATE
AND SUCH AMOUNTS (I.E., PRINCIPAL AND INTEREST PREPAID BY BORROWER) SHALL BE
HELD BY LENDER AS COLLATERAL SECURITY FOR THE LOAN IN AN INTEREST BEARING
ACCOUNT AT AN ELIGIBLE INSTITUTION, WITH INTEREST ACCRUING ON SUCH AMOUNTS TO
THE BENEFIT OF BORROWER, AND SUCH AMOUNTS PREPAID SHALL BE APPLIED TO THE LOAN
ON THE NEXT MONTHLY PAYMENT DATE, WITH ANY INTEREST ON SUCH FUNDS PAID TO
BORROWER ON SUCH DATE PROVIDED NO EVENT OF DEFAULT THEN EXISTS.
2.4.2
MANDATORY PREPAYMENTS.
ON EACH DATE ON WHICH LENDER ACTUALLY
RECEIVES A DISTRIBUTION OF NET PROCEEDS, AND IF LENDER IS NOT REQUIRED TO (AND
DOES NOT) MAKE SUCH NET PROCEEDS AVAILABLE TO BORROWER FOR A RESTORATION IN
ACCORDANCE WITH SECTION 5.3 HEREOF,