OBLIGATION OF THE BORROWER
TO REPAY THE LOANS AND PAY INTEREST THEREON IN ACCORDANCE WITH THE TERMS OF THIS
AGREEMENT.
(E)
ANY LENDER MAY REQUEST THAT LOANS MADE BY IT BE EVIDENCED BY A PROMISSORY
NOTE. IN SUCH EVENT, THE BORROWER SHALL PREPARE, EXECUTE AND DELIVER TO SUCH
LENDER A PROMISSORY NOTE PAYABLE TO THE ORDER OF SUCH LENDER (OR, IF REQUESTED
BY SUCH LENDER, TO SUCH LENDER AND ITS REGISTERED ASSIGNS) AND IN A FORM
APPROVED BY THE ADMINISTRATIVE AGENT (IT BEING UNDERSTOOD THAT ANY SUCH NOTE
SHALL NOT INCREASE THE OBLIGATIONS OF ANY LOAN PARTY BEYOND THOSE EXPRESSLY
PROVIDED FOR IN THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS). THEREAFTER, THE
LOANS EVIDENCED BY SUCH PROMISSORY NOTE AND INTEREST THEREON SHALL AT ALL TIMES
(INCLUDING AFTER ASSIGNMENT PURSUANT TO SECTION 9.04) BE REPRESENTED BY ONE OR
MORE PROMISSORY NOTES IN SUCH FORM PAYABLE TO THE ORDER OF THE PAYEE NAMED
THEREIN (OR, IF SUCH PROMISSORY NOTE IS A REGISTERED NOTE, TO SUCH PAYEE AND ITS
REGISTERED ASSIGNS).
SECTION 2.08. AMORTIZATION OF TERM LOANS. (A)
SUBJECT TO ADJUSTMENT PURSUANT TO
PARAGRAPH (C) OF THIS SECTION, THE BORROWER SHALL REPAY TERM BORROWINGS ON THE
LAST BUSINESS DAY OF EACH MARCH, JUNE, SEPTEMBER AND DECEMBER, COMMENCING ON
SEPTEMBER 30, 2006, IN AN AGGREGATE PRINCIPAL AMOUNT EQUAL TO 0.25% OF THE
AGGREGATE PRINCIPAL AMOUNT OF ALL TERM LOANS OUTSTANDING ON THE EFFECTIVE DATE.
(B)
TO THE EXTENT NOT PREVIOUSLY PAID, ALL TERM LOANS SHALL BE DUE AND PAYABLE
ON THE TERM LOAN MATURITY DATE.
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(C)
ANY PREPAYMENT OF A TERM BORROWING SHALL BE APPLIED TO REDUCE THE
SUBSEQUENT SCHEDULED REPAYMENTS OF THE TERM BORROWINGS TO BE MADE PURSUANT TO
THIS SECTION 2.08. IF THE INITIAL AGGREGATE AMOUNT OF THE LENDERS' TERM LOAN
COMMITMENTS EXCEEDS THE AGGREGATE PRINCIPAL AMOUNT OF TERM LOANS THAT ARE MADE
ON THE EFFECTIVE DATE, THEN THE SCHEDULED REPAYMENTS OF TERM BORROWINGS TO BE
MADE PURSUANT TO THIS SECTION SHALL BE REDUCED RATABLY BY AN AGGREGATE AMOUNT
EQUAL TO SUCH EXCESS.
(D)
PRIOR TO ANY REPAYMENT OF ANY TERM BORROWINGS HEREUNDER, THE BORROWER SHALL
SELECT THE BORROWING OR BORROWINGS TO BE REPAID AND SHALL NOTIFY THE
ADMINISTRATIVE AGENT BY TELEPHONE (CONFIRMED BY TELECOPY) OF SUCH ELECTION NOT
LATER THAN 11:00 A.M., NEW YORK CITY TIME, THREE BUSINESS DAYS BEFORE THE
SCHEDULED DATE OF SUCH REPAYMENT. EACH REPAYMENT OF A BORROWING SHALL BE APPLIED
RATABLY TO THE LOANS INCLUDED IN THE REPAID BORROWING. REPAYMENTS SHALL BE
ACCOMPANIED BY ACCRUED INTEREST ON THE AMOUNT REPAID.
SECTION 2.09. PREPAYMENT OF LOANS. (A)
THE BORROWER SHALL HAVE THE RIGHT AT ANY
TIME AND FROM TIME TO TIME TO PREPAY ANY BORROWING IN WHOLE OR IN PART, SUBJECT
TO THE REQUIREMENTS OF THIS SECTION.
(B)
UPON THE OCCURRENCE OF AN EXISTING HOTEL PROPERTY MANAGEMENT CONTRACT
PREPAYMENT EVENT, IF ANY, THE BORROWER SHALL, WITHIN THREE BUSINESS DAYS AFTER
SUCH EXISTING HOTEL PROPERTY MANAGEMENT CONTRACT PREPAYMENT EVENT, PREPAY TERM
BORROWINGS IN A PRINCIPAL AMOUNT EQUAL TO THE PRODUCT OF THE AGGREGATE PRINCIPAL
AMOUNT OF TERM