INTEREST ACCRUAL PERIOD AND PROMPTLY COMMUNICATE TO
BORROWER SUCH RATE FOR SUCH PERIOD. THE ENTIRE OUTSTANDING PRINCIPAL
INDEBTEDNESS OF THE LOAN AND THE NOTE, TOGETHER WITH ALL ACCRUED BUT UNPAID
INTEREST THEREON AND ALL OTHER AMOUNTS DUE UNDER THE LOAN DOCUMENTS, SHALL BE
DUE AND PAYABLE BY BORROWER TO THE LENDERS ON THE MATURITY DATE. INTEREST SHALL
BE COMPUTED ON THE BASIS OF A 360 DAY YEAR AND THE ACTUAL NUMBER OF DAYS
ELAPSED.
(B)
EACH ADVANCE SHALL BEAR INTEREST DURING EACH
INTEREST ACCRUAL PERIOD FROM AND INCLUDING ITS RESPECTIVE ADVANCE CLOSING DATE
AT A RATE PER ANNUM EQUAL TO THE SUM OF (X) THE GREATER OF (I) 3.50% AND
(II) LIBOR DETERMINED AS OF THE INTEREST DETERMINATION DATE IMMEDIATELY
PRECEDING SUCH INTEREST ACCRUAL PERIOD PLUS (Y) THE APPLICABLE MARGIN.
(C)
[RESERVED].
(D)
WHILE AN EVENT OF DEFAULT HAS OCCURRED AND
IS CONTINUING, BORROWER SHALL PAY TO AGENT INTEREST AT THE DEFAULT RATE ON ANY
AMOUNT OWING TO THE LENDERS NOT PAID WHEN DUE UNTIL SUCH AMOUNT IS PAID IN FULL.
SECTION 3.6.
VOLUNTARY PREPAYMENT.
(A)
BORROWER MAY VOLUNTARILY PREPAY THE LOAN IN
WHOLE OR IN PART ON ANY PAYMENT DATE; PROVIDED, HOWEVER, THAT, ANY SUCH
PREPAYMENT SHALL BE ACCOMPANIED BY AN AMOUNT REPRESENTING ALL ACCRUED INTEREST
ON THE PORTION OF THE LOAN BEING PREPAID AND OTHER AMOUNTS THEN DUE UNDER THE
LOAN DOCUMENTS.
(B)
IN THE EVENT OF ANY SUCH VOLUNTARY
PREPAYMENT, BORROWER SHALL GIVE AGENT WRITTEN NOTICE (OR TELEPHONIC NOTICE
PROMPTLY CONFIRMED IN WRITING) OF ITS INTENT TO PREPAY, WHICH NOTICE SHALL BE
GIVEN AT LEAST TEN (10) DAYS' PRIOR TO THE DATE UPON WHICH PREPAYMENT IS TO BE
MADE AND SHALL SPECIFY THE PAYMENT DATE ON WHICH SUCH PREPAYMENT IS TO BE MADE
AND THE AMOUNT OF SUCH PREPAYMENT (WHICH SHALL NOT BE LESS THAN $1,000,000). IF
ANY SUCH NOTICE IS GIVEN, THE AMOUNT SPECIFIED IN SUCH NOTICE SHALL BE DUE AND
PAYABLE ON THE PAYMENT DATE SPECIFIED THEREIN (UNLESS SUCH NOTICE IS REVOKED BY
BORROWER PRIOR TO THE DATE SPECIFIED THEREIN IN WHICH EVENT BORROWER SHALL
IMMEDIATELY REIMBURSE AGENT FOR ANY OUT-OF-POCKET COSTS INCURRED IN CONNECTION
WITH THE GIVING OF SUCH NOTICE AND ITS REVOCATION).
SECTION 3.7.
MANDATORY PREPAYMENT; CAPITAL
EVENTS; CERTAIN TRANSFERS.
(A)
SO LONG AS NO EVENT OF DEFAULT HAS OCCURRED
AND IS CONTINUING, BORROWER MAY ENTER INTO A CAPITAL EVENT WITH RESPECT TO ONE
OR MORE PROPERTIES, WHICH WERE ACQUIRED WITH THE PROCEEDS OF AN ADVANCE;
PROVIDED, HOWEVER, THAT (I) BORROWER SHALL HAVE GIVEN AGENT AT LEAST FIFTEEN
(15) BUSINESS DAYS' PRIOR WRITTEN NOTICE OF THE CAPITAL EVENT AND (II) BY NOT
LATER THAN TEN (10) BUSINESS DAYS FOLLOWING THE RECEIPT OF SUCH NOTICE, THE
AGENT SHALL HAVE NOTIFIED THE BORROWER THAT THE RELEASE CONDITION HAS BEEN
SATISFIED.
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(B)
EXCEPT AS OTHERWISE PROVIDED IN
SECTION 3.12(E) IN THE EVENT LOSS PROCEEDS ARE REQUIRED TO BE MADE AVAILABLE FOR
RESTORATION PURSUANT TO SECTION 5.1(X) OF THIS AGREEMENT AND EXCLUDING LOSS
PROCEEDS WHICH BORROWER IS OBLIGATED TO TURN OVER TO TENANTS OR OTHER