ANNUM AT SUCH TIME AS
BORROWER HAS REACHED AND MAINTAINED AN OWNERS' EQUITY RATIO OF 60%. SUCH
REDUCTIONS WILL BE APPLIED FROM THE DATE OF RECEIPT OF BORROWER'S AUDITED
FINANCIAL STATEMENTS PURSUANT TO SECTION 4.01(A) OF THE MASTER AGREEMENT. FOR
PURPOSES OF THIS PARAGRAPH, BORROWER'S OWNERS' EQUITY RATIO WILL BE BASED ON
AUDITED FINANCIAL STATEMENTS AFTER TAKING INTO ACCOUNT SUCH ADJUSTMENTS AS
NECESSARY TO REFLECT REDUCTIONS RESULTING FROM THE ANNUAL DIVIDEND DECLARATION.
SUBSEQUENT TO ANY MARGIN REDUCTION PURSUANT TO THIS SECTION 8, THE MARGIN
APPLICABLE TO THE 2007 EXPANSION LOAN WILL BE INCREASED BY (X) 25 BASIS POINTS
(0.25%) PER ANNUM IF BORROWER'S OWNERS' EQUITY RATIO FALLS BELOW 60% AS OF ANY
QUARTERLY PERIOD FOLLOWING APPLICATION OF ANY REDUCTION IN THE MARGIN PURSUANT
TO THIS PARAGRAPH, AND (Y) AN ADDITIONAL 25 BASIS POINTS (0.25%) PER ANNUM (FOR
A TOTAL INCREASE OF 50 BASIS POINTS) IF BORROWER'S OWNERS' EQUITY RATIO FALLS
BELOW 55% AS OF ANY SUCH QUARTERLY PERIOD.
9.
LOAN PAYMENTS.
(A)
DURING CONSTRUCTION. DURING THE FUNDING
PERIOD, BORROWER WILL PAY IN ARREARS, NOT LATER THAN THE FIRST DAY OF EACH
MONTH, ACCRUED AND UNPAID INTEREST AT THE VARIABLE RATE BASED ON THE DAILY
BALANCE OF THE 2007 EXPANSION LOAN OUTSTANDING DURING THE RELATED MONTHLY
PERIOD.
(B)
DURING REPAYMENT PERIOD. DURING THE 2007
EXPANSION LOAN REPAYMENT PERIOD, BORROWER WILL PAY IN ARREARS ON THE FIRST DAY
OF EACH QUARTER (BEGINNING ON JULY 1, 2008) THROUGH AND INCLUDING THE 2007
EXPANSION LOAN MATURITY DATE (CONSISTING OF 32 QUARTERLY PAYMENTS), EQUAL
QUARTERLY PAYMENTS OF PRINCIPAL PLUS ACCRUED INTEREST WITH A BALLOON PAYMENT ON
THE 2007 EXPANSION LOAN MATURITY DATE. LENDER WILL DETERMINE THE AMOUNT OF SUCH
QUARTERLY PRINCIPAL PAYMENTS ON THE LOAN CONVERSION DATE BASED ON THE TOTAL
PRINCIPAL SUM ADVANCED DIVIDED BY 32. ALL REMAINING PRINCIPAL, ACCRUED AND
UNPAID INTEREST, AND OTHER OBLIGATIONS RELATED TO THE 2007 EXPANSION LOAN ARE
DUE AND PAYABLE ON THE 2007 EXPANSION LOAN MATURITY DATE.
10.
PREPAYMENT FEES. IN ADDITION TO THE PREPAYMENT
PROVISIONS SET FORTH IN THE MASTER AGREEMENT, IN THE EVENT THE 2007 EXPANSION
LOAN IS PAID, IN WHOLE OR IN PART, AT ANY TIME PRIOR TO THE 2007 EXPANSION LOAN
MATURITY DATE, WHETHER VOLUNTARILY OR INVOLUNTARILY (INCLUDING ANY PREPAYMENT
EFFECTED BY LENDER'S EXERCISE OF ANY RIGHT TO ACCELERATE), OR IF BORROWER
CHANGES ITS INTEREST ELECTION UNDER SECTION 8 OF THIS THIRD SUPPLEMENT WITH
RESPECT TO THE 2007 EXPANSION LOAN PRIOR TO THE END OF THE RELATED INTEREST
PERIOD, BORROWER SHALL PAY TO LENDER A PREPAYMENT
9
FEE IN AN AMOUNT WHICH WOULD RESULT IN LENDER BEING MADE WHOLE (ON A PRESENT
VALUE BASIS) FOR THE ACTUAL OR IMPUTED FUNDING LOSSES INCURRED BY LENDER AS A
RESULT OF SUCH EARLY REPAYMENT. SUCH FEES WILL BE CALCULATED IN ACCORDANCE WITH
METHODOLOGY ESTABLISHED BY LENDER (A COPY OF WHICH WILL BE MADE AVAILABLE TO THE
BORROWER UPON REQUEST). THIS PREPAYMENT FEE IS DUE AND PAYABLE IMMEDIATELY UPON
RECEIPT OF ANY SUCH PREPAYMENT. THE 2007 EXPANSION LOAN COMMITMENT AMOUNT WILL
BE PERMANENTLY REDUCED BY THE AMOUNT