Common use of Term-Out Clause in Contracts

Term-Out. Notwithstanding anything to the contrary herein set forth, if Lender ever does not extend the Revolving Commitment Ending Date (and the Maturity Date) pursuant to Section 1.8 hereof, (i) the Revolving Loan Amount shall be reduced to an amount equal to the amount of the sum of the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans as of the Revolving Commitment Ending Date, and (ii) the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans shall be repaid or reduced by Borrower on the last day of each month after the Revolving Commitment Ending Date in six (6) equal installments, so that the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans shall be zero (0) on the Maturity Date. During the period between the Revolving Commitment Ending Date and the Maturity Date, (a) no new Project shall be approved by Lender, (b) Lender will continue to make Advances with respect to existing approved Project Development Loans subject to the reduced Total Revolving Outstandings set forth above, and (c) the Revolving Loan Amount shall be reduced simultaneously with any reduction in the amount of the Total Revolving Outstandings and the aggregate unpaid principal balance of all Construction Project Loans to an amount equal to the reduced amount of the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans.

Term-Out. Notwithstanding anything to the contrary herein set forth, if Lender ever does not extend the Revolving Commitment Ending Date (and the Maturity Date) pursuant to Section 1.8 hereof, (i) the Revolving Loan Amount shall be reduced to an amount equal to the amount of the sum of the then Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans as of on the Revolving Commitment Ending Date, and (ii) the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans shall be repaid or reduced by Borrower on the last day of each month after the Revolving Commitment Ending Date in six (6) equal installments, so that the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project Loans shall be zero (0) on the Maturity Date. During the period between the Revolving Commitment Ending Date and the Maturity Date, (a) no new Project shall be approved by Lender, (b) Lender will continue to make Advances with respect to existing approved Project Development Loans subject to the reduced Total Revolving Outstandings set forth above, and (c) the Revolving Loan Amount shall be reduced simultaneously with any reduction in the amount of the Total Revolving Outstandings and the aggregate unpaid principal balance of all Construction Project Loans to an amount equal to the reduced amount of the Total Revolving Outstandings plus the aggregate unpaid principal balance of all Construction Project LoansOutstandings.