CIGNA Prepayment Penalties definition
CIGNA Prepayment Penalties shall be an amount equal to the sum of (a) Assignor's percentage interest in Buffalo Hotel Joint Venture as shown on Exhibit A multiplied by the actual amount of the prepayment penalty paid to Connecticut General Life Insurance Company in connection with the payoff, if any, at Closing of its loan to Buffalo Hotel Joint Venture in the approximate aggregate amount of $14.6 million, and (b) Assignor's percentage interest in Beachwood Hotel Joint Venture as shown on Exhibit A multiplied by the actual amount of prepayment penalty paid to Connecticut General Life Insurance Company in connection with the payoff, if any, at Closing of its loan to Beachwood Hotel Joint Venture in the approximate aggregate amount of $28.5 million. The sum of the payment for the Loan Receivable and the consideration for the Partnership Interests shall be payable by wire transfer in immediately available federal funds at Closing, which payment is conditional upon the completion of the offering to the public of common shares ("Shares") of stock (the "IPO") by the general partner of the Assignee and the closing conditions set forth in Section 7 of this Agreement. In the event of the completion of the IPO as described aforesaid, the Assignee shall be obligated, subject to the closing conditions set forth in Section 7 of this Agreement, to acquire the Partnership Interests and to cause Columbus Hotel Joint Venture to make payment of Assignor's percentage share of the Loan Receivable to Assignor and the other general partners in the JVJ Joint Ventures, all of whom are listed on Exhibit B, attached hereto and made a part hereof.