Common use of Application of prepayment Clause in Contracts

Application of prepayment. Upon the receipt of any prepayment, as long as no Event of Default exists, Lender shall be required, on the date of receipt thereof, to apply the amount of prepayment to the principal on the Notes in the inverse order of principal payments coming due, together with accrued interest for the entire Interest Accrual Period in which prepayment occurs, and all other amounts then due and payable on the Notes. Notwithstanding the provisions of this Section 2.6 to the contrary, if Borrower is otherwise permitted to make a prepayment hereunder, Borrower shall have the right to make such prepayment on a date other than a Payment Date, provided that, together with such prepayment and Exit Fee, if applicable, Borrower shall also pay an amount necessary to reimburse Lender for any costs, losses or expenses incurred in connection with breaking any LIBOR contracts.

Application of prepayment. Upon the receipt of any prepayment, as long as no Event of Default exists, Lender shall be required, on the date of receipt thereof, to apply the amount of prepayment to the principal on the Notes Note in the inverse order of principal payments coming due, together with accrued interest for the entire Interest Accrual Period in which prepayment occurs, and all other amounts then due and payable on the NotesNote. Notwithstanding the provisions of this Section 2.6 to the contrary, if Borrower is otherwise permitted to make a prepayment hereunder, Borrower shall have the right to make such prepayment on a date other than a Payment Date, provided that, together with such prepayment and any Prepayment Premium and Exit Fee, if applicable, Borrower shall also pay an amount necessary to reimburse Lender for any costs, losses or expenses incurred in connection with breaking any LIBOR contractscontracts or redeploying funds as a consequence of such prepayment.