Common use of Closing Date Debt Clause in Contracts

Closing Date Debt. CBL/OP will attempt to obtain the Closing Date Debt for the Company in the principal amount of $294,000,000 provided that if the loan terms are too costly, in the sole opinion of CBL/OP, then CBL/OP will obtain Closing Date Debt in a lower principal amount of not less than $266,560,000. CBL/OP will pay the costs of securing this loan (other than any prepayment penalty incurred by Property Owner in connection with the prepayment of its existing indebtedness with the proceeds of the Closing Date Debt loan). Electing Contributors shall guarantee the Closing Date Debt in an amount equal to their percentage interest of such debt as indicated on Schedule I and otherwise on the terms of the guarantee in the form of Exhibit V hereto ("Guarantees").

Closing Date Debt. CBL/OP will attempt to obtain the Closing Date Debt for the Company in the principal amount of $294,000,000 59,250,000.00 provided that if the loan terms are too costly, in the sole opinion of CBL/OP, then CBL/OP will obtain Closing Date Debt in a lower principal amount of not less than $266,560,00053,720,000.00. CBL/OP will pay the costs of securing this loan (other than any prepayment penalty incurred by Property Owner in connection with the prepayment of its existing indebtedness with the proceeds of the Closing Date Debt loan). Electing Contributors shall guarantee the Closing Date Debt in an amount equal to their percentage interest of such debt as indicated on Schedule I and otherwise on the terms of the guarantee in the form of Exhibit V hereto ("Guarantees").