Common use of Optional Loan Prepayments Clause in Contracts

Optional Loan Prepayments. Except during a Default Period, on any Special Senior Debt Prepayment Date on which, after the Completion Date, the Borrower shall elect to make an optional prepayment of the Bank Loans and/or Institutional Loans in accordance with Section 7.4 of the Project Loan Agreement, the Security Agent shall, upon receipt of a Request Letter from the Borrower, transfer from the Additional Collateral Account, ratably, (i) to the Administrative Agent, the aggregate amount of principal of and interest on the Bank Loans payable to the Banks pursuant to Section 7.4 of the Project Loan Agreement on such date, together with all fees, funding indemnities and other amounts payable to the Administrative Agent and the Banks under Section 7.4 of the Project Loan Agreement in connection with such prepayment, and (ii) to each holder of an Institutional Note, the aggregate amount of principal of and interest on such Institutional Note payable pursuant to Section 7.4 of the Project Loan Agreement on such date to such holder, together with all fees, any Make-Whole Premium, Modified Make-Whole Premium and other amounts payable to such holder under Section 7.4 of the Project Loan Agreement in connection with such prepayment.