Not that (ουχ οτ)

--but that (αλλ' οτ). Sharp contrast as in John 7:22; 2. Corinthians 7:9; Philippians 4:17.

We loved (ηγαπησαμεν). First aorist active indicative, but B reads ηγαπηκαμεν (perfect active, we have loved).

He (αυτος). Emphatic nominative (God).

To be the propitiation (ιλασμον). Merely predicate accusative in apposition with υιον (Son). For the word see 1. John 2:2; Romans 3:25 for ιλαστηριον, and for περ see also 1. John 2:2.