Make-Whole Prepayment Premium Payments Clause Samples
The Make-Whole Prepayment Premium Payments clause requires a borrower to pay an additional fee if they repay a loan before its scheduled maturity date. This fee is typically calculated to compensate the lender for the interest income they would have earned had the loan remained outstanding, often based on a formula involving the present value of remaining payments. The core function of this clause is to protect the lender from financial loss due to early repayment and to discourage borrowers from refinancing or repaying loans ahead of schedule without compensating the lender.
Make-Whole Prepayment Premium Payments. In connection with any mandatory prepayment of any Series 2017-1 Class A-2 Notes made during a Rapid Amortization Period pursuant to Section 3.6(d)(i) or in connection with any Asset Disposition Proceeds pursuant to Section 3.6(j), or in connection with any optional prepayment of any Series 2017-1 Class A-2 Notes or a Tranche made pursuant to Section 3.6(f)(i) (each, a “Series 2017-1 Class A-2 Prepayment”), in each case prior to the applicable Series 2017-1 Anticipated Repayment Date, the Master Issuer shall pay, in the manner described herein, the Series 2017-1 Class A-2 Make-Whole Prepayment Premium to the Series 2017-1 Class A-2 Noteholders with respect to the principal portion of the applicable Series 2017-1 Prepayment Amount; provided that no such Series 2017-1 Class A-2 Make-Whole Prepayment Premium shall be payable in connection with (A) (i) with respect to the Series 2017‑1 Class A-2-I Notes, prepayments made on or after the Quarterly Payment Date in the 36th month prior to the Series 2017‑1 Anticipated Repayment Date, as applicable and (ii) with respect to the Series 2017‑1 Class A‑2‑II Notes, prepayments made on or after the Quarterly Payment Date in the 48th month prior to the Series 2017‑1 Anticipated Repayment Date, as applicable (the “Make-Whole End Date”), (B) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds and (C) Quarterly Scheduled Principal Amounts (including those paid at the option of the Master Issuer when the Series 2017-1 Non-Amortization Test has been satisfied and any Optional Scheduled Principal Prepayment) or Quarterly Scheduled Principal Deficiency Amounts.
Make-Whole Prepayment Premium Payments. In connection with any (i) mandatory prepayment of any Series 2022-1 Class A‑2 Notes made during a Rapid Amortization Period pursuant to Section 3.06(d), (ii) prepayments funded with Asset Disposition Proceeds pursuant to Section 3.06(j) or (iii) any optional prepayment of any Series 2022-1 Class A‑2 Notes or a Tranche made pursuant to Section 3.06(f) (each, a “Series 2022-1 Class A‑2 Prepayment”), in each case prior to (I) with respect to the Series 2022-1 Class A-2-I Notes, the Quarterly Payment Date in the 24th month prior to the Series 2022-1 Anticipated Repayment Date for such Tranche and (II) with respect to the Series 2022-1 Class A‑2‑II Notes, the Quarterly Payment Date in the 48th month prior to the Series 2022-1 Anticipated Repayment Date for such Tranche (as applicable, the “Make-Whole End Date”), the Master Issuer shall pay, in the manner described herein, the Series 2022-1 Class A‑2 Make‑Whole Prepayment Premium; provided that no such Series 2022-1 Class A‑2 Make‑Whole Prepayment Premium shall be payable in connection with (A) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds or (B) Quarterly Scheduled Principal Amounts (including those paid, in whole or in part, at the option of the Master Issuer on a Quarterly Payment Date with respect to which the Series 2022-1 Non‑Amortization Test has been satisfied) or Quarterly Scheduled Principal Deficiency Amounts.
Make-Whole Prepayment Premium Payments. In connection with any mandatory prepayment of any Series 2014-1 Class A-2 Notes made during a Rapid Amortization Period pursuant to Section 3.6(d)(i) or in connection with any Asset Disposition Proceeds pursuant to Section 3.6(j), or in connection with any optional prepayment of any Series 2014-1 Class A-2 Notes made pursuant to Section 3.6(f) (each, a “Series 2014-1 Class A-2 Prepayment”), the Co-Issuers shall pay, in the manner described herein, the Series 2014-1 Class A-2 Make-Whole Prepayment Premium to the Series 2014-1 Class A-2 Noteholders with respect to the principal portion of the applicable Series 2014-1 Prepayment Amount; provided that no such Series 2014-1 Class A-2 Make-Whole Prepayment Premium shall be payable in connection with (A) any prepayment made on or after the date thirty-six (36) months prior to the Series 2014-1 Anticipated Repayment Date (the “Make-Whole End Date”), (B) any prepayment funded by Indemnification Amounts or Insurance/Condemnation Proceeds and (C) Series 2014-1 Senior Notes Scheduled Principal Payment Amounts or Series 2014-1 Senior Notes Scheduled Principal Payment Deficiency Amounts.
Make-Whole Prepayment Premium Payments. In connection with any mandatory prepayment of any Series 2006-1 Class A-2 Notes upon a Change of Control or upon the occurrence of a Real Estate Asset Disposition Prepayment Event made pursuant to Section 3.6(d)(i) or (d)(ii) of this Series Supplement or any optional prepayment of any Series 2006-1 Class A-2 Notes made pursuant to Section 3.6(f) of this Series Supplement, the Co-Issuers shall pay, in the manner described herein, the Series 2006-1 Class A-2 Make-Whole Prepayment Premium to the Series 2006-1 Class A-2 Noteholders with respect to the applicable Series 2006-1 Prepayment Amount; provided that no such Series 2006-1 Class A-2 Make-Whole Prepayment Premium shall be payable in connection with any payment that occurs (A) on or after the Payment Date occurring three (3) months prior to the Series 2006-1 Anticipated Repayment Date or (B) after a Rapid Amortization Period commences.
Make-Whole Prepayment Premium Payments. In connection with any mandatory prepayment of any Series 2013-1 Class A-2 Notes upon a Change of Control, upon the occurrence of a Real Estate Asset Disposition Prepayment Event or during any Rapid Amortization Period made pursuant to Section 3.6(d)(i), (d)(ii) or (d)(iii) of this Series Supplement or any optional prepayment of any Series 2013-1 Class A-2 Notes made pursuant to Section 3.6(f) of this Series Supplement, the Co-Issuers shall pay, in the manner described herein, the Series 2013-1 Class A-2 Make-Whole Prepayment Premium to the Series 2013-1 Class A-2 Noteholders with respect to the applicable Series 2013-1 Prepayment Amount; provided that no such Series 2013-1 Class A-2 Make-Whole Prepayment Premium shall be payable (i) in connection with any payment that occurs on or after the Payment Date occurring eighteen (18) months prior to the Series 2013-1 Anticipated Repayment Date (the “Prepayment Calculation Date”), (ii) in connection with the application of Indemnification Payments allocated to the Series 2013-1 Notes pursuant to Section 3.6(j) of this Series Supplement or (iii) to the extent a Series 2013-1 Class A-2 Make Whole Prepayment Premium is not payable pursuant to the definition thereof.
Make-Whole Prepayment Premium Payments. In connection with any (i) mandatory prepayment of any Series 2024-1 Class A-2 Notes made during a Rapid Amortization Period pursuant to Section 3.06(d) (Payment of Series 2024-1 Note Principal—Series 2024-1 Mandatory Payments of Principal), (ii) prepayments funded with Asset Disposition Proceeds pursuant to Section 3.06(j) (Payment of Series 2024-1