Optional Prepayment of Loan. The Borrowers may, at their option, permanently prepay, at any time during the term of this Agreement all of the Loan or any portion thereof but in minimum amounts of no less than One Hundred Thousand Dollars ($100,000), subject to the following conditions: (i) not less than ten (10) days prior to the date upon which the Borrower desires to make any such prepayment, Borrower shall deliver to the Lender a written notice of its intention to prepay all or such portion of the Loan, which notice shall be irrevocable and state the type of Loan to be prepaid, the amount of the prepayment and the prepayment date, and (ii) the Borrower shall pay (A) the Prepayment Premium, if applicable, (in view of the impracticality and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Lender's lost profits as a result of such prepayment), (B) any amount due pursuant to Section 3.4 hereof, and (C) any amounts due in connection with such prepayment or due under any Interest Rate Protection Agreement. Any such Prepayment Premium shall constitute a part of the Liabilities and be secured by the Collateral. Prepayments of the Loan shall be applied against installments payable under such applicable Note in the inverse order of maturity. Amounts prepaid on account of any of the Loan may not be reborrowed. The parties agree that the Prepayment Premium is not a penalty.
Optional Prepayment of Loan. The Borrower shall have the right at any time to prepay the Note on or before the Maturity Date, as a whole, or in part, upon not less than three (3) Business Days prior written notice to the Lender, without premium or penalty, PROVIDED that each partial prepayment shall be in the principal amount of $500,000 or an integral multiple thereof. Any prepayment of principal of the Loan shall include all fees and interest accrued to the date of prepayment. No amount repaid with respect to the Loan may be reborrowed.
Optional Prepayment of Loan. The Borrower shall have the right at any time and from time to time to prepay the Loan in whole or in part, subject to Section 2.06 below. No later than 11:00 a.m. San Francisco time, at least three Business Days prior to the date of such prepayment, the Borrower shall notify each of the Lenders by telephone (with prompt written confirmation thereafter via facsimile or other electronic means) of such prepayment. Each notice shall be irrevocable and shall specify the prepayment date and the principal amount to be prepaid, although such notice may be conditioned on the closing of a refinancing in full of all Obligations under this Agreement. Prepayments shall be accompanied by accrued interest and premium on the amount being repaid.
Optional Prepayment of Loan. Borrower may, at its option, permanently prepay, at any time during the term of this Agreement the Loan or any portion thereof but in minimum amounts of no less than Five Hundred Thousand Dollars ($500,000), subject to the following condition: not less than ten (10) days prior to the date upon which Borrower desires to make any such prepayment, Borrower shall deliver to Lender a written notice of its intention to prepay all or such portion of the Loan, which notice shall be revocable (provided, that any and all costs or expenses incurred or suffered by Lender as a result of the revocation of notice by Borrower shall be borne solely by Borrower) and state the amount of the prepayment and the prepayment date.
Optional Prepayment of Loan. The Administrative Borrower (on behalf of the Borrowers) shall have made an optional prepayment of the Loan in a principal amount of not less than $5,000,000 on the First Amendment Effective Date. The Lenders hereby agree (A) to waive the Applicable Premium due in connection with the foregoing payment and (B) that the notice requirements of Section 2.05(b) of the Financing Agreement with respect to the foregoing prepayment are hereby deemed waived.
Optional Prepayment of Loan. The Borrower shall have the right --------------------------- at any time to prepay the Note on or before the Maturity Date, as a whole, or in part, without premium or penalty (except as provided in (S)4.7), provided that (a) no portion of the Loan bearing interest at LIBOR may be prepaid pursuant to this (S)3.3 except on the last day of the Interest Period relating thereto and (b) any amount prepaid shall be accompanied by accrued interest on the principal repaid to the date of payment. Any amount repaid with respect to the Loan may be reborrowed, pursuant however to the terms of this Agreement, but in no event after the Maturity Date.
Optional Prepayment of Loan. The Borrower may, at its option, permanently prepay, at any time during the term of this Agreement the Loan or any portion thereof but in minimum amounts of no less than One Hundred Thousand Dollars ($100,000), subject to the following conditions: (i) not less than ten (10) days prior to the date upon which the Borrower desires to make any such prepayment, Borrower shall deliver to the Administrative Agent a written notice of its intention to prepay all or such portion of the Loan, which notice shall be revocable (provided, that any and all costs or expenses incurred or suffered by the Administrative Agent and the Lenders as a result of the revocation of notice by the Borrower shall be borne solely by the Borrower) and state the amount of the prepayment and the prepayment date, (ii) the Borrower shall pay (A) the Prepayment Premium (in view of the impracticality and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Lender’s lost profits as a result of such prepayment), (B) any amount due pursuant to Section 3.4 hereof, (C) any amounts due in connection with such prepayment under any Hedging Agreement, and (D) all liabilities, including any applicable swap or hedging breakage or termination fee, if any, in connection with any Hedging Agreement; provided, however, no Prepayment Premium shall be required or due in the event of a prepayment of the Loan or any portion thereof with the proceeds of a HUD Financing. Any such Prepayment Premium shall constitute a part of the Liabilities and be secured by the Collateral. Prepayments of the Loan shall be applied against installments payable under the Term Loan Notes in the inverse order of maturity. The parties agree that the Prepayment Premium is not a penalty. BORROWER HEREBY EXPRESSLY ACKNOWLEDGES THAT SUCH PREPAYMENT PREMIUM IS REASONABLE AND WILL FAIRLY COMPENSATE THE LENDERS FOR ANY COSTS AND CHARGES INCURRED BY LENDERS AS A RESULT OF THE PREPAYMENT OF ALL OR ANY PORTION OF THE LOAN. BORROWER ACKNOWLEDGES THAT THE INCLUSION OF THIS AGREEMENT TO PAY THE PREPAYMENT PREMIUM FOR THE RIGHT TO PREPAY ALL OR ANY PORTION OF THE LOAN WAS SEPARATELY NEGOTIATED WITH ADMINISTRATIVE AGENT AND LENDERS, THAT THE ECONOMIC VALUE OF THE VARIOUS ELEMENTS OF THIS AGREEMENT WERE DISCUSSED, THAT THE CONSIDERATION GIVEN BY BORROWER FOR THE LOAN WAS ADJUSTED TO REFLECT THE SPECIFIC AGREEMENT NEGOTIATED AMONG BORROWER, ADMINISTRATIVE AGENT AND LENDERS AND CON...
Optional Prepayment of Loan. (a) During any Floating Rate Period, upon election by the Developer the Developer shall have the option to prepay the outstanding principal balance due on the Loan in whole or in part (in any amount or amounts equivalent to Authorized Denomination or Authorized Denominations), without any prepayment premium or penalty, by 3:00 p.m., New York, New York time on any Interest Payment Date, upon at least 40 days' advance written notice to the Agency, the Trustee, the Credit Enhancer, the Confirming Bank, the Remarketing Agent and the Tender Agent and upon written consent of the Credit Enhancer and the Confirming Bank. The Trustee is not required to give notice of a redemption of Bonds resulting from such prepayment unless the amount required for such redemption is first on deposit with the Trustee from the Developer.
Optional Prepayment of Loan. (a) The Borrower shall have the right at any time and from time to time after January 15, 1999 and prior to July 16, 1999, to prepay up to $7,000,000 in principal of the Loan subject to prior notice as provided and otherwise in accordance with Section 2.5 (d) for an amount equal to (i) the outstanding principal amount thereof (which shall not exceed $7,000,000) plus (ii) all accrued and unpaid interest on such principal amount plus (iii) 2% of the principal amount so prepaid.
Optional Prepayment of Loan. The Borrower shall have the right at any ---------------------------- time to prepay the Notes on or before the Maturity Date, as a whole, or in part, upon not less than five (5) Business Days prior written notice to the Administrative Agent; provided that (a) each partial prepayment shall be in the -------- principal amount of $1,000,000 or an integral multiple thereof, (b) no portion of the Loan bearing interest at the LIBOR Rate may be prepaid pursuant to this ss.2.4 except on the last day of the Interest Period relating thereto, and (c) each partial prepayment shall be allocated among the Banks, in proportion, as nearly as practicable, to the respective outstanding amount of each Bank's Note, with adjustments, to the extent practicable, to equalize any prior prepayments not exactly in proportion. If the Borrower prepays the Notes in whole or in part, the Borrower shall pay a premium with respect to each such prepayment in an amount determined in accordance with the percentages set forth in the following table opposite the period during which such prepayment is made: Period Prepayment Premium ------ ------------------ Closing Date through first anniversary thereof 3% of amount prepaid First anniversary of Closing Date through second anniversary of Closing Date 2% of amount prepaid Second anniversary of Closing Date through third anniversary of Closing Date 1% of amount prepaid Thereafter -0- The Banks shall apply principal amounts prepaid to the then last maturing installments of principal of the Loan in the inverse order of maturity. No amount repaid with respect to the Loan may be reborrowed.
