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 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. 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. (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.
(b) During any Fixed Rate Period and during the applicable Redemption Period as set forth below, upon election by the Developer the Developer shall have the option to prepay the outstanding principal balance of the Loan in whole at any time or in part on or prior to an Interest Payment Date (in any integral multiple of $5,000) from Available Moneys, at the respective prepayment prices set forth hereinafter, upon at least 40 days' advance written notice to the Agency, the Credit Enhancer, the Confirming Bank and the Trustee and upon written consent of the Credit Enhancer and the Confirming Bank.
(i) If the Redemption Period is four years or longer, the Loan shall be prepaid in whole or in part at the respective prepayment prices set forth in the table below (expressed as percentages of the principal amount of the Loan so pre paid), for Bond redemptions occurring during the respective periods set forth in the table below, measured from the Interest Payment Date on which such Redemption Period begins: Redemption Date Prepayment Price ---------------------------------------- --------------- During 1st year of Redemption Period 102% During 2nd year of Redemption Period 101% During 3rd year of Redemption Period and thereafter 100%
(ii) If the Redemption Period is at least two years but less than four years, the Loan shall be prepaid in whole or in part at the respective prepayment prices set forth in the table below (expressed as percentages of the principal amount of the Note so prepaid), for Bond redemptions occurring during the respective periods set forth in the table below, measured from the Interest Payment Date on which such Redemption Period begi...
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. (a) The Borrower shall --------------------------- have the right at any time and from time to time to prepay, without penalty, the Loan in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.
(b) The Borrower shall notify Lender in writing of any prepayment hereunder not later than 12:00 p.m. (noon), Los Angeles time, one Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of the Loan or portion thereof to be prepaid. Each partial prepayment of principal of the Loan shall be in an amount of at least $300,000 or an integral multiple of $50,000 in excess thereof. Prepayments shall be accompanied by accrued interest on the principal amount 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.
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. (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.
(b) The Borrower shall have the right at any time and from time to time after July 15, 1999 to prepay principal of the Loan in an amount not to exceed (i) $14,000,000 minus (ii) any principal amounts prepaid pursuant to Section 2.5(a), subject to prior notice as provided and otherwise in accordance with paragraph (d) of this Section, for an amount equal to (i) the outstanding principal amount thereof (which shall not exceed $14,000,000 minus any principal amounts prepaid pursuant to Section 2.5(a)) plus (ii) all accrued and unpaid interest on such principal amount plus (iii) 1% of the principal amount prepaid.
(c) Except as provided in clauses (a) or (b) of this Section, the Loan may not be prepaid, without the express written consent of Lender (which may be withheld in its sole and absolute discretion).
(d) Any prepayment made under this Section 2.5 may be made only on an Interest Payment Date. The Borrower shall notify Lender in writing of any prepayment hereunder not later than 10:00 a.m., Los Angeles time, five Business Days before the Interest Payment Date on which the prepayment will be made. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of the Loan or portion thereof to be prepaid. Each partial prepayment of principal of the Loan shall be in an amount of at least $1,000,000 or an integral multiple of $500,000 in excess thereof.
Optional Prepayment of Loan. The Company may at any --------------------------- time and from time to time to prepay the Loan in whole or in part. Each partial prepayment will be applied to the principal installments in inverse order of maturity. Prepayments shall be accompanied by accrued interest to the extent required by Section 3.05.
