Common use of Permitted Prepayment of Loans Clause in Contracts

Permitted Prepayment of Loans. Borrowers shall have the option to prepay all, but not less than all, of the Equipment Advances advanced by Bank under this Agreement, provided Borrowers (i) provide written notice to Bank of its election to prepay the Equipment Advances at least fifteen (15) days prior to such prepayment, and (ii) pay, on the date of the prepayment (A) all unpaid Scheduled Payments (including principal and interest) with respect to each Equipment Advance; (B) all remaining Scheduled Payments (including principal and interest); (C) all unpaid accrued interest to the date of the prepayment; (D) the Final Payment for any Outstanding Equipment Advance; (E) for any prepayment within twelve months of the Closing Date, a prepayment fee in the amount of one and one half percent (1.5%) of the amount prepaid, for any prepayment in the second twelve (12) month period after the Closing Date, a prepayment fee in the amount of one percent (1.0%) of the amount prepaid, and for any prepayment thereafter, a prepayment fee in the amount of one half of one percent (.5%) of the amount prepaid, and (F) all other sums, if any, that shall have become due and payable hereunder with respect to this Agreement.

Permitted Prepayment of Loans. Borrowers shall have the option to Borrower may voluntarily prepay all, but all or any portion of any Supplemental Equipment Advance upon not less than all, of the Equipment Advances advanced by Bank under this Agreementfive (5) Business Days notice to Bank, provided Borrowers any such prepayment is accompanied by a prepayment fee equal to (i) provide written notice to Bank one and one half percent (1.5%) of its election to prepay the amount prepaid if the prepayment occurs within the first twelve (12) months from the date of the Supplemental Equipment Advances at least fifteen Advance; (15ii) days one percent (1.0%) of the amount prepaid if the prepayment occurs after the first twelve (12) months, and prior to the twenty fourth (24th) month from the date of the Supplemental Equipment Advance; and (iii) one half of one percent (.50%) of the amount prepaid at all times after the first twenty four (24) months from the date of the Supplemental Equipment Advance, provided, however, that the payment of principal due on the Supplemental Equipment Maturity Date if paid when due, shall not constitute a prepayment subject to the payment of any fee. In addition to the above prepayment fee, at the time of any such prepayment, and (ii) Borrower must pay, on the date of the prepayment (A) all unpaid Scheduled Payments (including principal and interest) with respect to each Equipment Advance; (B) all remaining Scheduled Payments (including principal and interest); (C) all unpaid accrued interest to the date of the prepayment; (D) the Final Payment for any Outstanding Equipment Advance; (E) for any prepayment within twelve months of the Closing Date, a prepayment fee in the amount of one and one half percent (1.5%) of the amount prepaid, for any prepayment in the second twelve (12) month period after the Closing Date, a prepayment fee in the amount of one percent (1.0%) of the amount prepaid, and for any prepayment thereafter, a prepayment fee in the amount of one half of one percent (.5%) of the amount prepaid, and (F) all other sums, if any, that shall have become due and payable hereunder with respect to this Agreement.

Permitted Prepayment of Loans. Borrowers Borrower shall have the option to prepay all, but not less than all, some or all of the Equipment Advances (but in any event no repayment of a portion of any Equipment Advance shall be permitted) advanced by Bank under this Agreement, provided Borrowers Borrower (i) provide provides written notice to Bank of its election request to prepay the Equipment Advances at least fifteen thirty (1530) days prior to such prepayment, and (ii) payBorrower pays, on the date of the prepayment (A1) all unpaid Scheduled Payments (including principal and interest) with respect to each Equipment AdvanceAdvance due prior to the date of prepayment; (B2) all remaining Scheduled Payments (including principal and interest)due after such date; (C3) all other unpaid accrued interest to the date of the prepaymentprepayment (but without duplication of any sum in item (1) hereof); (D4) the Final Payment for any Outstanding with respect to each Equipment Advance; (E5) for any prepayment within twelve months the product of the Closing Date, a prepayment fee in Applicable Percentage (as defined below) multiplied by the principal amount of one and one half percent (1.5%) outstanding of the amount prepaid, for any prepayment in the second twelve (12) month period after the Closing Date, a prepayment fee in the amount of one percent (1.0%) of the amount prepaid, and for any prepayment thereafter, a prepayment fee in the amount of one half of one percent (.5%) of the amount prepaid, Equipment Advance; and (F6) all other sums, if any, that shall have become due and payable hereunder with respect to this Agreement. As used herein the term "Applicable Percentage" shall mean three percent (3%) if the prepayment of such Advance occurs within 12 months of the making of such Advance; two percent (2%) if the prepayment of such Advance occurs after 12 months of the making of such Advance and before 24 months of the making thereof; and, otherwise, one percent (1%).