Common use of Prepayment After Event of Default Clause in Contracts

Prepayment After Event of Default. If an Event of Default exists, and Borrower tenders payment of an amount sufficient to satisfy the Debt at any time before a sale of the Mortgaged Property either through foreclosure or the exercise of other remedies available to Lender under this Loan Agreement and the Security Documents, such tender by Borrower, will be deemed to be a voluntary prepayment under the Note and this Loan Agreement, in the amount tendered. Borrower must, in addition to the outstanding principal balance of the Note, also pay to Lender a sum equal to (a) interest accrued and unpaid on the principal balance of the Note to the date of such tender; (b) and if the Event of Default exists because of an event of default under Section 20(a)(i) of the Lease only, an amount equal to the Prepayment Consideration calculated from the date of such tender; and (c) all other amounts due under the Loan Documents. Borrower acknowledges that the Prepayment Consideration represents the reasonable estimate by Borrower and Lender of the fair compensation for the loss that Lender may sustain due to the payment of the Note before the due date thereof and is not a penalty. Subject to Section 12.20, such Prepayment Consideration will be paid without prejudice to Lender’s right to collect any other amounts Borrower is required to pay under the Loan Documents.

Prepayment After Event of Default. If an Event of Default exists, and Borrower tenders payment of an amount sufficient to satisfy the Debt at any time before a sale of the Mortgaged Property either through foreclosure or the exercise of other remedies available to Lender under this Loan Agreement and the Security Documents, such tender by Borrower, Borrower will be deemed to be a voluntary prepayment under the Note and this Loan Agreement, in the amount tendered. If such tender occurs during the Lockout Period, Borrower must, in addition to the outstanding principal balance of the Note, also pay to Lender a sum equal to (a) interest accrued and unpaid on the principal balance of the Note to the date of such tender; (b) and if the Event of Default exists because of an event of default under Section 20(a)(i) of the Lease only, an amount equal to the Prepayment Consideration calculated from the date of such tender; and (c) all other amounts due under the Loan Documents. If such tender occurs after the Lockout Period, Borrower must, in addition to the outstanding principal balance due under the Note, also pay to Lender a sum equal to the amounts set forth in clauses (a) and (c) above as well as the applicable Prepayment Consideration. Borrower acknowledges that the Prepayment Consideration represents the reasonable estimate by Borrower and Lender of the fair compensation for the loss that Lender may sustain due to the payment of the Note before the due date thereof and is not a penalty. Subject to Section 12.20, such Prepayment Consideration will be paid without prejudice to Lender’s 's right to collect any other amounts Borrower is required provided to pay be paid under the Loan Documents.