Prepayment Option. During the Term-Out Period and subject to the terms ------------------ hereof, Lessee, at its option, shall have the right to prepay the then remaining Term-Out Payments and thus accelerate the Closing Date to the date that such prepayment is made (the "Prepayment Option"). Lessor and Lessee acknowledge that a 10% interest factor was used to calculate the specific Term-Out Payment amounts set forth in Section 2 hereof, and further agree that should Lessee elect to exercise this Prepayment Option, Lessee and Lessor shall recalculate the final amount due by adding together the remaining Term-Out Payment amounts and deducting therefrom the appropriate interest amount based upon the actual Closing Date. In order to exercise this Prepayment Option, Lessee must: a. provide Lessor with no less than thirty (30) Business Days' notice of its intention to prepay any remaining Term-Out Payments; and b. not be in default under any of the terms of the Lease or this Side Letter, including but not limited to Lessee having paid to Lessor all of the Additional Rent payments due to Lessor during the Term-Out Period. Lessee and Lessor further acknowledge and agree that this Prepayment Option shall become null and void in the event Lessor shall terminate this Side Letter in accordance with Section 9 hereof.
Appears in 4 contracts
Samples: Lease Agreement (American Income Fund I-D LTD Partnership), Lease Agreement (Airfund Ii International Limited Partnership), Lease Agreement (Airfund International Limited Partnership)