Prepayment Privilege. (a) Borrower may prepay this Note in full, but not in part (except pursuant to the express terms of the Loan Agreement of even date herewith between Lender and Borrower and certain Affiliates of Borrower (the “Loan Agreement”)), provided Xxxxxxxx gives to Lender at least twenty (20) days’ prior written notice of such intent and provided further that such prepayment is accompanied by all accrued interest, all other fees and costs due Lender hereunder (if any), and a prepayment premium equal to the greater of:
(i) one percent (1%) of the principal balance of the Loan on the date of prepayment; or
(ii) the difference between (1) the discounted value of all required monthly payments for the remaining term of the Loan plus the discounted value of the principal balance of the Loan at maturity, such discounted value to be calculated using a discount rate based on the monthly equivalent yield-to-maturity rate of a United States Treasury Note or Bond plus fifty (50) basis points, and (2) the principal balance of the Loan on the date of prepayment. The “monthly equivalent yield-to-maturity rate” shall be predicated on the then current yield (as distinct from the interest rate) on the United States Treasury Note or Bond having the closest maturity to the Maturity Date, as shown in The Wall Street Journal or, if The Wall Street Journal is no longer published, a similar daily financial publication of national circulation selected by Xxxxxx, on the fifth (5th) business day prior to prepayment.
(b) No prepayment premium shall be due during the last one hundred eighty (180) days of the term of the Loan or, provided no Event of Default then exists, upon prepayment of the Loan in connection with the application of condemnation or insurance proceeds in accordance with the Loan Agreement.
(c) After an Event of Default and following the acceleration of this Note to maturity by reason thereof, a tender of payment of the amount necessary to satisfy the entire indebtedness secured hereby, made at any time prior to foreclosure sale, by Borrower or by anyone on behalf of Borrower, shall constitute an evasion of the prepayment privilege and shall be deemed to be a voluntary prepayment hereunder and such payment, to the extent permitted by law, will therefore include the premium required under the prepayment privilege set forth above.
(d) Borrower shall have no prepayment privileges except as set forth in this Paragraph 2.
(e) Borrower agrees that (i) the prepayment premium provided ...
Prepayment Privilege. This Note may be prepaid at any time, without premium or penalty.
Prepayment Privilege. The indebtedness evidenced hereby may be prepaid in accordance with the provisions of this Section, the express provisions of the Loan Agreement, and not otherwise.
(a) Prior to December 31, 2012, this Note may not be prepaid, except as may be expressly provided for in the Loan Agreement.
(b) Beginning on January 1, 2013, Borrower may prepay this Note in whole or in part, subject to subsection 8(c) below, provided such prepayment is accompanied by a reinvestment charge (hereinafter referred to as the “Reinvestment Charge”). The Reinvestment Charge shall be an amount equal to (i) two percent (2.0%) of the principal amount prepaid with respect to prepayments made between January 1, 2013 and December 31, 2013, (ii) one percent (1.0%) of the principal amount prepaid with respect to prepayments made between January 1, 2014 through December 31, 2014, and (iii) zero percent (0%) of the principal amount prepaid with respect to prepayments made after December 31, 2014.
(c) Notwithstanding the above, the Borrower shall not prepay a portion of this Note in an amount that would result in the remaining principal balance being less than $500,000 (but this shall not limit the Borrower's right to prepay the whole amount of this Note).
(d) Any prepayment shall be made only upon not less than fifteen (15) days' advance written notice to the Lender.”
Prepayment Privilege. Borrower may prepay without penalty any portion of, or the entire, outstanding balance due under this Agreement; provided, however, that Borrower may not make prepayments until funds are released to Borrower under any Series Supplement(s).
Prepayment Privilege. The privilege shall be granted to the Borrower to prepay the principal balance of the Loan in whole, but not in part, at any time upon the Borrower giving the Lender not less than ten (10) days' prior written notice. Except as provided hereinbelow, a fee equal to the Prepayment Fee, as hereinafter defined, shall be charged with respect to any such prepayment. Receipt by the Lender of the monthly payments from the Borrower prior to their due date shall not be construed or operate as partial prepayments of the Loan, which are expressly prohibited. If, at the time of any prepayment, the yield on a U.S. treasury bond with the closest matching maturity date to the Extended Maturity Date of this Loan plus one hundred (100) basis points (the "TREASURY BOND YIELD") is less than the interest rate then in effect on this Loan, the prepayment fee (the "PREPAYMENT FEE") shall be defined as the sum of one percent (1%) of the anticipated outstanding principal balance of the Loan at the time of prepayment, plus the Discounted Yield Maintenance Amount, as defined and described below. The "DISCOUNTED YIELD MAINTENANCE AMOUNT" shall be calculated and defined as follows:
(1) The future expected contractual cash flow (interest and principal payments) from the Loan shall be projected forward from the anticipated date of prepayment to the Extended Maturity Date, as if the prepayment were not to occur; (2) The present value, computed on a monthly basis, of the said projected contractual cash flow shall be calculated using the Treasury Bond Yield as the discount rate;
(3) The present value of the anticipated amount of principal and interest that is expected to be due on the Extended Maturity Date (the "BALLOON") (assuming that all monthly payments are timely made when due) shall be calculated using the Treasury Bond Yield as the discount rate;
(4) The sum of the present value of the monthly cash flow derived under subparagraph (2) above shall be added to the present value of the Balloon derived under subparagraph (3) above, and the anticipated outstanding principal balance of the Loan at the time of prepayment shall be subtracted from that number;
(5) The number resulting from the calculation in subparagraph (4) above shall be the Discounted Yield Maintenance Amount. If at the time of any prepayment, the Treasury Bond Yield is equal to or greater than the interest rate then in effect on this Loan, the Prepayment Fee shall be defined as one percent (1.0%) of the anticipated outstan...
Prepayment Privilege. The Payor shall have the right to prepay the Payment Amount in full satisfaction of this Note in whole but not in part, at any time with no prepayment penalty whatsoever.
Prepayment Privilege. The undersigned when not in default hereunder shall have the right at any time and from time to time to pay all or any portion of the principal amount then owing upon this Note.
Prepayment Privilege. Borrower shall have the right to make prepayments in increments equal to a regular monthly installment amount on the regular installment due dates. Any prepayments made pursuant to this Paragraph shall be first applied to the monthly installments last coming due hereunder, and prepayments made shall not defer the due date of the payment next coming due.
Prepayment Privilege. The indebtedness evidenced hereby may be prepaid in whole or in part at any time without premium or penalty. The Borrower shall provide the Lender with not less than fifteen (15) nor more than one hundred twenty (120) days prior written notice of any prepayment of the Loan.