Common use of Prepayment Privilege Clause in Contracts

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. 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(c8(b) 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 1prior to Xxxxx 00, 2013 and December 31, 20130000, (iixx) one percent (1.0%) of the principal amount prepaid with respect to prepayments made between January April 1, 2014 2013 through December March 31, 2014, and (iii) zero percent (0%) of the principal amount prepaid with respect to prepayments made after December March 31, 2014. (cb) 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). (dc) Any prepayment shall be made only upon not less than fifteen (15) days' advance written notice to the Lender.”

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, 20122013, this Note may not be prepaid, except as may be expressly provided for in the Loan Agreement. (b) Beginning on January 1, 20132014, 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 2014 and December 31, 20132014, (ii) one percent (1.0%) of the principal amount prepaid with respect to prepayments made between January 1, 2014 2015 through December 31, 20142015, and (iii) zero percent (0%) of the principal amount prepaid with respect to prepayments made after December 31, 20142015. (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.”