Common use of Prepayment Provision Clause in Contracts

Prepayment Provision. From and after the date hereof, upon 10 Trading Days’ prior written notice to the Investor, the Company shall be permitted to prepay, in whole or in part, outstanding principal amount of the Debenture, together with a prepayment premium in the amount of ten percent (10%) of the amount of principal being prepaid by the Company, without having to obtain the prior written consent of the Investor as required by Section 2(b) of the Debenture. Notwithstanding anything herein contained to the contrary, if any portion of the principal amount subject to redemption remains unpaid after the date set for redemption in the notice to the Investor, other than as a result of a Material Adverse Effect (as defined below), the Investor may elect, by written notice to the Company given at any time thereafter, to invalidate such redemption, ab initio, and the Company shall have no further right to exercise such redemption right. The Investor may elect to convert the outstanding principal amount of the Debenture that the Company has elected to prepay prior to actual payment in cash for any redemption hereunder by the delivery of a Notice of Conversion to the Company. Additionally, in the event the Investor exercises its right to exchange this Debenture pursuant to Section 6.18(b) prior to the later of the expiration of the notice period and actual prepayment in cash, such exchange shall be honored and the Debenture may not then be prepaid. For purposes of clarification, any rights of the Investor under Section 6.18(b) of the Purchase Agreement shall supersede any rights of prepayment by the Company. As used herein, a “Material Adverse Effect” shall mean a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, which occurs prior to the expiration of the 10 Trading Day notice period set forth in this Section 1(b) and as a result, makes it impractical or inadvisable for the Company to proceed with its election for prepayment.

Prepayment Provision. From and after It is agreed that the date hereof, upon 10 Trading Days’ prior Note for the Georgetown Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days written notice to New York Life, Maker may prepay the Investor, the Company shall be permitted to prepayNote in full on any monthly installment due date provided there is paid, in whole or in partaddition to interest accrued to the date of such prepayment, a prepayment fee equal to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal amount balance of the Debenture, together with a Georgetown Loan at the time of such prepayment premium in multiplied by the amount number of ten years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less than one percent (101%) ). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the amount of event the outstanding principal being prepaid by the Company, without having to obtain the prior written consent of the Investor as required by Section 2(b) of the Debenture. Notwithstanding anything herein contained to the contrary, if any portion of the principal amount subject to redemption remains unpaid after the date set for redemption in the notice to the Investor, other than balance hereof shall become due and payable as a result of a Material Adverse Effect (a) an Event of Default (as such term is defined below)in the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default shall be conclusively deemed to be a willful default for purposes of avoiding the Investor may elect, prepayment fee to which Holder is entitled; (b) the exercise by written notice Maker or any other party having the right to redeem or to prevent a foreclosure of the Secured Property of any right of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect to the Company given at any time thereafterSecured Property; then, to invalidate in such redemptionevent, ab initio, Maker shall pay the prepayment fee and the Company shall have no further right to exercise such redemption right. The Investor may elect to convert the outstanding principal amount of the Debenture that the Company has elected to prepay prior to actual payment in cash for any redemption hereunder by the delivery of a Notice of Conversion to the Company. Additionallyextent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed to be interest under the Investor exercises its right to exchange this Debenture pursuant to Section 6.18(b) prior laws of the State of South Carolina in any circumstance, such payment shall not be required to the later extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws of the expiration State of the notice period and actual prepayment in cash, such exchange shall be honored and the Debenture may not then be prepaid. For purposes of clarification, any rights of the Investor under Section 6.18(b) of the Purchase Agreement shall supersede any rights of prepayment by the Company. As used herein, a “Material Adverse Effect” shall mean a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, which occurs prior to the expiration of the 10 Trading Day notice period set forth in this Section 1(b) and as a result, makes it impractical or inadvisable for the Company to proceed with its election for prepaymentSouth Carolina.

Prepayment Provision. From and after It is agreed that the date hereof, upon 10 Trading Days’ prior Note for the Aiken Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days written notice to New York Life, Maker may prepay the Investor, the Company shall be permitted to prepayNote in full on any monthly installment due date provided there is paid, in whole or in partaddition to interest accrued to the date of such prepayment, a prepayment fee equal to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal amount balance of the Debenture, together with a Aiken Loan at the time of such prepayment premium in multiplied by the amount number of ten years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less than one percent (101%) ). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the amount of event the outstanding principal being prepaid by the Company, without having to obtain the prior written consent of the Investor as required by Section 2(b) of the Debenture. Notwithstanding anything herein contained to the contrary, if any portion of the principal amount subject to redemption remains unpaid after the date set for redemption in the notice to the Investor, other than balance hereof shall become due and payable as a result of a Material Adverse Effect (a) an Event of Default (as such term is defined below)in the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default shall be conclusively deemed to be a willful default for purposes of avoiding the Investor may elect, prepayment fee to which Holder is entitled; (b) the exercise by written notice Maker or any other party having the right to redeem or to prevent a foreclosure of the Secured Property of any right of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect to the Company given at any time thereafterSecured Property; then, to invalidate in such redemptionevent, ab initio, Maker shall pay the prepayment fee and the Company shall have no further right to exercise such redemption right. The Investor may elect to convert the outstanding principal amount of the Debenture that the Company has elected to prepay prior to actual payment in cash for any redemption hereunder by the delivery of a Notice of Conversion to the Company. Additionallyextent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed to be interest under the Investor exercises its right to exchange this Debenture pursuant to Section 6.18(b) prior laws of the State of South Carolina in any circumstance, such payment shall not be required to the later extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws of the expiration State of the notice period and actual prepayment in cash, such exchange shall be honored and the Debenture may not then be prepaid. For purposes of clarification, any rights of the Investor under Section 6.18(b) of the Purchase Agreement shall supersede any rights of prepayment by the Company. As used herein, a “Material Adverse Effect” shall mean a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, which occurs prior to the expiration of the 10 Trading Day notice period set forth in this Section 1(b) and as a result, makes it impractical or inadvisable for the Company to proceed with its election for prepaymentSouth Carolina.

Prepayment Provision. From and after It is agreed that the date hereof, upon 10 Trading Days’ prior Note for the Greenville Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days written notice to New York Life, Maker may prepay the Investor, the Company shall be permitted to prepayNote in full on any monthly installment due date provided there is paid, in whole or in partaddition to interest accrued to the date of such prepayment, a prepayment fee equal to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal amount balance of the Debenture, together with a Greenville Loan at the time of such prepayment premium in multiplied by the amount number of ten years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less than one percent (101%) ). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the amount of event the outstanding principal being prepaid by the Company, without having to obtain the prior written consent of the Investor as required by Section 2(b) of the Debenture. Notwithstanding anything herein contained to the contrary, if any portion of the principal amount subject to redemption remains unpaid after the date set for redemption in the notice to the Investor, other than balance hereof shall become due and payable as a result of a Material Adverse Effect (a) an Event of Default (as such term is defined below)in the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default shall be conclusively deemed to be a willful default for purposes of avoiding the Investor may elect, prepayment fee to which Holder is entitled; (b) the exercise by written notice Maker or any other party having the right to redeem or to prevent a foreclosure of the Secured Property of any right of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect to the Company given at any time thereafterSecured Property; then, to invalidate in such redemptionevent, ab initio, Maker shall pay the prepayment fee and the Company shall have no further right to exercise such redemption right. The Investor may elect to convert the outstanding principal amount of the Debenture that the Company has elected to prepay prior to actual payment in cash for any redemption hereunder by the delivery of a Notice of Conversion to the Company. Additionallyextent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed to be interest under the Investor exercises its right to exchange this Debenture pursuant to Section 6.18(b) prior laws of the State of South Carolina in any circumstance, such payment shall not be required to the later extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws of the expiration State of the notice period and actual prepayment in cash, such exchange shall be honored and the Debenture may not then be prepaid. For purposes of clarification, any rights of the Investor under Section 6.18(b) of the Purchase Agreement shall supersede any rights of prepayment by the Company. As used herein, a “Material Adverse Effect” shall mean a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, which occurs prior to the expiration of the 10 Trading Day notice period set forth in this Section 1(b) and as a result, makes it impractical or inadvisable for the Company to proceed with its election for prepaymentSouth Carolina.