Prepayment/Yield Maintenance. The C-PACE Financing Amount may not be prepaid, in whole or in part, without payment of a Pre-payment Premium based on the following schedule/formula: Pre-payment within five years of the Repayment Start Date ([INSERT]%) Pre-payment after five years of the Repayment Start Date but within ten years of the Repayment Start Date ([INSERT]%) Pre-payment after ten years of the Repayment Start Date ([INSERT]%) or add Yield Maintenance or other agreed prepayment formula Capital Provider Expenses: On the Closing Date, Property Owner shall reimburse Capital Provider [$ INSERT] for payment of its attorneys’ fees, title insurance premiums and expenses, recording costs, and other expenses associated with the Closing of the transaction described in the Agreement. The Capital Provider Expenses are included in the C-PACE Financing. Amounts payable to the City: On the Closing Date, Property Owner shall pay the following C-PACE Program administration fee amount to the City, or its designee, in connection with the Agreement, which amount is included in the C-PACE Financing and described in the schedule attached to the Resolution: City Program Administration Fee: [$ INSERT] City Additional Expenses: [$ INSERT] Failure to Close Fee: [$ INSERT] Upfront Reserves/Accounts: [CONSIDER IF ANY DEBT SERVICE RESERVES COULD BE FUNDED–FOR EXAMPLE, DURING CONSTRUCTION.]
Prepayment/Yield Maintenance. (a) Except as provided in Section 5(b) below, the principal balance of this Note may not be prepaid in whole or in part prior to the date which is the second Payment Date prior to the Anticipated Repayment Date (the “First Open Prepayment Date”) (for example, if the Anticipated Repayment Date is December 6 of a given calendar year, the second Payment Date prior to the Anticipated Repayment Date would be October 6 of such calendar year, and would constitute the First Open Prepayment Date).
(b) After the date which is the earlier to occur of (i) the second (2nd) anniversary of the “start-up day” (within the meaning of Section 860G(a)(9) of the Internal Revenue Code of 1986, as amended from time to time, or any successor statute (the “Code”)), of the “real estate investment conduit” (“REMIC”) that then holds this Note or (ii) the fourth (4th) anniversary of the date of this Note, and prior to the First Open Prepayment Date, Borrower may prepay the Debt in whole, but not in part, provided that any such prepayment by Borrower shall be subject to the satisfaction of the following conditions precedent and other provisions below:
(i) Borrower shall provide not less than thirty (30) days, and not more than ninety (90) days, prior written notice to Lender specifying the date on which the prepayment is to occur. Such notice shall indicate the principal amount of this Note to be prepaid;
(ii) Borrower shall pay to Lender (A) the interest which would have accrued on the amount of such prepayment during the remaining days of the Interest Period within which the prepayment is made, (B) all accrued and unpaid interest on the principal balance of this Note, (C) all other sums, not including scheduled interest or principal payments, due under this Note, the Mortgage, and the other Loan Documents, and (D) the Yield Maintenance Amount (as defined below); and
(iii) No Event of Default shall have occurred, and no condition shall exist which with the giving of notice or passage of time or both would constitute an Event of Default.
(c) For purposes hereof, “Yield Maintenance Amount” shall mean an amount equal to the sum of (a) the interest which would have accrued on the principal balance of this Note during the remaining days of the Interest Period containing the date (the “YMP Due Date”) which is the earlier of (x) the date of prepayment of the Debt or (y) such earlier date upon which the balance of this Note shall become due and payable, whether as a result of acceleration of ...
Prepayment/Yield Maintenance. The Borrower may prepay a LIBOR Advance only upon at least three (3) Business days prior written notice to Agent (which notice shall be irrevocable). The Borrower shall pay to the Agent, for the ratable benefit of the Lenders, upon request of Agent, such amount or amounts as shall be sufficient (in the reasonable opinion of Agent) to compensate Agent or any Lender for any loss, cost, or expense incurred as a result of: (i) any payment or prepayment, under any circumstances whatsoever, whether voluntary or involuntary, of all or any portion of a LIBOR Advance on a date other than the last day of the Interest Period for such LIBOR Advance; (ii) the conversion, for any reason whatsoever, whether voluntary or involuntary (including, without limitation, as a result of the acceleration of the Obligations), of any LIBOR Advance, to a Variable Rate Advance on a date other than the last day of the applicable interest Period, (iii) any failure by Borrower to borrow a LIBOR Advance on the date specified by Borrower's written notice; (iv) any failure by Borrower to pay a LIBOR Advance on the date for payment specified in Borrower's written notice. Without duplication of the foregoing, Borrower shall pay to Agent, for the ratable benefit of the Lenders, a "yield maintenance fee" in an amount computed as follows: The current rate for United States Treasury securities (bills on a discounted basis shall be converted to a bond equivalent) with a maturity date closest to the term chosen pursuant to a applicable Interest Period as to which the prepayment is made, shall be subtracted from the LIBOR Rate in effect at the time of prepayment. If the result is zero or a negative number, there shall be no yield maintenance fee. If the result is a positive number, then the resulting percentage shall be multiplied by the amount of the principal balance being prepaid. The resulting amount shall be divided by 360 and multiplied by the number of days remaining in the term chosen pursuant to the Interest Period as to which the prepayment is made. Said amount shall be reduced to present value calculated by using the above-referenced United States Treasury securities rate and the number of days remaining in the term chosen pursuant to the Interest Period as to which the prepayment is made. The resulting amount shall be the yield maintenance fee due to Agent, for the ratable benefit of the Lenders, upon prepayment of a LIBOR Advance.
Prepayment/Yield Maintenance. The X-XXXX Financing Amount may not be prepaid, in whole or in part, without payment of a Pre-payment Premium based on the following schedule/formula: {Pre-payment within five years of the Repayment Start Date __%} {Pre-payment after five years of the Repayment Start Date but within ten years of the Repayment Start Date __%} {Pre-payment after ten years of the Repayment Start Date __%} {or add Yield Maintenance or other agreed prepayment formula}
Prepayment/Yield Maintenance. Borrower acknowledges that any prepayment of this Note will cause Lender to lose its interest rate yield on this Note and will possibly require that Lender reinvest any such prepayment amount in loans of a lesser interest rate yield (including, without limitation, in debt obligations other than first mortgage loans on commercial properties). As a consequence, Xxxxxxxx agrees as follows, as an integral part of the consideration for Xxxxxx's making the Loan:
Prepayment/Yield Maintenance. The CoPACE Financing Amount may not be prepaid, in whole or in part, without payment of a Pre-payment Premium based on the following schedule/formula: {Pre-payment within five years of the Repayment Start Date 5%} {Pre-payment after five years of the Repayment Start Date but within ten years of the Repayment Start Date 3%} {Pre-payment after ten years of the Repayment Start Date 0%} {or add Yield Maintenance or other agreed prepayment formula} On the Closing Date, Property Owner shall reimburse Capital Provider {$ } for payment of its attorneys’ fees, title insurance premiums and expenses, recording costs, and other expenses associated with the Closing of the transaction described in the Agreement. The Capital Provider Expenses are included in the CoPACE Financing. On the Closing Date, Property Owner shall pay the following amounts to the District to reimburse the District and any County Expenses, if any, for their expenses in connection with the Agreement, which amounts are included in the CoPACE Financing and described in the schedule attached to the Resolution: District Expenses: { } District Legal Expenses: { } Failure to Close Fee: {SPECIFY} {Consider if any debt service reserves could be funded – for example, during construction.} Date: , 20 .
