Examples of Yield Maintenance Default Premium in a sentence
This sum included $3,108,096.78 allocated to the Yield Maintenance Default Premium.
Notably, in its response to the Debtor’s claim objection, Comm2013 identifies the same premium as a “Yield Maintenance Default Premium.” According to § 2.4.3 of the Loan Agreement, which governs prepayments after default, the Yield Maintenance Default Premium is but one component of what Comm2013 identifies in its proof of claim as the Prepayment Premium.
Therefore, pursuant to the clear and unambiguous terms of section 2.3.3 of the Loan Agreement, the Claim appropriately includes the Secured Lender’s right to payment of the Yield Maintenance Default Premium because (i) Events of Default have occurred as articulated in the Default Notices and (ii) such amount is due and payable upon Owner’s tender of payment of the Debt and/or the Secured Lender’s efforts to recover payment of the Debt.
Just as AE Hotel, section 2.3.3 makes acceleration irrelevant because the trigger for the Secured Lender’s right to be paid the Yield Maintenance Default Premium is payment of all or part of the Debt following an Event of Default – either tendered by Owner or otherwise recovered by the Secured Lender.
The plain and ordinary meaning of the Loan Agreement requires that any payment of Debt in a default scenario include payment of the Yield Maintenance Default Premium, regardless of whether the Loan has been accelerated or not.