CALCULATION OF PREPAYMENT FEE. If the reference rate is lower than or equal to the applicable rate, there is no prepayment fee. If the applicable rate is lower than the reference rate, the prepayment fee shall be equal to the difference between the reference rate and the applicable rate (expressed as a decimal), multiplied by the appropriate factor from the prepayment fee factor schedule, multiplied by the principal amount of the LIBOR Rate Loan or Quoted Rate Loan which is prepaid. Example: A LIBOR Rate Loan with principal of $850,000 is fully prepaid with 4 months remaining prior to the end of the Applicable Interest Period. A reference rate of 10% was assigned to the LIBOR Rate Loan when the rate was fixed. The applicable rate (as determined by current 4-month U.S. Treasury rates) is 8.5%. Rates are therefore judged to have dropped by 1.5% since the rate was fixed, and a prepayment fee applies. A prepayment fee factor of .37 is determined from the tables below, and the prepayment fee is computed as follows: Prepayment Fee = (.10-.085) x (.37) x ($850,000) = $4,717.50 APPLICABLE RATES The applicable rate is equal to the average interest rate yield at the time of prepayment for U.S. Government Securities having maturities equivalent to the remaining portion of the Applicable Interest Period. The applicable rate shall be determined from the Federal Reserve Statistical Release (Publication H.15(519)) in the "This Week" (most recent week) column under the heading U.S. Government Securities - Treasury Bills - Secondary Market, interpolated to the nearest month. Rates listed in the Federal Reserve Statistical Release for maturities of less than one year are on a discount rate basis, and these rates shall be converted to a coupon equivalent basis, based upon a 360-day year. The Statistical Release published on Monday shall be used for calculation of prepayment fees payable on the following Tuesday through the following Monday, with appropriate adjustment if the day of publication changes.
CALCULATION OF PREPAYMENT FEE. LIBOR Rate Loans. Any LIBOR Rate Loan may be prepaid prior to the scheduled payment date, whether voluntary or involuntary, in whole or in part, provided Borrower has given Bank not less than five (5) business days prior written notice of Xxxxxxxx’s intention to make such prepayment and pays to Bank the prepayment fee due as a result. The prepayment fee shall be an amount equal to the present value of the product of: (i) the difference (but not less than zero) between (a) the LIBOR Rate applicable to the principal amount which is being prepaid, and (b) the return which Bank could obtain if it used the amount of such prepayment of principal to purchase a bid price regularly quoted securities issued by the United States having a Maturity Date most closely coinciding with the relevant LIBOR Rate Maturity Date and such securities were held by Bank until the relevant LIBOR Rate Maturity Date (“Yield Rate”); (ii) a fraction, the numerator of which is the number of days in the period between the date of prepayment and the relevant LIBOR Rate Maturity Date, and the denominator of which is 360, and (iii) the amount of principal so prepaid. The present value shall be determined by discounting the above product to present value using the Yield Rate as the annual discount factor. Bank shall provide Borrower a statement of the amount payable on account of prepayment. Borrower acknowledges that (i) Bank establishes a LIBOR Rate upon the understanding that it apply to the LIBOR Rate Loan for the entire Interest Period, and (ii) Governmental Lender would not lend to Borrower at a LIBOR Rate without Debtor’s express agreement to pay the prepayment fee described above.
CALCULATION OF PREPAYMENT FEE. (1) If the Reference Rate is lower than or equal to the Applicable Rate, the Prepayment Fee shall be zero.
CALCULATION OF PREPAYMENT FEE. If the Initial Prepayment Reference Rate is less than or equal to the Final Prepayment Reference Rate, there is no prepayment fee. If the Initial Prepayment Reference Rate is greater than the Final Prepayment Reference Rate, the prepayment fee shall be equal to the difference between the Initial and Final Prepayment Reference Rates (expressed as a decimal), multiplied by the appropriate factor from the Prepayment Fee Factor Schedule, multiplied by the principal amount of the loan being prepaid. EXAMPLE OF PREPAYMENT FEE CALCULATION Prepayment Fee = (0.07 - 0.065) x (0.31) x ($250,000) = $387.50
CALCULATION OF PREPAYMENT FEE. Each prepayment of the principal of the Note, in whole or in part and whether voluntary, mandatory, upon acceleration or otherwise, shall be made after giving the Bank at least one day’s prior notice and shall be accompanied by an additional amount deemed necessary by the Bank to compensate the Bank for any losses, costs or expenses which the Bank may incur as a result of such prepayment. If Borrower makes a prepayment without having given prior notice to the Bank, the prepayment compensation shall be payable on demand. The determination of prepayment compensation due the Bank hereunder shall be made by the Bank in good faith and shall be conclusive absent manifest error. The prepayment schedule/formula shall be (check applicable box): þ For any principal prepayment of the Note, the Borrower shall pay 4% of the amount of the principal prepayment if made between May 24, 2007 and May 23, 2008; 4% of the amount of the principal prepayment if made between May 24, 2008 and May 23, 2009; 3% of the amount of the principal prepayment if made between May 24, 2009 and May 23, 2010; 2% of the amount of the principal prepayment if made between May 24, 2010 and May 23, 2011; 1% of the amount of the principal prepayment if made between May 24, 2011 and May 23, 2012; N/A% of the amount of the principal repayment if made between N/A and N/A; N/A% of the amount of the principal prepayment if made between N/A and N/A; N/A% of the amount of the principal prepayment if made between N/A and N/A; N/A% of the amount of the principal prepayment if made between N/A and N/A; N/A% of the amount of the principal prepayment if made between N/A and N/A. þ The aforedescribed prepayment penalty shall only apply in the event the Note is refinanced with another financial institution. WITNESS: CUISINE SOLUTIONS, INC. NAME OF CORPORATION /s/ Jxxx X. Xxxxxx By: /s/ Sxxxxxxxx Xxxxxxxx (SEAL) SXXXXXXXX XXXXXXXX Title: President /s/ Jxxx X. Xxxxxx By: /s/ Rxxxxx Xxxxxxxxx (SEAL) RXXXXX XXXXXXXXX Title: Treasurer If Debtor is a General Partnership, Limited Partnership, Limited Liability Company, Limited Liability Partnership or Limited Liability Limited Partnership:
