Open Prepayment Sample Clauses
The Open Prepayment clause allows a borrower to repay all or part of a loan before its scheduled maturity date without incurring penalties. In practice, this means the borrower can make additional payments or pay off the entire outstanding balance at any time, providing flexibility in managing debt. This clause primarily benefits borrowers by enabling them to reduce interest costs and adjust their financial obligations as circumstances change, while also offering lenders clarity on the terms under which early repayment is permitted.
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Open Prepayment. Notwithstanding anything to the contrary contained herein, and provided that Borrower shall deliver to Lender a Prepayment Notice, Borrower may prepay the entire principal balance of the Note and any other amounts outstanding under the Note, this Agreement, or any of the other Loan Documents, without payment of the Prepayment Fee or any other prepayment premium, penalty or fee, on any Business Day on or after the Open Prepayment Date. If such prepayment is not made on a Monthly Payment Date, Borrower shall also pay interest that would have accrued on the principal balance of the Note to, but not including, the next Monthly Payment Date.
Open Prepayment. Notwithstanding anything to the contrary contained herein, provided no Event of Default shall have occurred, and provided that Borrower shall deliver to Lender a Prepayment Notice, Borrower may prepay the entire principal balance of the Note and any other amounts outstanding under the Note, this Agreement, or any of the other Loan Documents (including, without limitation, all amounts pursuant to Section 2.4.6(a) and Section 2.4.6(c) hereof), without payment of the Prepayment Fee or any other prepayment premium or fee, on any Monthly Payment Date on or after the Open Prepayment Date.
Open Prepayment. On the Open Prepayment Date, or on any Payment Date thereafter, so long as no Event of Default has occurred and is continuing, Borrower may, at its option and upon not less than thirty (30) days irrevocable prior written notice to Lender, prepay the entire Outstanding Principal Balance provided that such prepayment is accompanied by (a) all accrued and unpaid interest on the Outstanding Principal Balance prepaid and (b) all other amounts due under the Note, this Agreement, or any of the other Loan Documents, without payment of the Yield Maintenance Premium. In addition, if for any reason Borrower prepays the Loan on a day other than a Payment Date, Borrower shall also pay interest on the principal amount so prepaid through the next succeeding Payment Date.
Open Prepayment. Notwithstanding anything to the contrary contained herein, provided no Event of Default shall have occurred and is continuing and provided that Borrower shall deliver to Lender a Prepayment Notice, Borrower may prepay all or a portion of the principal balance of the Note and any other amounts outstanding under the Note, this Agreement, or any of the other Loan Documents, without payment of the Prepayment Fee or any other prepayment premium, penalty or fee, on any Business Day on or after the Open Prepayment Date. If such prepayment is not made on a Monthly Payment Date, Borrower shall also pay interest that would have accrued on the principal balance of the Note to, but not including, the next Monthly Payment Date. Notwithstanding the foregoing, so long as no Event of Default is continuing, in the event that Net Proceeds exceed thirty percent (30%) of the original principal balance of the Loan, Lender makes a prepayment of the Loan with all such Net Proceeds pursuant to Section 2.4.4 (other than a prepayment resulting from the application of any excess Net Proceeds after completion of Restoration) then Borrower may, at Borrower's option, prepay all, but not less than all of the Loan without the payment of any Prepayment Fee or penalty, subject to the following conditions and limitations: (a) from and after the date that Lender notifies Borrower that it is electing not to make Net Proceeds available for Restoration (the “Election Notice”), Borrower shall have until the later of (i) thirty (30) days after the Election Notice and (ii) ninety (90) days after the occurrence of the Casualty, to notify Lender that Borrower is electing to prepay the Loan in full, (b) Borrower in fact prepays the Loan in full on a Monthly Payment Date or before the later of (i) one hundred twenty (120) days after Lender gives the Election Notice and (ii) the date which is one hundred eighty (180) days after the occurrence of the Casualty and (c) if such prepayment is not made on a Monthly Payment Date, Borrower shall also pay interest that would have accrued on the principal balance of the Note to, but not including, the next Monthly Payment Date.
Open Prepayment. On the Open Prepayment Date, or on any Payment Date thereafter, so long as no Event of Default has occurred and is continuing, Borrower may, at its option and upon not less than thirty (30) days prior written notice to Lender, prepay the entire Outstanding Principal Balance provided that such prepayment is accompanied by (a) all accrued and unpaid interest on the Outstanding Principal Balance prepaid and (b) all other amounts due under the Note, this Agreement, or any of the other Loan Documents, without payment of the Yield Maintenance Premium. In addition, if for any reason Borrower prepays the Loan on a day other than a Payment Date, Borrower shall also pay interest on the principal amount so prepaid through the next succeeding Payment Date. Borrower may rescind and revoke any notice of prepayment without cost or expense to Borrower so long as such rescission is made at least three (3) Business Days prior to the date of prepayment specified in the original notice of prepayment and provided that, in the event of such timely rescission or revocation, Borrower shall be obligated to promptly reimburse Lender for all of the actual out-of-pocket reasonable costs and expenses (including legal fees and costs) incurred by Lender in connection with the anticipated prepayment.
Open Prepayment. Provided that Borrower shall deliver to Lender a Prepayment Notice, Borrower may prepay the entire principal balance of the Note and any other amounts outstanding under the Note, this Agreement, or any of the other Loan Documents (including, without limitation, all amounts pursuant to Section 2.4.6(a) and Section 2.4.6(c) hereof), without payment of the Prepayment Fee or any other prepayment premium or fee, on any Payment Date on or after the Open Prepayment Date.
Open Prepayment. Notwithstanding anything to the contrary contained herein, and provided that Borrower shall deliver to Lender a Prepayment Notice, Borrower may prepay the entire principal balance of the Notes and any other amounts outstanding under the Notes, this Agreement, or any of the other Loan Documents, without payment of the Prepayment Fee or any other prepayment premium, penalty or fee, on any Business Day on or after the Open Prepayment Date. If such prepayment is not made on a Monthly Payment Date, Borrower shall also pay interest that would have accrued on the principal balance of the Notes to, but not including, the next Monthly Payment Date notwithstanding that such Monthly Payment Date extends beyond the Repayment Date. Any such prepayment of the Loan must be accompanied by a concurrent prepayment of the Senior Loan.
Open Prepayment. Notwithstanding anything to the contrary contained herein, and provided that Borrower shall deliver to Lender a Prepayment Notice, Borrower may prepay the entire principal balance of the Note and any other amounts outstanding under the Note, this Agreement, or any of the other Loan Documents, without payment of the Prepayment Fee or any other prepayment premium, penalty or fee, on any Business Day on or after the Open Prepayment Date. If such prepayment is not made on a Monthly Payment Date, Borrower shall also pay interest that would have accrued on the principal balance of the Note to, but not including, the next Monthly Payment Date. Any Prepayment Notice may be revoked by Borrower at any time, provided Borrower reimburses Lender for any reasonable out-of-pocket costs and expenses, including reasonable attorney’s fees and disbursements, incurred directly in conjunction with preparing for the prepayment.