Permitted Prepayment Clause Samples

Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the outstanding Term Loan Advances, provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan Advances at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B) the Prepayment Fee, and (C) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts.

Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Term Loan A, provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan A at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan A, and (B) all other sums, if any, that shall have become due and payable with respect to the Term Loan A, including interest at the Default Rate with respect to any past due amounts.

Permitted Prepayment. 10.1 Any Prime Rate Loan(s) may be prepaid at any time in whole or in part without charge. 10.2 If no Event of Default exists, Borrower shall have the right at any time and from time to time to prepay any LIBOR Advance on a date other than the last Banking Day of the then current Interest Period in whole (but not in part). If Borrower elects to prepay a LIBOR Advance, of if payment of a LIBOR Advance is required by Bank on a date other than the last Banking Day of the then current Interest Period pursuant to Section 10.3, below, Borrower shall pay to Lender a yield maintenance fee (the “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 maturity date of the term chosen pursuant to the Interest Period as to which the prepayment is made, shall be subtracted from the “cost of funds” component of the fixed 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 number of days remaining in the designated term and using the above referenced United States Treasury security rate and the number of days remaining in the designated 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 Lender upon prepayment of the fixed rate loan. 10.3 If by reason of any Event of Default Lender elects to declare the Loan to be immediately due and payable, then any Yield Maintenance Fee with respect to the Loan shall become due and payable in the same manner as though ▇▇▇▇▇▇▇▇ had exercised such right of prepayment. Borrower recognizes that Lender will incur substantial additional costs and expenses including loss of yield and anticipated profitability in the event of a prepayment of the Loan and that the Yield Maintenance Fee compensates Lender for such costs and expenses. ▇▇▇▇▇▇▇▇ acknowledges that the Yield Maintenance Fee is bargained for consideration and not a penalty. 10.4 ...

Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Growth Capital Advances advanced by Bank under this Agreement, provided Borrower (i) delivers written notice to Bank of its election to prepay the Growth Capital Advances at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Growth Capital Advances, (B) the Prepayment Fee, and (C) all other sums, if any, that shall have become due and payable with respect to the Growth Capital Advances, including Bank Expenses, if any, and interest at the Default Rate with respect to any past due amounts.

Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advances advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Agent of its election to prepay the Term Loan Advances at least five (5) Business Days prior to such prepayment, and (ii) pays to Agent, for the account of the Lenders in accordance with their respective Pro Rata Share, on the date of such prepayment (A) all outstanding principal plus accrued and unpaid interest, (B) the Final Payment, (C) the Prepayment Premium and (D) all other sums, if any, that shall have become due and payable hereunder with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.

Permitted Prepayment. Except as provided below, Borrower shall have no right to prepay the Credit Extensions made in respect of a Term Credit Facility. After the Closed Period, if any, for the applicable Term Credit Facility as specified in the Credit Facility Schedule, Borrower shall have the option to prepay the Prepayable Amount (as defined below) of a Term Credit Facility advanced by the Lenders under this Agreement, provided Borrower (i) provides written notice to Agent and each Lender of its election to prepay the Prepayable Amount at least five (5) Business Days prior to such prepayment, and (ii) pays to each Lender in accordance with its respective Pro Rata Share, on the date of such prepayment, an amount equal to the sum of (A) the Prepayable Amount, plus accrued interest thereon, (B) any fees payable under the Fee Letters by reason of such prepayment, (C) the Applicable Prepayment Fee as specified in the Credit Facility Schedule for the Credit Facility being prepaid, and (D) all Protective Advances. The term “Prepayable Amount” means all, but not less than all, of the Credit Extensions and all other Obligations under all Term Credit Facilities.

Permitted Prepayment. Except as provided below, Borrower may not prepay the principal balance of this Note in whole or in part. Borrower may, on any scheduled payment date on or after April 1, 2003, and subject to giving Lender not less than thirty (30) days nor more than ninety (90) days prior written notice, prepay the entire unpaid principal amount of this Note together with any and all accrued interest and other sums due hereunder and under any of the other Loan Documents, subject to a prepayment premium described below and subject to and in accordance with the following terms and conditions: A. It shall be a pre-condition of any such prepayment: (i) that all of the Related Loans shall be prepaid in full in accordance with the terms of their respective Related Loan Documents simultaneously with the prepayment in full on the Loan, or (ii) if no uncured default exists under the Loan or under any of the Related Loans, that Lender shall, in its sole reasonable discretion, allow the Loan, either alone or together with one or more of the Related Loans, to be prepaid in full, provided (a) that the Related Loans which are not then being prepaid (hereinafter the "Remaining Related Loans") shall have a ratio of outstanding principal balance to value of the properties securing the Remaining Related Loans that, in the aggregate, is less than or equal to sixty percent (60%) (such loan to value ratio to be determined as hereinafter provided), and (b) that the aggregate net operating income ("Net Operating Income") from the properties securing the Remaining Related Loans shall equal or exceed 1.30 times the total debt service payable under the Remaining Related Loans and under any loans ("junior loans") secured by liens junior to those of the Remaining Related Loans (without any implication that junior loans are permitted under the Loan Documents or the Related Loan Documents) (such ratio is hereinafter referred to as "required debt service coverage" and shall be determined by Lender, in its sole discretion, as hereinafter provided). B. For purposes of the preceding paragraph, property values shall be determined, at Borrower's election, by one of the following methods: (i) by an appraisal performed by an appraiser mutually acceptable to Borrower and Lender with experience in the appraisal of retail shopping center properties and who is a Member of the Appraisal Institute, at Borrower's expense, (ii) by a totally arm's-length bona fide third party offer to purchase the property in question...

Permitted Prepayment. Borrower shall have the option to prepay all, but not less than all, of the Term Loan Advance advanced by the Term Loan Lenders under this Agreement, provided Borrower (i) delivers written notice to Agent and each Term Loan Lender of its election to prepay the Term Loan Advance at least fifteen (15) days prior to such prepayment, and (ii) pays to Agent, for the account of each Term Loan Lender, as applicable, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to the Term Loan Advances, (B) the Prepayment Premium, (C) the Final Payment and (D) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including Lenders’ Expenses and interest at the Default Rate with respect to any past due amounts.

Permitted Prepayment. Borrower shall have the option to prepay the Term Loan Advances in whole or in minimum increments of at least One Million Dollars ($1,000,000.00) (or if the remaining amount of outstanding Term Loan Advances is less than One Million Dollars ($1,000,000.00), such lesser amount), provided Borrower (i) delivers written notice to Bank of its election to prepay the Term Loan Advances at least five (5) Business Days prior to such prepayment along with a notice of the portion of the principal amount being prepaid, and (ii) pays, on the date of such prepayment (A) the outstanding principal plus accrued and unpaid interest with respect to such Term Loan Advances, (B) the Final Payment with respect to the portion of the Term Loan Advances being prepaid, and (C) all other sums, if any, that shall have become due and payable with respect to the Term Loan Advances, including interest at the Default Rate with respect to any past due amounts, if applicable. Any partial prepayments of principal with respect to the Term Loan Advances made under this Section 2.5(d) will be applied to the principal balance of the Term Loan Advances in the inverse order of maturity.