Common use of Prepayment Consideration Clause in Contracts

Prepayment Consideration. Lender shall not be obligated to accept any prepayment of the Debt unless it is accompanied by the applicable Prepayment Consideration, if any. The “Prepayment Consideration” shall be calculated by Lender as follows: From the Closing Date through July 31, 2016 (the “Lockout Period”): Not applicable; No prepayment permitted. August 1, 2016 through April 30, 2020: The greater of (i) one percent (1.0%) of the outstanding principal balance of the Loan on a Prepayment Date; or (ii) the Yield Maintenance Premium. May 1, 2020 through August 1, 2020 (the “Scheduled Maturity Date”): No Prepayment Consideration (i.e., $0.00). Prepayment After an Event of Default: The Prepayment Consideration set forth in Section 2.4.4 hereof. Borrower acknowledges that the Prepayment Consideration is a bargained for consideration and is not a penalty. Borrower recognizes that Lender would incur substantial additional costs and expenses in the event of a prepayment of the Debt and that the Prepayment Consideration compensates Lender for such costs and expenses (including without limitation, the loss of Lender’s investment opportunity during the period from the Prepayment Date until the Maturity Date). Borrower agrees that Lender shall not, as a condition to receiving the Prepayment Consideration, be obligated to actually reinvest the amount prepaid in any treasury obligation or in any other manner whatsoever.

Prepayment Consideration. Lender shall not be obligated to accept any prepayment of the Debt unless it is accompanied by the applicable Prepayment Consideration, if any. The “Prepayment Consideration” shall be calculated by Lender as follows: From the Closing Date date through July 31September 30, 2016 (the “Lockout Period”): Not applicable; No prepayment permitted. August October 1, 2016 through April 30October 31, 2020: 2021 (the “1% Prepayment Period”): The greater of (i) one percent (1.01%) of the outstanding principal balance of the Loan on a Prepayment Date; or (ii) the Yield Maintenance Premium. May November 1, 2020 2021 through August March 31, 2023 (the “0.50% Prepayment Period”): The greater of (i) one half of one percent (0.50%) of the outstanding principal balance of the Loan on a Prepayment Date; or (ii) the Yield Maintenance Premium. April 1, 2020 2023 through October 1, 2023 (the “Scheduled Maturity Date”): No Prepayment Consideration (i.e., $0.00). Prepayment After an Event of Default: The Prepayment Consideration set forth in Section 2.4.4 hereof. Borrower acknowledges that the Prepayment Consideration is a bargained for consideration and is not a penalty. Borrower recognizes that Lender would incur substantial additional costs and expenses in the event of a prepayment of the Debt and that the Prepayment Consideration compensates Lender for such costs and expenses (including without limitation, the loss of Lender’s investment opportunity during the period from the Prepayment Date until the Maturity Date). Borrower agrees that Lender shall not, as a condition to receiving the Prepayment Consideration, be obligated to actually reinvest the amount prepaid in any treasury obligation or in any other manner whatsoever.