Common use of Prepayment Provision Clause in Contracts

Prepayment Provision. It is agreed that the Note for the Aiken Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days written notice to New York Life, Maker may prepay the Note in full on any monthly installment due date provided there is paid, in addition to interest accrued to the date of such prepayment, a prepayment fee equal to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal balance of the Aiken Loan at the time of such prepayment multiplied by the number of years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less than one percent (1%). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the event the outstanding principal balance hereof shall become due and payable as a result of (a) an Event of Default (as such term is defined in the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default shall be conclusively deemed to be a willful default for purposes of avoiding the prepayment fee to which Holder is entitled; (b) the exercise by Maker or any other party having the right to redeem or to prevent a foreclosure of the Secured Property of any right of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect to the Secured Property; then, in such event, Maker shall pay the prepayment fee and to the extent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed to be interest under the laws of the State of South Carolina in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws of the State of South Carolina.

Prepayment Provision. It is agreed that the Note for the Aiken Greenville Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days written notice to New York Life, Maker may prepay the Note in full on any monthly installment due date provided there is paid, in addition to interest accrued to the date of such prepayment, a prepayment fee equal to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal balance of the Aiken Greenville Loan at the time of such prepayment multiplied by the number of years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less than one percent (1%). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the event the outstanding principal balance hereof shall become due and payable as a result of (a) an Event of Default (as such term is defined in the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default shall be conclusively deemed to be a willful default for purposes of avoiding the prepayment fee to which Holder is entitled; (b) the exercise by Maker or any other party having the right to redeem or to prevent a foreclosure of the Secured Property of any right of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect to the Secured Property; then, in such event, Maker shall pay the prepayment fee and to the extent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed to be interest under the laws of the State of South Carolina in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws of the State of South Carolina.

Prepayment Provision. It is agreed that the Note for the Aiken Georgetown Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days written notice to New York Life, Maker may prepay the Note in full on any monthly installment due date provided there is paid, in addition to interest accrued to the date of such prepayment, a prepayment fee equal to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal balance of the Aiken Georgetown Loan at the time of such prepayment multiplied by the number of years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less than one percent (1%). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the event the outstanding principal balance hereof shall become due and payable as a result of (a) an Event of Default (as such term is defined in the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default shall be conclusively deemed to be a willful default for purposes of avoiding the prepayment fee to which Holder is entitled; (b) the exercise by Maker or any other party having the right to redeem or to prevent a foreclosure of the Secured Property of any right of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect to the Secured Property; then, in such event, Maker shall pay the prepayment fee and to the extent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed to be interest under the laws of the State of South Carolina in any circumstance, such payment shall not be required to the extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws of the State of South Carolina.

Prepayment Provision. It is agreed that From and after the Note for the Aiken Loan shall be modified to provide the following prepayment privilege: Upon ninety (90) days date hereof, upon 10 Trading Days’ prior written notice to New York Lifethe Investor, Maker may prepay the Note in full on any monthly installment due date provided there is paidCompany shall be permitted to prepay, in addition whole or in part, outstanding principal amount of the Debenture, together with a prepayment premium in the amount of ten percent (10%) of the amount of principal being prepaid by the Company, without having to interest accrued obtain the prior written consent of the Investor as required by Section 2(b) of the Debenture. Notwithstanding anything herein contained to the contrary, if any portion of the principal amount subject to redemption remains unpaid after the date of such prepayment, a prepayment fee equal set for redemption in the notice to the difference between the Loan Interest Rate and the Yield on U.S. Treasury Notes for a term equal to the remaining original loan term times the outstanding principal balance of the Aiken Loan at the time of such prepayment multiplied by the number of years and any fraction thereof on the loan term as if there had been no prepayment. In no event shall the prepayment fee be less Investor, other than one percent (1%). The prepayment fee is to be computed on the unpaid principal balance at the time of such prepayment. In the event the outstanding principal balance hereof shall become due and payable as a result of (a) an Event of Default a Material Adverse Effect (as defined below), the Investor may elect, by written notice to the Company given at any time thereafter, to invalidate such term is defined in redemption, ab initio, and the Mortgage) causing the acceleration under this Note or the Loan Documents, which Event of Default Company shall be conclusively deemed to be a willful default for purposes of avoiding the prepayment fee to which Holder is entitled; (b) the exercise by Maker or any other party having the have no further right to redeem or exercise such redemption right. The Investor may elect to prevent a foreclosure convert the outstanding principal amount of the Secured Property Debenture that the Company has elected to prepay prior to actual payment in cash for any redemption hereunder by the delivery of any right a Notice of redemption or repayment under foreclosure laws or other action to prevent a foreclosure of the Secured Property; (c) an acceleration by Holder as a result of the sale or further encumbrance of the Secured Property in violation of the applicable provisions of the Mortgage; or (d) a casualty or condemnation with respect Conversion to the Secured Property; thenCompany. Additionally, in such event, Maker shall pay the prepayment fee and to the extent permitted by law, such prepayment fee shall be calculated in the same manner as specified above; provided that in the event such prepayment fee is construed the Investor exercises its right to be interest under exchange this Debenture pursuant to Section 6.18(b) prior to the laws later of the State expiration of South Carolina the notice period and actual prepayment in any circumstancecash, such payment exchange shall be honored and the Debenture may not then be required prepaid. For purposes of clarification, any rights of the Investor under Section 6.18(b) of the Purchase Agreement shall supersede any rights of prepayment by the Company. As used herein, a “Material Adverse Effect” shall mean a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, which occurs prior to the extent that the amount thereof, together with other interest payable hereunder, exceeds the maximum interest that may be lawfully charged under the laws expiration of the State of South Carolina10 Trading Day notice period set forth in this Section 1(b) and as a result, makes it impractical or inadvisable for the Company to proceed with its election for prepayment.