Specified Prepayment Sample Clauses
The Specified Prepayment clause defines the terms under which a borrower can make payments on a loan before the scheduled due dates. Typically, this clause outlines any conditions, limitations, or fees associated with prepaying part or all of the outstanding loan balance, such as requiring advance notice or imposing a prepayment penalty. Its core practical function is to provide clarity for both parties regarding early repayment, helping to manage expectations and protect the lender from potential financial disadvantages caused by early payoff.
Specified Prepayment. On or prior to the earlier of (i) the date that is 210 days from the Closing Date and (ii) the date that is three (3) Business Days after (and in any event, promptly) after receipt of Net Proceeds in respect of the East and West ▇▇▇▇▇ Sale, the Borrowers shall make one or more mandatory prepayments of the Term Loans (collectively, the "Specified Prepayment") designated by Borrowers to be in respect of the prepayment required by this Section 2.03(c)(vii) (and not in respect of any other mandatory prepayment required by this Section 2.03(c)) in increments of not less than $1,000,000 for any Specified Prepayment, and in an aggregate amount for all Specified Prepayments equal to $15,000,000 (which shall not be subject to the payment of the Make-Whole Amount).
Specified Prepayment. On or prior to the earlier of (i) June 30, 2024 and (ii) the date that is three (3) Business Days after (and in any event, promptly) after receipt of Net Proceeds in respect of the East and West ▇▇▇▇▇ Sale, the Borrowers shall make one or more mandatory prepayments of the Term Loans (collectively, the "Specified Prepayment") designated by Borrowers to be in respect of the prepayment required by this Section 2.03(c)(vii) (and not in respect of any other mandatory prepayment required by this Section 2.03(c)) in increments of not less than $1,000,000 for any Specified Prepayment, and in an aggregate amount for all Specified Prepayments equal to $10,000,000 (which shall not be subject to the payment of the Make-Whole Amount).
(e) Section 4.02(e) of the Loan Agreement is hereby amended and restated in its entirety as follows:
Specified Prepayment. On each of the dates set forth below the Borrowers shall make mandatory prepayments of the Term Loans (each individually and collectively, and together with the mandatory prepayment set forth in Section 2.03(c) the "Specified Prepayment") designated by Borrowers to be in respect of the prepayment required by this Section 2.03(c)(vii) (and not in respect of any other mandatory prepayment required by this Section 2.03(c)) in the amount set forth opposite such date (none of which shall be subject to the payment of the Make-Whole Amount): July 26, 2024 $2,000,000 August 30, 2024 $4,000,000 September 30, 2024 $4,000,000 ; provided, that (x) if the East and West ▇▇▇▇▇ Sale is consummated prior to September 30, 2024, Borrowers shall make an additional Specified Prepayment in the amount of $5,000,000 on the date that is three (3) Business Days (and in any event, promptly) after receipt of Net Proceeds in respect of the East and West ▇▇▇▇▇ Sale, and (y) if the East and West ▇▇▇▇▇ Sale is not consummated on or prior to September 30, 2024, Borrowers shall make additional Specified Prepayments on each of the dates set forth below in the corresponding amounts set forth below: October 31, 2024 $1,666,666.66 November 29, 2024 $1,666,666.66 December 31, 2024 $1,666,666.66
(d) Section 2.03(c) of the Loan Agreement is hereby amended to add the following new clause (viii) in appropriate order:
Specified Prepayment. On each of the dates set forth below the Borrowers shall make mandatory prepayments of the Term Loans (each individually and collectively, the "Specified Prepayment") designated by Borrowers to be in respect of the prepayment required by this Section 2.03(c)(vii) (and not in respect of any other mandatory prepayment required by this Section 2.03(c)) in the amount set forth opposite such date (none of which shall be subject to the payment of the Make-Whole Amount): July 26, 2024 $2,000,000 August 30, 2024 $4,000,000 September 30, 2024 $4,000,000 October 31, 2024 $5,000,000 ; provided, that (x) if the East and West ▇▇▇▇▇ Sale is consummated prior to September 30, 2024, then the portion of the Specified Prepayment set forth in the table above that is not yet due at the time of such sale shall not be required to be paid and instead, on the date that is three (3) Business Days (and in any event, promptly) after receipt of Net Proceeds in respect of the East and West ▇▇▇▇▇ Sale, Borrowers shall make a mandatory prepayment of the Term Loans in an amount equal to $15,000,000 minus the amount of the Specified Prepayment already made as of such date, which final mandatory prepayment shall be a portion of the Specified Prepayment.
(e) Section 4.02(e) of the Loan Agreement is hereby amended and restated in its entirety as follows: