Definition of Default Prepayment

  1. Default Prepayment means a prepayment of the principal amount of the Loan made prior to the expiration of the Lockout Period and after the occurrence of any Event of Default or an acceleration of the Maturity Date under any circumstances, including, without limitation, a prepayment occurring in connection with reinstatement of the Mortgage provided by statute under foreclosure proceedings or exercise of a power of sale, any statutory right of redemption exercised by Borrower or any other party having a statutory right of redemption exercised by Borrower or USActive 32926859.13 -6-any other party having a statutory right to redeem or prevent foreclosure, any sale in foreclosure or under exercise of a power of sale or otherwise.

Examples of Default Prepayment in a sentence

  1. Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default described in Sections 2.1(c)-(j) hereof, the Holder shall have the right, at such Holders option, to require the Maker to prepay in cash all or a portion of this Note at a price equal to the Triggering Event Prepayment Price (as defined in Section 3.3(c) below) applicable at the time of such request (the Event of Default Prepayment Price).
  2. Waiver of Right to Prepay Note Without Prepayment Fee or Default Prepayment Fee.

Definition of Default Prepayment in Loan Agreement

Default Prepayment means a prepayment of the principal amount of the Loan made prior to the expiration of the Lockout Period and after the occurrence of any Event of Default or an acceleration of the Maturity Date under any circumstances, including, without limitation, a prepayment occurring in connection with reinstatement of the Mortgage provided by statute under foreclosure proceedings or exercise of a power of sale, any statutory right of redemption exercised by Borrower or any other party having a statutory right of redemption exercised by Borrower or USActive 32926859.13 -6-any other party having a statutory right to redeem or prevent foreclosure, any sale in foreclosure or under exercise of a power of sale or otherwise.