Default Prepayment means a prepayment of the principal amount of this Note made 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 Security Instrument 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 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
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).
Exchange of this Note for a different instrument or modification of the terms of this Note, including classification and treatment of Lenders claim (other than non-impairment under Section 1124 of the United States Bankruptcy Code or any successor provision) pursuant to a plan of reorganization in bankruptcy shall also be deemed to be a Default Prepayment hereunder.
Holder will, upon request, provide an estimate of the amount of the Default Prepayment Fee two weeks before the date of the scheduled prepayment for purposes of this provision 9(b).
Notwithstanding anything to the contrary contained herein, upon the occurrence of an Event of Default described in Sections 2.1(a) -(j) and 2.1(m) -(o) hereof, the Holder shall have the right, at such Holders option, to require the Company to prepay in cash all or a portion of this Note at a price equal to one hundred twenty percent (120%) of the aggregate principal amount of this Note plus all accrued and unpaid interest applicable at the time of such request (the Event of Default Prepayment Price).
In the event of a prepayment during the Closed Period resulting from a default, acceleration or any other reason, Borrower shall pay the Lender a prepayment fee (the "Default Prepayment Fee") calculated as follows: (a) 2% of the then existing balance of the Loan, plus (b) Yield Maintenance as defined below.