Extraordinary Prepayment definition

Extraordinary Prepayment means, with respect to any Interest Payment Date, any payment or other recovery of principal on any Qualified Loan (other than an Ordinary Principal Payment or an Optional Full Prepayment) which is received by Banco Santander Puerto Rico during the period commencing on the day immediately succeeding the Cut-Off Date contained in the third calendar month immediately preceding such Interest Payment Date and ending on the Cut-Off Date contained in the second calendar month immediately preceding such Interest Payment Date, consisting of (i) all proceeds received from any condemnation award or proceeds in lieu of condemnation, proceeds of any insurance or casualty in respect of such Qualified Loan, (ii) proceeds from the sale, assignment or other disposition of such Qualified Loan or the mortgaged property or other collateral securing such loan or any payment made by or on behalf of the related User (other than by Banco Santander Puerto Rico) upon the occurrence of an event of default thereon, or (iii) any amounts paid by Banco Santander Puerto Rico on behalf of the related User after a etermination by Banco Santander Puerto Rico that an event of default has occurred and is continuing under such Qualified Loan.
Sample 1
Extraordinary Prepayment means a prepayment by the Borrower in the amount of $25,000,000 to be applied solely in prepayment of the 15th installment due in respect of the Tranche B Loan notwithstanding the otherwise applicable requirements of Clause 7.5 of the Amended and Restated Loan Agreement, which Extraordinary Prepayment shall not effect the respective reduction and repayment schedules of Tranche A and Tranche B as provided in Clauses 7.1, 7.2 and 7.3 of the Amended and Restated Loan Agreement.
Sample 1
Extraordinary Prepayment means the prepayment of the Series 2011 Bonds required by Section 401(2) hereof.
Sample 1

Examples of Extraordinary Prepayment in a sentence

  • Amounts in excess of the minimum balance requirement for any 2011 Debt Service Reserve Fund Account are transferred to the 2011 Extraordinary Prepayment Fund.

  • PREPAYMENT OF LEASE PAYMENTS IN PARTSECTION 8.1 Extraordinary Prepayment From Net Proceeds.

  • The 2011 Extraordinary Prepayment Fund will receive transfers from the 2011 Revenue Fund and/or the 2011 Debt Service Reserve Fund, and shall apply amounts to the Extraordinary Mandatory Prepayment of the Series 2011 Bonds in accordance with the terms of the Trust Indenture.

  • The 2011 Extraordinary Prepayment Fund was established to make mandatory prepayments of the 2011 Bonds in accordance with the Trust Indenture.

  • The 2011 Extraordinary Prepayment Fund will receive transfers from the 2011 Revenue Fund and/or the 2011 Debt Service Reserve Fund, and shall apply amounts to the Extraordinary Mandatory Prepayment of the Series 2011 Bonds in accordance with the terms of the Amended Trust Indenture.

  • The 2011 Extraordinary Prepayment Fund was established to make mandatory prepayments of the 2011 Bonds in accordance with the Amended Trust Indenture.

  • If there is in excess of $50,000 in the Extraordinary Prepayment Fund, as of January 1 in any year, including as a result of the transfer of funds into the Extraordinary Prepayment Fund pursuant to Section 508 or 717 hereof, then the Trustee shall apply any amounts on deposit in the Extraordinary Prepayment Fund to the mandatory prepayment, in Authorized Denominations, of the Outstanding Series 2011 Bonds on the immediately following February 15.

  • PREPAYMENT OR PURCHASE OF THE TIF NOTE BEFORE MATURITYSection 4.1 Extraordinary Prepayment.

  • The Trustee shall transfer (i) Excess Net Revenues from the Revenue Fund as provided in Section 505(1), and (ii) amounts in excess of that required to be held in any subaccount of the Debt Service Reserve Fund as provided in Section 508(2) hereof, to the Extraordinary Prepayment Fund.

  • Extraordinary Prepayment Offer in Connection with an Extraordinary Prepayment Condition.


More Definitions of Extraordinary Prepayment

Extraordinary Prepayment means, with respect to any Qualified Loan, any payment or other recovery of principal on such Qualified Loan received by the Borrower during the period commencing on the day immediately succeeding the Cut-Off Date contained in the second calendar month immediately preceding such Interest Payment Date and ending on the Cut-Off Date contained in the calendar month immediately preceding such Interest Payment Date (other than an Optional Prepayment), consisting of (i) all proceeds received from any condemnation award or proceeds in lieu of condemnation, proceeds of any insurance or casualty in respect of such Qualified Loan, (ii) proceeds from the sale, assignment or other disposition of such Qualified Loan or the mortgaged property or other collateral securing such loan upon the occurrence of an event of default thereon, including a determination by the Borrower, the Trustee or the Authority, that such loan does not comply with the provisions of the Program Guide or the Act, or (iii) any amounts paid by the Borrower on behalf of the related User after a determination by the Borrower that an event of default has occurred and is continuing under such Qualified Loan.
Sample 1
Extraordinary Prepayment means a prepayment by the Borrower in the amount of $9,784,000 to be applied solely to the prepayment in full of the repayment installments due on October 23, 2009 and January 23, 2010 under Clause 7.1 of the Loan Agreement, which Extraordinary Prepayment shall not effect the amount or timing of the remaining repayment installments due under Clause 7.1 of the Loan Agreement.
Sample 1

Related to Extraordinary Prepayment

  • Voluntary Prepayment means a prepayment of principal of Term Loans pursuant to Section 2.05(a) in any year to the extent that such prepayment reduces the scheduled installments of principal due in respect of Term Loans as set forth in Section 2.07 in any subsequent year.

  • Mandatory Prepayment is defined in Section 2.4(a).

  • Discounted Voluntary Prepayment has the meaning specified in Section 2.05(d)(i).

  • Mandatory Prepayment Date as defined in Section 2.12(e).

  • Mandatory Prepayments means the prepayments of the Loans required by Section 3.5 hereof.

  • Mandatory Prepayment Amount for any Debentures shall equal the sum of (i) the greater of: (A) 130% of the principal amount of Debentures to be prepaid, plus all accrued and unpaid interest thereon, or (B) the principal amount of Debentures to be prepaid, plus all other accrued and unpaid interest hereon, divided by the Conversion Price on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is less, multiplied by the VWAP on (x) the date the Mandatory Prepayment Amount is demanded or otherwise due or (y) the date the Mandatory Prepayment Amount is paid in full, whichever is greater, and (ii) all other amounts, costs, expenses and liquidated damages due in respect of such Debentures.

  • Mandatory Prepayment Event has the meaning specified in Section 2.03(b)(i).

  • Prepayment means any prepayment, whether in part or in full, in respect of any Receivable.

  • ECF Prepayment Amount has the meaning assigned to such term in Section 2.11(b)(i).

  • Debt Incurrence Prepayment Event means any issuance or incurrence by the Borrower or any of the Restricted Subsidiaries of any Indebtedness (excluding any Indebtedness permitted to be issued or incurred under Section 10.1 other than Section 10.1(o) or, except to the extent accompanied by a corresponding reduction of the Revolving Credit Commitments Section 10.1(y)).

  • Discounted Voluntary Prepayment Notice has the meaning specified in Section 2.05(d)(v).

  • Waivable Mandatory Prepayment as defined in Section 2.15(c).

  • Permitted Prepayment Date means the Business Day after the second (2nd) anniversary of the first Payment Date

  • Reinvestment Prepayment Date with respect to any Reinvestment Event, the earlier of (a) the date occurring twelve months after such Reinvestment Event and (b) the date on which the Borrower shall have determined not to, or shall have otherwise ceased to, acquire or repair assets useful in the Borrower’s business with all or any portion of the relevant Reinvestment Deferred Amount.

  • Principal Prepayment in Full Any Principal Prepayment made by a Mortgagor of the entire principal balance of a Mortgage Loan.

  • Principal Prepayment Any payment of principal or other recovery on a Mortgage Loan, including a recovery that takes the form of Liquidation Proceeds or Insurance Proceeds, which is received in advance of its scheduled Due Date and is not accompanied by an amount as to interest representing scheduled interest on such payment due on any date or dates in any month or months subsequent to the month of prepayment.

  • Full Prepayment Any payment of the entire principal balance of a Mortgage Loan which is received in advance of its scheduled Due Date and is not accompanied by an amount of interest representing scheduled interest due on any date or dates in any month or months subsequent to the month of prepayment.

  • Applicable Prepayment Premium has the meaning specified therefor in the Fee Letter.

  • Prepayment Asset Sale means any Disposition by the Borrower or its Restricted Subsidiaries made pursuant to Section 6.07(h).

  • Reinvestment Prepayment Amount with respect to any Reinvestment Event, the Reinvestment Deferred Amount relating thereto less any amount expended prior to the relevant Reinvestment Prepayment Date to acquire or repair assets useful in the Borrower’s business.

  • Principal Prepayment Amount For any Distribution Date and for any Loan Group, the sum with respect to the Mortgage Loans in such Loan Group of (i) Curtailments received during the Prior Period from such Mortgage Loans and (ii) Payoffs received during the Payoff Period from such Mortgage Loans.

  • Required Prepayment Date as defined in Section 2.15(c).

  • Borrower Offer of Specified Discount Prepayment means the offer by the Borrower to make a voluntary prepayment of Term Loans at a specified discount to par pursuant to Section 2.11(a)(ii)(B).

  • Partial Prepayment Amount means the amount required to prepay a portion of the Annual Special Tax obligation for an Assessor’s Parcel as described in Section H.

  • Excess Prepayment Interest Shortfall With respect to any Distribution Date, the aggregate of any Prepayment Interest Shortfalls resulting from any Principal Prepayments made on the Mortgage Loans to be included in the Aggregate Available Funds for such Distribution Date that are not covered by the Master Servicer’s Compensating Interest Payment for such Distribution Date and/or the portion of any compensating interest payments allocable to any Outside Serviced Mortgage Loan to the extent received from the related Outside Master Servicer.

  • Required Prepayment Lenders the Majority Facility Lenders in respect of each Facility.