Involuntary Prepayment definition

Involuntary Prepayment means an amount or amounts that Mortgagee receives representing (i) insurance proceeds or other payments as a result of a Casualty or (ii) Awards or other payments made in connection with a Taking. If Mortgagee elects to apply the proceeds of insurance collected upon any Casualty or the proceeds of the Award collected upon any Taking to the payment of the Debt and the amount of such proceeds so applied do not pay the Debt in full, Mortgagor shall have the right on any of the next four (4) regularly scheduled payment dates under the Note to prepay the entire remaining outstanding Debt together with an additional amount equal to the greater of (1) the Yield Maintenance Premium calculated pursuant to Paragraph 11 of the Mortgaged Property that would be required hereunder if the remaining outstanding unpaid principal balance of the Note were the subject of a defeasance pursuant to said Paragraph 11 or (2)(A) if the prepayment of such remaining outstanding portion of the Debt is made prior to the First Defeasance Date, two percent (2%) of such remaining outstanding unpaid principal balance or (B) if the prepayment of such remaining outstanding portion of the Debt is made on or after the First Defeasance Date (excluding, however, during the four (4) months preceding the scheduled Maturity Date), one percent (1%) of such remaining outstanding unpaid principal balance. Any application to the Debt pursuant to this Subparagraph 4(a)(v) shall be applied to those payments of principal and interest last due under the Note but shall not postpone any payments otherwise required pursuant to the Note other than such last due payments.

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Involuntary Prepayment means an amount or amounts that Beneficiary receives representing (i) insurance proceeds or other payments as a result of a Casualty, or (ii) Awards or other payments made in connection with a Taking, and applied to the payment of the principal amount of the Debt. If Beneficiary elects to apply the proceeds of insurance collected upon any Casualty or Award collected upon any Taking to the payment of the Debt and the amount of such proceeds so applied do not pay the Debt in full, Trustor shall have the right on the next regularly scheduled payment date under the Note to prepay the entire remaining outstanding Debt together with an additional amount equal to the greater of (1) the Yield Maintenance Premium, if any, that would be required hereunder if such remaining outstanding portion of the Debt had been defeased, or (2) three percent (3%) of such remaining outstanding balance.

Involuntary Prepayment means an amount or amounts that Lender receives representing (i) insurance proceeds or other payments as a result of a Casualty, or (ii) Awards or other payments made in connection with a Taking, and applies to the payment of the principal amount of the Debt. If Lender elects to apply the proceeds of insurance collected upon any Casualty or Award collected upon any Taking to the payment of the Debt and the amount of such proceeds so applied do not pay the Debt in full, Borrower shall have the right on the next regularly scheduled payment date under the Note to prepay the entire remaining outstanding Debt together with an additional amount equal to the greater of (1) the Yield Maintenance Premium, if any, that would be required hereunder if such remaining outstanding portion of the Debt had been defeased, or (2) one percent (1%) of such remaining outstanding balance. Any application to the Debt pursuant to this Subparagraph 4(a)(iv) shall (I) be applied to those payments of principal and interest last due under the Note but shall not postpone any payments otherwise required pursuant to the Note other than such last due payments and (II) cause the Note to be re-amortized in accordance with its terms and conditions.

Examples of Involuntary Prepayment in a sentence

• If Beneficiary elects under this subparagraph to apply the proceeds of insurance or Award to the payment of the Debt and no Event of Default has occurred which is then continuing, any such application to the Debt shall be considered an Involuntary Prepayment not requiring payment of the prepayment consideration set forth below.

• If an Event of Default has occurred which is then continuing and any proceeds of insurance or of an Award are applied to the Debt then Trustor shall pay to Beneficiary an additional amount equal to the greater of (1) the Yield Maintenance Premium (hereinafter defined), if any, that would be required hereunder if an Involuntary Prepayment (as hereinafter defined) has been defeased, or (2) three percent (3%) of the Involuntary Prepayment.

• As used herein, “Remaining Amortization Period” shall mean the Amortization Period less the number of calendar months for which a Monthly Payment was made hereunder on or prior to the date of the Involuntary Prepayment.

• To the extent the amount of relevant Net Cash Proceeds to be applied pursuant to Section 2.05(b)(ii) exceeds the amount necessary to repay all outstanding Revolving Loans and other Prepayable Indebtedness at the time of the relevant Prepayment Disposition Event or Involuntary Prepayment Disposition Event, as the case may be, the Borrower may retain such excess amount without further obligation under this Section 2.05.

• If Lender elects under this subparagraph to apply the proceeds of insurance or Award to the payment of the Debt and no Event of Default or an event which with notice and/or the passage of time would constitute an Event of Default exists, any such application to the Debt shall be considered an Involuntary Prepayment not requiring payment of the prepayment consideration set forth below.

• Account The Borrowers will ensure that a minimum of five million Dollars ($5,000,000) (the "Cash Collateral") is standing to the credit of the Cash Collateral Account at all times during the Facility Period PROVIDED THAT the Cash Collateral will be released by the Agent on behalf of the Banks to the Borrowers upon (i) the sale or scrapping of all of the Container Vessels and (ii) an immediate Special Involuntary Prepayment.

• Each Casualty/Condemnation Involuntary Prepayment not made on a Payment Date shall include all accrued and unpaid interest that would have accrued on such prepayment through the next Payment Date.

• Each Casualty/Condemnation Involuntary Prepayment shall be made on a Scheduled Payment Date and include all accrued and unpaid interest up to but not including such Scheduled Payment Date or, if not paid on a Scheduled Payment Date, include interest that would have accrued on such prepayment through the next regularly Scheduled Payment Date.

• If an Event of Default or an event which with notice and/or the passage of tune would constitute an Event of Default exists and any proceeds of insurance or of an Award are applied to the Debt then Borrower shall pay to Lender an additional amount equal to the greater of (1) the Yield Maintenance Premium (hereinafter defined), if any, that would be required hereunder if an Involuntary Prepayment (as hereinafter defined) has been defeased, or (2) three percent (3%) of the Involuntary Prepayment.

• In the event that any such Involuntary Prepayments are applied to the outstanding principal balance due under this Note, Lender shall, upon written notice to Borrower, recalculate the Monthly Payment subsequently due hereunder based on (i) the principal balance outstanding after application of any such Involuntary Prepayment, (ii) the Remaining Amortization Period (hereinafter defined), and (iii) the Contract Rate.