Definition of Term Fixed Rate Loan Prepayment Penalty Period


Term Fixed Rate Loan Prepayment Penalty Period means, with respect to a Term Fixed Rate Prepayment Penalty Loan, such period of time, commencing with the borrowing date of such Loan, during which such Loan may not be prepaid and/or converted without a premium or penalty as established by the Bank making the Term Fixed Rate Prepayment Penalty Loan for such loans as offered by such Bank to other commercial borrowers similarly situated and under similar circumstances. With respect to a Term Fixed Rate Prepayment Penalty Loan, the period during which such Loan may not be prepaid without premium or penalty may not be the same period during which said Loan may not be converted without premium or penalty.
Sample 1