Default Prepayment a) Should the Applicant be in default under the terms of the Agreement, Efficiency Nova Scotia shall have the right to declare any direct incentives received by the Applicant be repaid with interest from the date of default. The interest rate shall be the prime interest rate in effect at the time of loan approval. The Applicant must provide notice to tenants of any default within 30 days of providing notice of default to Efficiency NS.
Default Prepayment. If a Default Prepayment (as hereinafter defined) occurs, such Default Prepayment shall be deemed to be a voluntary prepayment under this Note and in such case the applicable Prepayment Consideration (as hereinafter defined) shall be due and payable to Lender in connection with such Default Prepayment. The Prepayment Consideration shall be secured by all security and collateral for the Loan and shall be added to the Outstanding Principal Balance for all purposes including accrual of interest, judgment on the Note, foreclosure (whether through power of sale, judicial proceeding, or otherwise), redemption, and bankruptcy (including pursuant to Section 506 of the United States Bxxxxxxxxx Xxxx). Xxx xxxx "XXXXXLT Prepayment" shall mean a prepayment of any portion of the principal amount of this Note made after occurrence of a Default or Event of Default under any circumstances including a prepayment in connection with reinstatement of the Security Instrument provided by statute under foreclosure proceedings or exercise of power of sale, any statutory right of redemption exercised by Borrower or any other party having a statutory right to redeem or prevent foreclosure or power of sale, any sale in foreclosure or under exercise of a power of sale or otherwise (including pursuant to a credit bid made by Lender in connection with such sale), or any other collection action by Lender. Classification and treatment of Lender's claim pursuant to a plan of reorganization in bankruptcy shall also be deemed to be a Default Prepayment hereunder. The "PREPAYMENT CONSIDERATION" (as the term is used in this Note) shall mean the present value, as of the date of the occurrence of the Default, of the remaining scheduled payments of principal and interest from the date of the occurrence of the Default through the Maturity Date (including any balloon payment), which shall be determined by discounting such payments at the Discount Rate (hereinafter defined) less the amount of principal being prepaid. The term "DISCOUNT RATE" shall mean the rate that, when compounded monthly, is equivalent to the Treasury Rate (hereinafter defined) when compounded semi-annually. The term "TREASURY RATE" shall mean the yield calculated by the linear interpolation of the yields, as reported in Federal Reserve Statistical Release H.15-Selected Interest Rates under the heading U.S. Government Securities/Treasury Constant Maturities for the week ending prior to the Prepayment Date, of U.S. Treasury consta...
Default Prepayment. If a Default Prepayment (defined below) occurs, Borrower shall pay to Lender the entire principal amount of the Loan and all accrued interest thereon. including. without limitation, the following amounts:
Default Prepayment. If a Default Prepayment occurs, Borrower shall pay to Agent for the Ratable benefit of Lenders, the entire Debt, including, without limitation, if such Default Prepayment occurs during the Lockout Period, an amount equal to one percent (1%) of the Default Prepayment, in which case, the Spread Maintenance Premium shall not be payable.
Default Prepayment a) Should the Borrower be in default under the terms of this Agreement or under the terms of any mortgage or other encumbrance registered on title to the Property, the Corporation shall have the right to declare the Unearned Portion of the RHAP Loan due and payable immediately. The amount of the RHAP Loan that must be repaid is equal to the total amount of the RHAP Loan less any amount considered forgiven in accordance with subsection 7 b) herein.
Default Prepayment. If a Default Prepayment (defined below) occurs, Borrower shall pay to Lender the entire Debt, including, without limitation, an amount (the "Default Consideration") equal to the greater of (i) the amount (if any) which when added to the then outstanding principal amount of this Note will be sufficient to purchase Defeasance Collateral providing the required Scheduled Defeasance Payments assuming Defeasance would be permitted hereunder, or (ii) one percent (1%) of the Default Prepayment. For purposes of this
Default Prepayment. If the maturity of the Loan is accelerated prior to the expiration of the second (2nd) Loan Year as a result of an Event of Default, such Event of Default shall be presumed to be, and shall conclusively be deemed to be, an election on the part of Borrower to prepay the Loan and a willful and deliberate attempt on Borrower’s part to avoid payment of the Prepayment Fee. Accordingly, Borrower expressly acknowledges and agrees that upon an acceleration of the maturity of the Loan prior to the expiration of the second (2nd) Loan Year as a result of an Event of Default (including in connection with reinstatement of the Security Instrument provided by statute during foreclosure proceedings or in connection with any statutory right of redemption or any other prepayment of the Indebtedness, in full or in part, which is not expressly permitted under this Agreement) Lender shall be entitled to the applicable Prepayment Fee. Borrower hereby expressly (a) waives any rights it may have under California Civil Code Section 2954.10 to prepay the Note, in whole or in part, without penalty, upon acceleration of the maturity date of the Note, and (b) by initialing this provision in the space provided below, hereby declares that Lender's agreement to make the Loan at the interest rate and on the terms and conditions set forth herein and in the other Loan Documents constitutes adequate consideration, given individual weight by Borrower, for this waiver and the agreements set forth in this Section 2.12.4.
Default Prepayment. The Company may pre-pay the Default Principal of this Note plus accrued Interest from and after close of business on the Maturity Date and prior to a Maturity Conversion.
Default Prepayment. If all or any part of the principal amount of the ------------------ Loan is prepaid upon acceleration of the Loan following the occurrence of an Event of Default at any time prior to the Maturity Date, Borrower shall be required to make a payment (the "Yield Maintenance Payments") in an amount equal -------------------------- to the greater of (a) three (3%) of such prepaid principal balance and (b) the excess, if any, of (i) the sum of (A) the aggregate respective present values of all scheduled interest payments in respect of the Loan (or the portion of all such interest payments corresponding to the portion of the principal of the Loan to be prepaid upon acceleration) for the period from the date of such prepayment upon acceleration to (and including) the Maturity Date, discounted monthly at a rate equal to the Treasury Constant Yield, such yield equivalent to a percentage expressed on the basis of a 360 day year of twelve 30 day months and (B) the aggregate respective present values of all scheduled principal payments in respect of the Loan (or the then unpaid portion thereof to be prepaid upon acceleration), assuming for these purposes that the entire outstanding scheduled principal amount of the Loan as of the Maturity Date were to be paid in full on such Payment Date, discounted monthly at a rate equal to the Treasury Constant Yield, such yield equivalent to a percentage expressed on the basis of a 360 day year of twelve 30 day months over (ii) the then current outstanding principal amount of the Loan (or the then unpaid portion thereof to be prepaid upon acceleration). If the Yield Maintenance Payments as calculated pursuant to this clause (b) would not be a positive number, then the number yielded by such calculation shall be zero. For purposes of this Section 3.3, the amount of the Loan on the date of prepayment shall be determined after giving effect to any payment of scheduled amortization made on such date. The determination of the Yield Maintenance Payments by Lender shall be conclusive and binding on Borrower in the absence of manifest error.
Default Prepayment. Article 5(k);
