Lockout/Prepayment. The Loan may not be canceled or otherwise terminated by Borrower through April 30, 2009 (the “Lockout Period”). Thereafter, upon not less than thirty (30) days’ prior written notice to Lender, Borrower may, upon repayment of the Loan and satisfaction of any other obligations owing under the Loan Documents in full (including without limitation the payment of the Unused Fee prorated from the first day of the then current calendar quarter through the end of the Lockout Period), Borrower may cancel the Loan, from and after which Borrower shall have no further right to request or receive Loan advances and Lender shall have no further obligations under the Loan Documents. If the Loan is accelerated during the Lockout Period for any reason other than casualty or condemnation, Borrower shall pay, in addition to all other amounts outstanding under the Loan Documents (including without limitation the payment of the Unused Fee prorated from the first day of the then current calendar quarter through the date of cancellation), a prepayment premium equal to $250,000.00.
Lockout/Prepayment. The Loan is closed to prepayment, in whole or in part, through September 30, 2015 (the “Lockout Period”). After the Lockout Period, Borrower may prepay the Loan, in whole, but not in part, upon not less than thirty (30) days prior written notice to Lender and upon payment of a prepayment premium equal to the sum of the Make Whole Breakage Amount on the Initial Advance, calculated as provided in Schedule 2.3(4), except that the Make Whole Breakage Amount shall not be payable if the Loan is prepaid during the ninety (90) day period prior to the scheduled Maturity Date, plus the Libor Breakage Amount on any Subsequent Advances. Notwithstanding the foregoing, if the Loan is repaid during any extension period exercised pursuant to Section 2.3(3), then the Make Whole Breakage Amount shall not be payable and Borrower shall pay the Libor Breakage Amount on the entire outstanding principal balance of the Loan. Without limiting the restrictions on prepayment set forth above, if the Loan is prepaid, in whole or in part, including pursuant to a casualty or condemnation, or pursuant to Section 6.5, each such prepayment shall be made to Lender on the prepayment date specified in the applicable notice to Lender pursuant hereto and (in every case) together with (i) the accrued and unpaid interest on the principal amount prepaid, (ii) the Make Whole Breakage Amount, if applicable, calculated as provided in Schedule 2.3(4) and the Libor Breakage Amount, if applicable (collectively, the “Prepayment Premium”) and (iii) the Exit Fee (on a prorated basis in the event of a partial prepayment). If the Loan is accelerated for any reason other than casualty or condemnation or pursuant to Section 6.5, Borrower shall pay to Lender, in addition to all other amounts outstanding under the Loan Documents, the Prepayment Premium and, to the extent occurring on or prior to September 30, 2015, the Spread Maintenance Amount on the Subsequent Advances plus, the Exit Fee. For the avoidance of doubt, Borrower shall not be required to pay the Prepayment Premium or Spread Maintenance Amount in connection with, and the Prepayment Premium and the Spread Maintenance Amount shall be expressly not applicable to, any full or partial prepayment of the Loan pursuant to a casualty or condemnation, or pursuant to Section 6.5. Borrower acknowledges that the prepayment premium required by this Section constitutes partial compensation to Lender for the cost of reinvesting the Loan proceeds and for the loss of...
Lockout/Prepayment. Prepayment of the Loans shall be subject to the following restrictions and limitations:
Lockout/Prepayment. The Loan is closed to prepayment, in whole or in part, through October 31, 2013 (the “Lockout Period”); provided that, on a sale of the Palisades III Land, Borrower may prepay a portion of the Loan equal to the amount payable for a Partial Release of the Palisades III Land under Section 2.4 of this Agreement. After the Lockout Period until the end of the fourth Loan Year (the “Prepayment Period”), Borrower may prepay the Loan, in whole but not in part, upon not less than thirty (30) days’ prior written notice to Lender, upon payment of the Exit Fee and, with respect to any fixed rate portion of the Loan, a prepayment premium equal to the Make Whole Breakage Amount, calculated as provided in Schedule 2.3(d), but otherwise without premium or penalty. If the Loan is accelerated during the Lockout Period for any reason other than casualty or condemnation, Borrower shall pay, in addition to all other amounts outstanding under the Loan Documents, a prepayment premium equal to five percent (5%) of the outstanding balance of the Loan.
Lockout/Prepayment. The Loans are closed to prepayment, in whole or in part, through February 29, 2012 (the “Lockout Period”). After the Lockout Period until May 31, 2012 (the “Prepayment Premium Period”), Borrower may prepay the Loans, in whole but not in part, upon not less than thirty (30) days’ prior written notice to Lender and upon payment of a prepayment premium equal to the Spread Maintenance Amount. If any of the Loans is accelerated during the Lockout Period for any reason other than casualty or condemnation, Borrower shall pay to Lender, in addition to all other amounts outstanding under the Loan Documents, a prepayment premium equal to five percent (5%) of the outstanding balance of such Loan plus the Spread Maintenance Amount. If any of the Loans is accelerated during the Prepayment Premium Period for any reason other than casualty or condemnation, Borrower shall pay to Lender the Spread Maintenance Amount.
Lockout/Prepayment
