Common use of Prepayment of the Loan Clause in Contracts

Prepayment of the Loan. The Municipality may not prepay the outstanding principal of the Loan, except as may be consented in writing by KDHE in advance of such prepayment, which consent, if any, shall be at the sole discretion of KDHE. The municipality must provide a written request to KDHE of its desire to prepay, such request shall indicate the actual source of funds that will be used to make the prepayment (specifically proceeds from a tax exempt bond issue, proceeds from a taxable bond issue, cash on hand, or some other instrument) and the desired date of prepayment. KDHE may require the prepayment date coincide with a scheduled repayment date of the Loan. A partial prepayment may be made only if the prepayment amount is equal to or greater than the greater of 10% of the original principal amount of the Loan or $50,000. A new Exhibit B will be prepared by KDHE following receipt of any acceptable partial prepayment, reamortizing the remaining principal amount over the remaining term of the Loan.

Prepayment of the Loan. The Municipality may not prepay the outstanding principal of the Loan, except as may be consented in writing by KDHE whole, or in advance of such prepaymentpart, which consentwithout penalty, if any, shall be at the sole discretion of KDHEconsent from KDHE is obtained. The municipality must provide a written request to KDHE of its desire to prepay, such request shall indicate the actual source of funds that will be used to make the prepayment (specifically proceeds from a tax exempt bond issue, proceeds from a taxable bond issue, cash on hand, or some other instrument) and the desired date of prepayment. KDHE may require the prepayment date coincide with a scheduled repayment date of the Loandate. A partial prepayment may be made only if the prepayment amount is equal to or greater than the greater of 10% of the original principal amount of the Loan or $50,000. A new Exhibit B will be prepared by KDHE following receipt of any acceptable partial prepayment, reamortizing the remaining principal amount over the remaining term of the Loan.