Common use of Extraordinary Prepayment Clause in Contracts

Extraordinary Prepayment. The TIF Note is subject to prepayment upon the demand of the Lender, in whole, at a redemption price equal to 100% of the principal amount outstanding thereof plus accrued interest to the redemption date, but only from any Tax Increment Revenues available therefor and any amounts held in the Project Fund or amounts payable by the Developer or by any guarantor of the Developer's obligations, in the event that: (a) Developer fails to pay when due (or within any cure or grace period therein provided) any amount required of it under the terms of the Development Agreement and such failure continues for thirty (30) days after Lender delivers written notice of default to Developer; (b) Any Guarantor fails to pay when due (or within any cure or grace period therein provided) any amount required of Guarantor under the terms of any Guaranty as it relates to the TIF Note and such failure continues for thirty (30) days after ▇▇▇▇▇▇ delivers written notice of default to Guarantors; (c) Tax Increment Revenues cease to be available for principal or interest payments on the TIF Note; or (d) This Loan Agreement or any of the Collateral Documents becomes void, unenforceable or impossible of performance as a result of any changes in law or administrative, legislative or judicial action.

Extraordinary Prepayment. The TIF Note is subject to prepayment upon the demand of the Lender, in whole, at a redemption price equal to 100% of the principal amount outstanding thereof plus accrued interest to the redemption date, but only from any Tax Increment Revenues available therefor and any amounts held in the Project Fund or amounts payable by the Developer or by any guarantor of the Developer's obligations, in the event that: (a) Developer fails to pay when due (or within any cure or grace period therein provided) any amount required of it under the terms of the Development Agreement and such failure continues for thirty (30) days after Lender delivers written notice of default to Developer; (b) Any Guarantor fails to pay when due (or within any cure or grace period therein provided) any amount required of Guarantor under the terms of any Guaranty as it relates to the TIF Note and such failure continues for thirty (30) days after ▇▇▇▇▇▇ Lender delivers written notice of default to Guarantors; (c) Tax Increment Revenues cease to be available for principal or interest payments on the TIF Note; or (d) This Loan Agreement or any of the Collateral Documents becomes void, unenforceable or impossible of performance as a result of any changes in law or administrative, legislative or judicial action.