Common use of Prepayment of Installment Payments Clause in Contracts

Prepayment of Installment Payments. (a) On at least 30 days’ prior written notice to the Lender (unless otherwise waived by the Lender), the City may prepay on any date, in whole or in part, the outstanding principal component of the Installment Payments at a prepayment price equal to 100% of the outstanding principal component of the Installment Payments to be prepaid, plus accrued interest to the prepayment date. (b) If the City has received Net Proceeds and elected pursuant to Section 6.2 not to apply such Net Proceeds to the repair, replacement or restoration of the Project, the City may prepay, in whole or in part up to the amount of the Net Proceeds received, the outstanding principal component of the Installment Payments at any time, on at least 30 days’ prior written notice to the Lender (unless otherwise waive by the Lender), at a prepayment price equal to 100% of the principal component of the Installment Payments to be prepaid, plus accrued interest to the date of prepayment. (c) On any prepayment in part, such prepayment is to be applied as directed by the City in writing to the Lender. [END OF ARTICLE X]