Common use of Prepayment Option Clause in Contracts

Prepayment Option. Lessee shall have the option to prepay or satisfy all its obligations hereunder, at the following times and upon the following terms: (a) From and after the date specified (if any) in the Payment Schedule (the “Prepayment Option Commencement Date”), on the Rental Payment dates specified in the Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full of the sum of all Rental Payments then due plus all other amounts then owing hereunder plus the then applicable Termination Value, which may include a prepayment premium on the unpaid balance as set forth in the Payment Schedule; or (b) In the event of substantial damage to or destruction or condemnation of substantially all of the Renewable Energy Equipment, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be the earlier of the next Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all Rental Payments then due plus (ii) the then applicable Termination Value (or, in the event such prepayment occurs on a date other than a Rental Payment date, the sum of (x) the Termination Value relating to the Rental Payment immediately prior to the date of such prepayment plus (y) accrued interest on the aggregate unpaid principal portion of Rental Payments immediately prior to the date of such prepayment) plus (iii) all other amounts then owing hereunder; or (c) Upon the expiration of the Lease Term, upon payment in full of all Rental Payments then due and all other amounts then owing hereunder to Lessor. After payment of the applicable Termination Value and all other amounts owing hereunder, Lessor’s security interests in and to such Renewable Energy Equipment will be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy Equipment.

Prepayment Option. Lessee shall have The Town may not prepay the principal component of the Lease Payments prior to January 15, 2030. The Authority hereby grants an option to the Town to prepay or satisfy all its obligations hereunder, at the following times and upon the following terms: (a) From and after the date specified (if any) in the Payment Schedule (the “Prepayment Option Commencement Date”), on the Rental Payment dates specified in the Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full principal component of the sum Lease Payments in full, by paying the aggregate unpaid principal components of all Rental the Lease Payments then due plus all other amounts then owing hereunder plus the then applicable Termination Value, which may include a prepayment premium on the unpaid balance as set forth in Exhibit D here- to, or in part, on and after January 15, 2030, in a prepayment amount equal to the principal amount of Lease Payments to be prepaid, and accrued interest to the date fixed for prepay- ment, plus the prepayment premium set forth in the following table: Prepayment Period Prepayment Premium January 15, 2030 through January 14, 2031 2% January 15, 2031 and thereafter 0 Said option shall be exercised by the Town by giving written notice to the Authority and the Trustee of the exercise of such option at least forty-five (45) days prior to said Lease Payment Schedule; or (b) In Date. Such option shall be exercised in the event of substantial damage prepayment in full, by deposit- ing with said notice cash in an amount, which, together with amounts then on deposit in the Revenue Fund and the Insurance and Condemnation Fund, will be sufficient to or destruction or condemnation of substantially all pay the ag- gregate unpaid component of the Renewable Energy EquipmentLease Payments on said Lease Payment Date as set forth in Exhibit D hereto, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be the earlier of the next Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all Rental together with any Lease Payments then due plus (ii) the then applicable Termination Value (but unpaid, or, in the event such of prepayment occurs on a date other than a Rental Payment datein part, the sum of (x) the Termination Value relating by depositing with said notice cash in an amount divisible by $5,000 equal to the Rental Payment immediately prior amount desired to the date of such prepayment plus (y) accrued interest on the aggregate unpaid principal portion of Rental Payments immediately prior to the date of such prepayment) plus (iii) all other amounts then owing hereunder; or (c) Upon the expiration of the be prepaid together with any Lease Term, upon payment in full of all Rental Payments then due and all other amounts then owing hereunder to Lessorbut unpaid. After In the event of prepayment in part, the partial prepayment shall be applied against Lease Payments in such order of payment of date as shall be selected by the applicable Termination Value and all other amounts owing hereunder, Lessor’s security interests in and to Town. Lease Pay- ments due after any such Renewable Energy Equipment will partial prepayment shall be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy Equipmentamounts set forth in a revised Lease Payment schedule which shall be provided by, or caused to be provided by, the Town to the Trustee and which shall represent an adjustment to the schedule set forth in Exhibit D attached hereto taking into account said partial prepayment.

Prepayment Option. Lessee shall have the option to prepay or satisfy all its obligations hereunderunder a Lease, at the following times and upon the following terms: (a) From and after the date specified (if any) in the applicable Payment Schedule (the “Prepayment Option Commencement Date”), on the Rental Payment dates Dates specified in the such Payment Schedule, upon not less than 30 days’ prior days’prior written notice, and upon payment in full of the sum of all Rental Payments then due plus and all other amounts then owing hereunder under the applicable Lease plus the then applicable Termination ValuePrepayment Price, which may include a prepayment premium on the unpaid balance as set forth in the such Payment Schedule; or (b) In the event of substantial damage to or destruction or condemnation of substantially all of the Renewable Energy EquipmentEquipment listed in a Lease, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be the earlier of the next applicable Rental Payment date Date under such Lease or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all the Rental Payments Payment then due under such Lease plus (ii) the then applicable Termination Value Prepayment Price under such Lease or if the prepayment date occurs prior to the first Rental Payment Date for which the Prepayment Price is shown, then the sum that is equal to the then aggregate unpaid principal component of Rental Payments (or, the “Outstanding Balance”) on such prepayment date plus a prepayment premium in an amount equal to the prepayment premium that would be payable on such first Rental Payment Date plus (iii) in the event such prepayment occurs on a date other than a Rental Payment dateDate, accrued interest to such prepayment date on the sum of (x) Outstanding Balance set forth on the Termination Value applicable Payment Schedule relating to the Rental Payment immediately prior to the date of such prepayment prepayment, plus (y) accrued interest on the aggregate unpaid principal portion of Rental Payments immediately prior to the date of such prepayment) plus (iiiiv) all other amounts then owing hereunderunder the applicable Lease; or (c) Upon the expiration of the Lease Term, upon payment or prepayment in full of all Rental Payments then due and all other amounts then owing hereunder under such Lease to Lessor. After payment of the applicable Termination Value Prepayment Price and all other amounts owing hereunderunder a Lease, Lessor’s security interests in and to the Equipment under such Renewable Energy Equipment Lease will be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy such Equipment.

Prepayment Option. Lessee shall have the option to prepay or satisfy all its obligations hereunderunder a Lease, at the following times and upon the following terms: (a) From and after the date specified (if any) in the applicable Payment Schedule (the “Prepayment Option Commencement Date”), on the Rental Payment dates Dates specified in the such Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full of the sum of all Rental Payments then due plus and all other amounts then owing hereunder under the applicable Lease plus the then applicable Termination ValuePrepayment Price, which may include a prepayment premium on the unpaid balance as set forth in the such Payment Schedule; or (b) In the event of substantial damage to or destruction or condemnation of substantially all of the Renewable Energy EquipmentEquipment listed in a Lease, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be the earlier of the next applicable Rental Payment date Date under such Lease or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all the Rental Payments Payment then due under such Lease plus (ii) the then applicable Termination Value Prepayment Price under such Lease or if the prepayment date occurs prior to the first Rental Payment Date for which the Prepayment Price is shown, then the sum that is equal to the then aggregate unpaid principal component of Rental Payments (or, the “Outstanding Balance”) on such prepayment date plus a prepayment premium in an amount equal to the prepayment premium that would be payable on such first Rental Payment Date plus (iii) in the event such prepayment occurs on a date other than a Rental Payment dateDate, accrued interest to such prepayment date on the sum of (x) Outstanding Balance set forth on the Termination Value applicable Payment Schedule relating to the Rental Payment immediately prior to the date of such prepayment prepayment, plus (y) accrued interest on the aggregate unpaid principal portion of Rental Payments immediately prior to the date of such prepayment) plus (iiiiv) all other amounts then owing hereunderunder the applicable Lease; or (c) Upon the expiration of the Lease Term, upon payment or prepayment in full of all Rental Payments then due and all other amounts then owing hereunder under such Lease to Lessor. After payment of the applicable Termination Value Prepayment Price and all other amounts owing hereunderunder a Lease, Lessor’s security interests in and to the Equipment under such Renewable Energy Equipment Lease will be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy such Equipment.

Prepayment Option. Lessee shall have the option to prepay or satisfy all its obligations obligation hereunder, at the following times and upon the following terms: (a) From and after the date specified (if any) in the Payment Schedule (the “Prepayment Option Commencement Date”), on the Rental Payment dates specified in the Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full of the sum of all Rental Payments then due plus and all other amounts then owing hereunder under this Agreement plus the then applicable Termination ValuePrepayment Price, which may include a prepayment premium on the unpaid balance as set forth in the Payment Schedule; or (b) In the event of substantial damage to or destruction or condemnation of substantially all of the Renewable Energy Equipment, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be the earlier of the next Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all Rental Payments Payment then due plus (ii) the then applicable Termination Value Prepayment Price (or, in the event such prepayment occurs on a date other than a Rental Payment date, the sum of (xi) the Termination Value Prepayment Price set forth on the Payment Schedule relating to the Rental Payment immediately prior to the date of such prepayment plus (yii) accrued interest on the aggregate unpaid principal portion of Outstanding Balance set forth on the Payment Schedule relating to the Rental Payments Payment immediately prior to the date of such prepayment) , plus (iii) all other amounts then owing hereunder; or (c) Upon the expiration of the Lease Term, upon payment in full of all Rental Payments then due and all other amounts then owing hereunder to Lessor. After payment of the applicable Termination Value Prepayment Price and all other amounts owing hereunder, Lessor▇▇▇▇▇▇’s security interests in and to such Renewable Energy Equipment will be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy Equipment.

Prepayment Option. Lessee shall have the option to prepay On or satisfy all its obligations hereunderbefore November 15, at the following times and upon the following terms: (a) From and after the date specified (if any) in the Payment Schedule 2022 (the “Prepayment Option Commencement Determination Date”), Construction Agent shall have an option (the “Prepayment Option”) to cause Landlord to prepay a portion of the Financing on the Rental Payment dates December 10, 2022 in an amount specified by Tenant and to be paid by Escrow Agent from Escrow Funds held in the Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full of Escrow Agreement (the sum of all Rental Payments then due plus all other amounts then owing hereunder plus the then applicable Termination Value, which may include a prepayment premium on the unpaid balance as set forth in the Payment Schedule; or (b) “Prepayment Advance”). In the event of substantial damage Construction Agent elects to or destruction or condemnation of substantially all of the Renewable Energy Equipment, on the day specified in Lessee’s notice cause a Prepayment Advance pursuant to Lessor of its exercise of the prepayment option (which shall be the earlier of the next Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor of the sum of this Section 4.3(a), (i) all Rental Payments then due plus An amount equal to one and one hundredths percent (1.01%) of the Prepayment Advance shall be paid to Landlord by Escrow Agent as a return on of its equity investment. (ii) The Prepayment Advance shall not exceed the lesser of (A) an amount equal to six percent (6%) of the Landlord MIA Advance (B) the then applicable Termination Value current balance of the Escrow Funds held by Escrow Agent under the Escrow Agreement, less the amount to be paid under 4.3(a)(i) above, and (or, in the event such prepayment occurs on a date other than a Rental Payment date, the sum of (xC) the Termination Value relating an amount equal to the Rental Payment immediately prior to difference between the date Landlord MIA Advance, as adjusted by the Landlord MIA Advance Adjustment as of February 10, 2020 less $611,500,000.00, such prepayment plus (y) accrued interest on that in no event shall the aggregate unpaid principal portion of Rental Payments immediately prior to Landlord MIA Advance, as reduced by the date of such prepayment) plus Prepayment Advance, be less than $611,500,000. DMEAST #39698570 v7 20 (iii) all other amounts then owing hereunderIn order to exercise the Prepayment Option, Construction Agent shall deliver written notice of such election (the “Prepayment Notice”) to Landlord and Escrow Agent on or before the Prepayment Determination Date. In connection with the delivery of the Prepayment Notice on or before the Prepayment Determination Date, Escrow Agent shall advance to Lender from the Escrow Funds the Prepayment Advance, which funds shall prepay a portion of the Financing at par (without payment of any prepayment penalty or premium); orand (civ) Upon In connection with any such prepayment pursuant to this Section 4.3(a), the expiration of final Landlord MIA Advance (“Final Landlord MIA Advance”) shall equal the Lease TermLandlord MIA Advance as determined on February 10, upon payment in full of all Rental Payments then due and all other amounts then owing hereunder to Lessor. After payment of 2020, less the applicable Termination Value and all other amounts owing hereunder, Lessor’s security interests in and to such Renewable Energy Equipment will be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy EquipmentPrepayment Advance.

Prepayment Option. Lessee shall have is hereby granted the option to prepay or satisfy all its obligations hereunderthe aggregate principal component of Rental Payments (in whole but not in part), at prior to the following times and upon Sample Preview scheduled payment of the following terms: (a) From and after the Rental Payments in full pursuant to this Agreement, on each Rental Payment date specified (if any) in the Payment Schedule (the “for which a Prepayment Option Commencement Date”), Amount is identified under the column titled “PREPAYMENT OPTION AMOUNT” on the Rental Payment dates specified in Schedule. The option to prepay shall commence November , 20xx. Such prepayment amount shall equal the Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full of the sum of Prepayment Option Amount (assuming that all Rental Payments then and Additional Payments due plus all other amounts then owing hereunder plus the then applicable Termination Value, which may include a prepayment premium on the unpaid balance as set forth in the Payment Schedule; or (b) In the event of substantial damage and prior to or destruction or condemnation of substantially all of the Renewable Energy Equipment, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be date have been paid) shown for the earlier of the next Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all Rental Payments then due plus (ii) the then applicable Termination Value (or, in the event on which such prepayment occurs is to be effective under the column titled “PREPAYMENT OPTION AMOUNT” on a date other than a Rental Payment date, the sum of (x) the Termination Value relating to the Rental Payment immediately prior Schedule. To exercise the option granted under this ▇▇▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇ shall give Lessor a written notice exercising such option and designating the Rental Payment date on which such prepayment is to be effective and the date applicable Prepayment Option Amount, which notice shall be delivered to Lessor at least thirty (30) days in advance of the proposed prepayment date. The prepayment option herein granted may be exercised by Lessee whether or not one or more Events of Default have occurred and are then continuing at the time of such exercise; provided, however, that the prepayment plus (y) accrued interest on the aggregate unpaid of such principal portion component of Rental Payments immediately prior upon the exercise of such option during the continuance of an Event of Default shall not limit, reduce or otherwise affect liabilities or obligations that Lessee has incurred as a result of such Event of Default or otherwise terminate the term of this Agreement notwithstanding anything in this Agreement to the date of contrary. Immediately upon any such prepayment) plus (iii) prepayment being made, Lessor shall execute all other amounts then owing hereunder; or (c) Upon the expiration of the Lease Term, upon payment documents necessary to confirm in full of all Rental Payments then due and all other amounts then owing hereunder to Lessor. After payment of the applicable Termination Value and all other amounts owing hereunder, Lessor’s security interests Lessee title in and to such Renewable Energy Equipment will be terminated and Lessee will own the Renewable Energy Equipment free and clear of any lien, encumbrance or other interest created by Lessor’s , but without warranties and in “where-is, as-is'' condition, and release Lessor's security interest in the Renewable Energy EquipmentEquipment and shall deliver such documents to Lessee. Lessor shall further cooperate in providing for the filing of any necessary releases, termination statements or other similar documents and the release of certificates of title or certificates of origin to Lessee.

Prepayment Option. So long as no Default shall have occurred and be continuing and Lessee shall have given Lessor at least 90 but not more than 180 days prior written notice, Lessee shall have the option to prepay or satisfy all its obligations hereunder, at the following times and upon the following terms: (a) From and Lease on any Rent Payment Date occurring after the date specified which is 12 months after the Rent Commencement Date (if anyeach, a Prepayment Date) in the Payment Schedule for an amount (the “Prepayment Option Commencement Date”), on the Rental Payment dates specified in the Payment Schedule, upon not less than 30 days’ prior written notice, and upon payment in full of the sum of all Rental Payments then due plus all other amounts then owing hereunder plus the then applicable Termination Value, which may include a prepayment premium on the Amount) equal to (1) any unpaid balance as set forth in the Payment Schedule; or (b) In the event of substantial damage to or destruction or condemnation of substantially all of the Renewable Energy Equipment, on the day specified in Lessee’s notice to Lessor of its exercise of the prepayment option (which shall be the earlier of the next Rental Payment date or 60 days after the casualty event) upon payment in full to Lessor of the sum of (i) all Rental Payments then due plus (ii) the then applicable Termination Value (or, in the event such prepayment occurs on a date other than a Rental Payment date, the sum of (x) the Termination Value relating to the Rental Payment immediately prior to the date of such prepayment plus (y) accrued interest on the aggregate unpaid principal portion of Rental Payments immediately prior to the date of such prepayment) plus (iii) all other amounts then owing hereunder; or (c) Upon the expiration of the Lease Term, upon payment in full of all Rental Payments then due Rent and all other amounts then owing hereunder due on or before such Prepayment Date, plus (2) an amount equal to Lessor. After payment the Rent payable for the remainder of the Initial Term (calculated using the Rent amount due as of the first Rent Payment Date), after discounting such future Rent to present worth as of such Prepayment Date on the basis of a per annum rate of discount equal to the rate at which such Rent was originally calculated, determined in Lessors sole discretion, from the respective dates upon which such Rent would have been paid had this Lease not been prepaid (the Present Value Future Rents), plus (3) any applicable Termination sales taxes, plus (4) $1.00, plus (5) a prepayment premium expressed as a percentage of the Present Value and Future Rents applied as follows: Months Prepayment Premium 1-12 No prepayment permitted 13-End of 0% Term Payment of the Prepayment Amount, together with all other amounts due and owing hereunderby Lessee under the Lease (including, Lessor’s security interests without limitation, Rent) on or before the Prepayment Date, shall be made on the Prepayment Date in immediately available funds. Thereafter, upon Lessees written request, Lessor shall deliver to Lessee a bill of sale transferring to Lessee all right, title and interest ▇▇ ▇essor in and to such Renewable Energy the Equipment will ON AN AS IS, WHERE IS BASIS, WITHOUT ANY WARRANTIES, EXPRESS OR IMPLIED, AS TO ANY MATTER WHATSOEVER. If Lessee shall fail to pay all amounts required to be terminated paid under the Lease on the Prepayment Date, the Lease shall continue in full force and effect and Lessee will own the Renewable Energy Equipment free agrees to reimburse Lessor for all reasonable attorneys fees, costs, expenses and clear of Lessor’s security interest liabilities incurred in the Renewable Energy Equipmentconnection therewith.

Prepayment Option. Lessee shall have the option to prepay or satisfy all its obligations hereunderFor Loans in which Borrower has a Prepayment Option (e.g. Open Loans, at the following times and upon the following terms:Term Loans with Prepayment Option, etc.): (ai) From and after Borrower may give Lender an irrevocable Written Notice to notify Lender during Business Hours of Borrower’s intent to return or repay the date specified (if any) in the Payment Schedule (the “Prepayment Option Commencement Date”), on the Rental Payment dates specified in the Payment Schedule, upon not less than 30 days’ Loan prior written notice, and upon payment in full of the sum of all Rental Payments then due plus all other amounts then owing hereunder plus the then applicable to maturity without being subject to Early Termination Value, which may include a prepayment premium on the unpaid balance Fees as set forth in Section [3.4] (the Payment Schedule; or “Exercise of the Prepayment Option”), provided that in the case of Open Loans, such Exercise of the Prepayment Option could only be made by the Borrower after the expiration of 30 days from the Loan Effective Date, unless otherwise agreed by the Lender. Borrower shall provide said Written Notice at least 5 calendar days prior to the date on which the Borrower will repay all or a portion of the Loan Balance (b) said later date, the “Redelivery Day”). Borrower’s Exercise of the Prepayment Option shall not relieve it of any of its obligations herein, including without limitation its payment of owed Loan Fees and Late Fees. In the event of substantial damage to or destruction or condemnation of substantially all a Prepayment Option where the Borrower repays only a portion of the Renewable Energy EquipmentLoan Balance, Borrower shall repay said portion of the Loan Balance on the day specified in Lessee’s notice to Lessor of its exercise Redelivery Day and the remaining portion of the prepayment option (which shall be Loan Balance on the earlier of the next Rental Payment date Maturity Date and if applicable, the subsequent Redelivery Day. For Open Loans, the Lender can terminate the Loan at any time in its sole discretion without being subject to any fees or 60 days after liabilities. The Lender shall give the casualty event) upon payment in Borrower a Written Notice to notify the Borrower its intent to terminate the Loan and the Borrower shall repay the full to Lessor amount of the sum Loan Balance within two Business Days after receiving such notice. If the Borrower fails to repay the full amount of (i) all Rental Payments then due plus (ii) the then applicable Termination Value (or, in the event Loan Balance within such prepayment occurs on a date other than a Rental Payment datetimeline, the sum Lender shall have the right to immediately transfer any and all of (x) Borrower’s Collateral from the Termination Value relating collateral account to Lender’s operating account necessary for the payment of any nonpayment, liability, obligation, or indebtedness owed by the Borrower to the Rental Payment immediately prior to the date of such prepayment plus (y) accrued interest on the aggregate unpaid principal portion of Rental Payments immediately prior to the date of such prepayment) plus (iii) all other amounts then owing hereunder; or (c) Upon the expiration of the Lease Term, upon payment in full of all Rental Payments then due and all other amounts then owing hereunder to Lessor. After payment of the applicable Termination Value and all other amounts owing hereunder, Lessor’s security interests in and to such Renewable Energy Equipment will be terminated and Lessee will own the Renewable Energy Equipment free and clear of Lessor’s security interest in the Renewable Energy EquipmentLender.