Prepayment Release of Property Clause Samples

POPULAR SAMPLE Copied 1 times
Prepayment Release of Property. (a) Any prepayment of any portion of the Loan advanced hereunder as a Mezzanine Loan shall be governed by the provisions of Section 2.6 of the Mezzanine Loan Agreement. (b) Borrower shall not be permitted to prepay all or any portion of the Loan prior to January 1, 1999. Thereafter Borrower shall have the right exercisable at any time and form time to time to prepay an amount not less than $1,000,000 without premium or penalty provided, however, Borrower shall provide to Lender not less than ten (10) days prior written notice of such intent to prepay which notice shall specify the date on which prepayment is to be made (a "PREPAYMENT DATE") which date shall be a Payment Date. In addition to the amount of such prepayment, Borrower shall also pay to Lender, together with such prepayment, all interest accrued and unpaid with respect to such prepayment and the portion of the Exit Fee and Additional Interest applicable to the amount prepaid. Each notice of prepayment of the Loan shall specify (i) the applicable Prepayment Date, (ii) the amount of such prepayment and the amount of interest thereon to be paid in connection therewith and (iii) any Individual Property that is to be released from the Lien of the mortgage therein (and related Loan Documents) in connection with such prepayment. If, after the Debt has been accelerated due to a Default by Borrower, including, without limitation, any attempt by Borrower to prepay the Debt at a time when prepayment is prohibited hereunder, Borrower shall tender an amount sufficient to pay the entire accelerated Debt, such tender shall be deemed a voluntary prepayment and an attempt to evade the restrictions on prepayment set forth herein, and Borrower shall, in addition to all other amounts then payable hereunder, be required to pay Lender a Prepayment Fee equal to one percent (1%) of the amount of principal being repaid.
View Source
Prepayment Release of Property 
View SourceView Similar (18)

Related to Prepayment Release of Property

  • Release of Property Except as set forth in this Section 2.6, no repayment or prepayment of all or any portion of the Loan shall cause, give rise to a right to require, or otherwise result in, the release of the Lien of the Mortgage on the Property.

  • Lease of Property Landlord, for and in consideration of the covenants and agreements herein contained on the part of Tenant to be paid, kept, observed, and performed, hereby leases to Tenant, and Tenant hereby leases from Landlord for the Term (as hereinafter defined), the Property. Tenant’s use of the Property shall be in compliance with the terms of this Lease.

  • Purchase of Property With any cash at any time held by it, to purchase or subscribe for any Authorized Investment (as defined in Section 6.3) and to retain the same in trust.

  • Release of Collateral Subject to Section 11.01 and the terms of the Basic Documents, the Indenture Trustee shall release property from the lien of this Indenture only upon receipt by it of an Issuer Request accompanied by an Officer’s Certificate, an Opinion of Counsel and Independent Certificates in accordance with TIA Sections 314(c) and 314(d)(1) or an Opinion of Counsel in lieu of such Independent Certificates to the effect that the TIA does not require any such Independent Certificates.

  • Release of Collateral, etc Any release, surrender, exchange, subordination, deterioration, waste, loss or impairment (including without limitation negligent, willful, unreasonable or unjustifiable impairment) of any collateral, property or security, at any time existing in connection with, or assuring or securing payment of, all or any part of the Obligations;