Common use of Early Termination Compensation Clause in Contracts

Early Termination Compensation. In the event that Borrower shall terminate this Agreement on or before the second anniversary hereof, Borrower shall be obligated to pay to Bank, as a condition to such termination and prior to the release of Bank's liens and encumbrances, the amount of: (a) Three Hundred Thousand Dollars ($300,000) if such termination occurs before the first anniversary hereof; or (b) Two Hundred Thousand Dollars ($200,000) if such termination occurs on or after the first anniversary hereof but before the second anniversary of this Agreement.

Early Termination Compensation. In the event that Borrower shall terminate this Agreement on or before the second anniversary hereofMaturity Date, Borrower shall be obligated to pay to Bank, as a condition to such termination and prior to the release of Bank's liens and encumbrances, the amount of: (a) Three One Hundred and Fifty Thousand Dollars ($300,000150,000) if such termination occurs before the first anniversary hereof; or (b) Two Hundred Seventy Five Thousand Dollars ($200,00075,000) if such termination occurs on or after the first anniversary hereof but before the second anniversary of this Agreement. This Early Termination Compensation shall be waived if the Loan is replaced by another credit facility with Bank.