Common use of Optional Prepayment of Term Loan Clause in Contracts

Optional Prepayment of Term Loan. Borrower may at any time and from time to time prepay all but not less than all of the outstanding principal balance of the Term Loan, upon irrevocable notice delivered to the Bank no later than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment. If such prepayment occurs on or prior to the First Anniversary and is at Borrower’s election or at Bank’s election due to the occurrence and continuance of an Event of Default, Borrower shall pay to Bank, in addition to the payment of any other expenses or fees then-owing, a prepayment premium in an amount equal to one percent (1.00%) of the principal balance of the Term Loan (i.e. Two Hundred Fifty Thousand Dollars ($250,000)). No prepayment premium shall in any event be charged if the credit facility hereunder is replaced with a new facility from another division of Silicon Valley Bank. In addition, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. After the First Anniversary, Borrower may at any time and from time to time prepay all or any portion of the Term Loan without any prepayment premium or penalty, upon irrevocable notice delivered to the Bank no later than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment (which, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated).

Optional Prepayment of Term Loan. Borrower may at any time and from time to time prepay all but not less than all of the outstanding principal balance of the Term Loan, upon irrevocable (except as provided below) notice delivered to the Bank no later than 10:00 A.M., Eastern Pacific time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment. If any prepayment of the Term Loan is at Borrower’s election, Borrower shall pay to Bank (i) the Final Payment Fee, (ii) any other expenses or fees then-owing, and (iii) a prepayment fee in an amount equal to (A) if such prepayment occurs on or prior to the First Anniversary Anniversary, two percent (2.00%) of the Term Loan Amount (i.e. Three Hundred Thousand Dollars ($300,000.00)); and is (B) if such prepayment occurs at Borrower’s election or at Bank’s election due to any time after the occurrence and continuance of an Event of DefaultFirst Anniversary, Borrower shall pay to Bank, in addition to the payment of any other expenses or fees then-owing, a prepayment premium in an amount equal to one percent (1.00%) of the principal balance of the Term Loan Amount (i.e. Two One Hundred Fifty Thousand Dollars ($250,000150,000.00)). No prepayment premium fee shall in any event be charged if the credit facility hereunder is replaced with a new facility from another Bank or any division of Silicon Valley Bank. In addition, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. After the First Anniversary, Borrower may at any time and from time to time prepay all or any portion of the Term Loan without any prepayment premium or penalty, upon irrevocable notice delivered to the Bank no later than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment (which, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated).

Optional Prepayment of Term Loan. Borrower may at any time and from time to time prepay all but not less than all of the outstanding principal balance of the Term Loan, upon irrevocable (except as provided below) notice delivered to the Bank no later than 10:00 A.M., Eastern Pacific time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment. If any prepayment of the Term Loan is at Borrower’s election, Borrower shall pay to Bank (i) the Final Payment, (ii) any other expenses or fees then-owing, and (iii) a prepayment fee in an amount equal to (A) if such prepayment occurs on or prior to the First Anniversary Anniversary, two percent (2.00%) of the Term Loan Amount (i.e. One Million Dollars ($1,000,000.00)); and is (B) if such prepayment occurs at Borrower’s election or at Bank’s election due to any time after the occurrence and continuance of an Event of DefaultFirst Anniversary, Borrower shall pay to Bank, in addition to the payment of any other expenses or fees then-owing, a prepayment premium in an amount equal to one percent (1.00%) of the principal balance of the Term Loan Amount (i.e. Two Five Hundred Fifty Thousand Dollars ($250,000500,000.00)). No prepayment premium fee shall in any event be charged if the credit facility hereunder is replaced with a new facility from another Bank or any division of Silicon Valley Bank. In addition, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. After the First Anniversary, Borrower may at any time and from time to time prepay all or any portion of the Term Loan without any prepayment premium or penalty, upon irrevocable notice delivered to the Bank no later than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment (which, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated).

Optional Prepayment of Term Loan. Borrower may at any time and from time to time prepay all but not less than all of the outstanding principal balance of the Term Loan, upon irrevocable notice delivered to the Bank no later than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment. If such prepayment occurs on or prior to the First Anniversary and is at Borrower’s election or at Bank’s election due to the occurrence and continuance of an Event of Default, Borrower shall pay to Bank, in addition to the payment of any other expenses or fees then-owing, a prepayment premium in an amount equal to one percent (1.00%) of the principal balance of the Term Loan (i.e. Two Hundred Fifty Thousand Dollars ($250,000)). No prepayment premium shall in any event be charged if the credit facility hereunder is replaced with a new facility from another division of Silicon Valley Bank. In addition, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the amount prepaid. After the First Anniversary, Borrower may at any time and from time to time prepay all or any portion of the Term Loan without any prepayment premium or penalty, upon irrevocable notice delivered to the Bank no later than 10:00 A.M., Eastern time, three (3) Business Days prior thereto, which notice shall specify the date and amount of the proposed prepayment (which, if such notice of prepayment indicates that such prepayment is to be funded with the proceeds of a refinancing, such notice of prepayment may be revoked if the financing is not consummated).” and inserting in lieu thereof the following: