Common use of Prepayment Application Clause in Contracts

Prepayment Application. All prepayments by Borrower pursuant to Section 2.2(c), 2.2(d), 2.2(e), 2.2(f), 2.2(g) or 2.2(h) or as a result of acceleration of the Term Loan pursuant to Section 9.1(a) shall be accompanied by accrued and unpaid interest on the principal amount of the Term Loan to be prepaid to the date of payment in full. Any such prepayment (together with the accompanying Makewhole Amount that is payable pursuant to Section 2.2(j)), whether pursuant to Section 2.2(c), 2.2(d), 2.2(e), 2.2(f), 2.2(g) or 2.2(h) or as a result of acceleration of the Term Loan pursuant to Section 9.1(a), shall be paid to Lender for application to the Obligations in the following order: (i) first, to due and unpaid Lender Expenses, (ii) second, to accrued and unpaid interest at the Default Rate, if any, (iii) third, to accrued and unpaid interest at the non-Default Rate, (iv) fourth, to the Makewhole Amount, (v) fifth, to the outstanding principal amount of the Term Loan being prepaid, and (vi) sixth, to any remaining amounts then due and payable hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Merrimack Pharmaceuticals Inc)

Prepayment Application. All prepayments by Borrower pursuant to Section 2.2(c), Section 2.2(d), ) and Section 2.2(e), 2.2(f), 2.2(g) or 2.2(h) or as a result of acceleration of the Term Loan pursuant to Section 9.1(a) shall be accompanied by accrued and unpaid interest on the principal amount of the Term Loan Loan(s) to be prepaid to the date of payment in full. Any such prepayment (together with any accompanying Pay-down Fee, Prepayment Premium or Makewhole Amount, as the accompanying Makewhole Amount case may be, that is payable pursuant to Section 2.2(j2.2(g)), whether pursuant to Section 2.2(c), Section 2.2(d), 2.2(e), 2.2(f), 2.2(g) or 2.2(hSection 2.2(e) or as a result of acceleration of the Term Loan Loans pursuant to Section 9.1(a)9, shall be paid to Lender for application to the Obligations in the following order: (i) first, to due and unpaid Lender Expenses, (ii) second, to accrued and unpaid interest at the Default Rate, if any, (iii) third, to accrued and unpaid interest at the non-Default Rate, (iv) fourth, to the Pay-down Fee, Prepayment Premium or Makewhole Amount, as applicable, (v) fifth, to the outstanding principal amount of the Term Loan Loans being prepaid, and (vi) sixth, to any remaining amounts then due and payable hereunder.

Appears in 1 contract

Sources: Loan and Security Agreement (Novocure LTD)