Prepayment/Extension Sample Clauses
The Prepayment/Extension clause governs the conditions under which a borrower may repay a loan before its scheduled maturity or request an extension of the loan term. Typically, this clause outlines any requirements for advance notice, potential fees or penalties for early repayment, and the process for seeking an extension, such as submitting a formal request and obtaining lender approval. Its core function is to provide flexibility for borrowers while protecting the lender’s interests, ensuring both parties understand the procedures and consequences associated with altering the original loan schedule.
Prepayment/Extension. (a) The Maker shall have the right to prepay this Note in whole or in part prior to the Maturity Date.
(b) The Maker shall give at least ten (10) Days, but not more than fifteen (15) Days, written notice of any intention to prepay this Note prior to the Maturity Date or any extension thereof to the Holder, which notice shall specify the "Prepayment Date".
Prepayment/Extension. Borrower shall not be allowed to prepay the Loan prior to the Maturity Date. Each Lender, at its discretion, may offer to extend the Maturity Date of its Note by one year. Such offer shall be made in writing, not less than thirty (30) days prior, nor more than sixty (60) days prior, to the Maturity Date. Upon receipt of such offer, Borrower shall have twenty (20) days to accept or reject such extension. An extension of one Lender’s Note shall not affect the Borrower’s obligation to pay the other Lenders’ Notes on the Maturity Date.
Prepayment/Extension. (a) The Maker shall have the right to prepay this Note in whole or in part prior to the Maturity Date. The Maker shall give at least five (5) Business Days, but not more than ten (10) Business Days, written notice of any intention to prepay this Note prior to the Maturity Date or any extension thereof to the Holder, which notice shall specify the “Prepayment Date”.
(b) By written notice given at least Five (5) Business Days prior to the Initial Maturity Date, the Maker may require the Holder to renew the Loan (the “Loan Renewal”) for an additional thirty (30) days, to November 15, 2007 (the “Second Maturity Date”) under the same terms and subject to the same conditions as the financing contemplated hereby, so long as the Maker is not then in default of any provisions related to the financing contemplated hereby. In such case, the amount due on the Second Maturity Date shall be One Million and 00/100 Dollars ($1,000,000).
Prepayment/Extension. (a) Upon prior written notice to the Holder (a “Prepayment Notice”), this Note (including interest accrued on the principal hereof) may be prepaid by the Company, at any time, in whole or in part, which prepayment shall be, except as expressly provided in this Section 2, without penalty or premium (a “Prepayment”). Prepayments shall be applied first to accrued and unpaid interest on this Note, then to the unpaid principal amount of this Note. If the Company Prepays any Notes, in whole or in part, then it must Prepay all of the Notes on a pro rata basis.
(b) Each Prepayment Notice shall set forth: (i) the date fixed for prepayment (the “Redemption Date”), which must be at least five (5) days after the date of the Prepayment Notice; and (ii) the amount of accrued and unpaid interest, as of the Redemption Date, per $1,000 principal amount of Notes to be prepaid pursuant to the Prepayment Notice
Prepayment/Extension. The unpaid principal balance outstanding under this Note may be prepaid in part or in full by the Borrower without penalty, upon ten (10) days notice to the Lender stating the repayment amount and repayment date (the “Repayment Date”).
Prepayment/Extension. (a) The Maker shall have the right to prepay this Note in whole or in part prior to the Maturity Date.
(b) The Maker shall give at least five (5) Business Days, but not more than ten (10) Business Days, written notice of any intention to prepay this Note prior to the Initial Maturity Date or any extension thereof to the Holder, which notice shall specify the “Prepayment Date”.
(c) By written notice given at least five (5) Business Days prior to the Initial Maturity Date, and again by written notice given at least five (5) Business Days prior to the Second Maturity Date, the Maker may require the Holder to renew the Loan for another three (3) months (the “Loan Renewal”) under the same terms and subject to the same conditions as the financing contemplated hereby, so long as (a) the Maker is not then in default of any provisions related to the financing contemplated hereby, and (b) there is available sufficient collateral (including for this purpose any Collateral relating to the Stock Pledge Agreement contemplated hereby). In the case of any such Loan Renewal, the amounts due upon conclusion of the applicable extended Maturity Period shall be as follows. September 26, 2007 $ 2,000,000.00 December 26, 2007 $ 2,133,333.00 March 26, 2008 $ 2,400,024.00
Prepayment/Extension. (a) Upon prior written notice to the Holder (a “Prepayment Notice”), this Note (including interest accrued on the principal hereof) may be prepaid by the Company, at any time, in whole or in part, which prepayment shall be, except as expressly provided in this Section 2, without penalty or premium (a “Prepayment”). Prepayments shall be applied first to accrued and unpaid interest on this Note, then to the unpaid principal amount of this Note. If the Company Prepays any Notes, in whole or in part, then it must Prepay all of the Notes on a pro rata basis.
(b) Each Prepayment Notice shall set forth: (i) the date fixed for prepayment (the “Redemption Date”), which must be at least five (5) days after the date of the Prepayment Notice; and (ii) the amount of accrued and unpaid interest, as of the Redemption Date, per $1,000 principal amount of Notes to be prepaid pursuant to the Prepayment Notice
(c) Upon any Prepayment, the Company shall issue to each Holder common stock purchase warrants (“Penalty Warrants”) in the form attached hereto as Exhibit B, representing the right to purchase at issuance a number of shares of common stock of the Company equal to thirty-five percent (35%) of the principal amount of the Notes held by such Holder that are redeemed, at an exercise price of $1.90 per share (subject to adjustment pursuant to the terms of the Penalty Warrants). For purposes of this Section 2(c), any Subsequent Offering Exchange or Subsequent Offering Prepayment (as such terms are defined in Section 5) shall be deemed a “Prepayment,” however, the Company’s exercise of the Exchange Option (as defined below) shall not be deemed a “Prepayment.”
(d) The Company has the right (the “Exchange Option”) to require the Holder to exchange this Note for (i) an 8% Note due June 27, 2008 of the Company (“Exchange Notes”) in the form attached hereto as Exhibit A, in principal amount equal to the principal and accrued interest outstanding on the Note that is exchanged therefor, and (ii) Penalty Warrants representing the right to purchase, at an initial exercise price of $1.90 per share, seven (7) shares of common stock of the Company (subject to adjustment pursuant to the terms of the Penalty Warrants) for each twenty dollars ($20.00) of principal amount of the Notes held by such Holder that are being exchanged for Exchange Notes pursuant to the Company’s exercise of the Exchange Option. The Company may exercise the Exchange Option by providing the Holder with at least five ...