Term Loan Termination Fee definition

Term Loan Termination Fee means a fee equal to (i) [****] of the outstanding principal balance of the Term Loan if the prepayment occurs on or prior to the first anniversary of the Effective Date and (ii) [****] of the outstanding principal balance of the Term Loan if the prepayment occurs after the first anniversary of the Effective Date but prior to the Term Loan Maturity Date.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedBook a Demo

Term Loan Termination Fee is an amount equal to (i) two percent (2.0%) of the Term Loan Amount if the prepayment is made on or before the first anniversary of the Effective Date, (ii) one percent (1.0%) of the Term Loan Amount if the prepayment is made after the first anniversary of the Effective Date but before the second anniversary of the Effective Date and (iii) one percent (1.0%) of the Term Loan Amount if the prepayment is made after the second anniversary of the Effective Date but before the Term Loan Maturity Date; provided that no Term Loan Termination Fee shall be charged if the credit facility hereunder is replaced with a new facility from another division of Silicon Valley Bank.

Term Loan Termination Fee is an amount equal to (a) two percent (2%) of the amount prepaid of the Term Loan if such prepayment is received by Bank prior to the one year anniversary of the Effective Date; (b) one percent (1.0%) of the amount prepaid of the Term Loan if such prepayment is received by Bank on or after the one year anniversary of the Effective Date and prior to the two year anniversary of the Effective Date; and (c) zero percent (0%) of the amount prepaid of the Term Loan if such prepayment is received on or after the second year anniversary of the Effective Date.

Examples of Term Loan Termination Fee in a sentence

• The Term Loan Termination Fee, when due pursuant to the terms of Section 2.1.1(c).

• If the Term Loan has become due and payable according to the terms hereof because of the occurrence and continuance of an Event of Default, Borrower shall pay to Bank on the date that the Term Loan has become due and payable according to the terms hereof, in addition to any other sums owing, a termination fee equal to the Term Loan Termination Fee, and such Term Loan Termination Fee shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations.

• The Term Loan Termination Fee, if not paid on the date of prepayment of the Term Loan in accordance with this Section 2.1.3 (c), shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations.

• Notwithstanding the foregoing, if Borrower prepays any Term Advance at any time with a new credit facility from Bank, the Term Loan Termination Fee shall not be applied to such Term Advance.

• The Term Loan Termination Fee, if not paid on the date of prepayment of the Term Loan in accordance with this Section 2.1.5(c), shall bear interest until paid at a rate equal to the highest rate applicable to the Obligations.

• Borrower shall pay the Term Loan Termination Fee to Lender, if and when applicable.

• Borrower may repay any Term Loan at any time prior to the Term Loan Maturity Date subject to payment of the Term Loan Termination Fee, as defined in Section 2.1.5(c) below.

• Notwithstanding the foregoing, should LENDER terminate the Acquisition Term Loan for any reason other than acceleration or as a result of an Event of Default, LENDER and BORROWERS hereby acknowledge that no Acquisition Term Loan Termination Fee shall be due and payable by BORROWERS.

• No Term Loan Termination Fee shall be applicable to a prepayment or partial prepayment that occurs (i) after two calendar years of the Effective Date or (ii) in connection with any event described in Sections 3.6 and 3.7 hereof provided that such event occurs only with respect to Bank or an assignee to whom an assignment has been made pursuant to Section 12.2.

• BORROWERS acknowledge that the Term Loan Termination Fee is an estimate of LENDER's damages in the event of early termination and is not a penalty.

More Definitions of Term Loan Termination Fee

Term Loan Termination Fee is defined in Section 2.1.5(c).

Term Loan Termination Fee is an amount equal to (a) two percent (2%) of the amount prepaid if such prepayment is received by Bank prior to the one year anniversary of the Effective Date; (b) one and one-half percent (1.5%) of the amount prepaid if such prepayment is received by Bank on or after the one year anniversary of the Effective Date and prior to the two year anniversary of the Effective Date; (c) one percent (1.0%) of the amount prepaid if such prepayment is received by Bank on or after the two year anniversary of the Effective Date and prior to the three year anniversary of the Effective Date; (d) one-half percent (0.5%) of the amount prepaid if such prepayment is received by Bank on or after the three year anniversary of the Effective Date and prior to the four year anniversary of the Effective Date; and (e) zero percent (0%) of the amount prepaid if such prepayment is received on or after the four year anniversary of the Effective Date.