Common use of Debt Refinancing Clause in Contracts

Debt Refinancing. If Borrowers elect to prepay the Obligations by refinancing some or all of the Obligations through a loan from another lender (a “Refinancing”), Borrowers may prepay the Obligations prior to the Maturity Date without penalty by giving the Holder written notice of their intent to prepay (a “Prepayment Notice”). The Prepayment Notice must include (i) the amount of the Obligations to be prepaid (the “Proposed Prepayment Amount”), (ii) the terms of the proposed Refinancing (the “Refinancing Transaction”), and (iii) the proposed prepayment date (the “Proposed Prepayment Date”); provided, that the Proposed Prepayment Date may not be less than thirty (30) nor more than sixty (60) days after the Prepayment Notice is delivered to the Holder. The actual amount prepaid may not exceed the Proposed Prepayment Amount and may not be paid after the Proposed Prepayment Date without the Holder’s prior written consent. At any time during the period that five (5) business days prior to the Proposed Prepayment Date, at its option, the Holder may (i) make its exercise of its Conversion Option contingent upon the Borrowers consummating the Funding Transaction on or before a date certain (the “Outside Date”) by so indicating in a Notice of Conversion, and/or (ii) may extend the Outside Date to a later date upon written notice to Borrowers. Also, upon written notice to Borrowers given at least seven days prior to the then-applicable Outside Date, the Holder may withdraw and cancel any Notice of Conversion. The Setting of an Outside Date by the Holder will not affect Borrowers’ right to make the prepayment prior to the Outside Date.

Debt Refinancing. If Borrowers elect to prepay the Obligations by refinancing some or all of the Obligations through a loan from another lender (a “Refinancing”), Borrowers may prepay the Obligations prior to the Maturity Date without penalty by giving the Holder written notice of their intent to prepay (a “Prepayment Notice”). The Prepayment Notice must include (i) the amount of the Obligations to be prepaid (the “Proposed Prepayment Amount”), (ii) the terms of the proposed Refinancing (the “Refinancing Transaction”), and (iii) the proposed prepayment date (the “Proposed Prepayment Date”); provided, that the Proposed Prepayment Date may not be less than thirty (30) nor more than sixty (60) days after the Prepayment Notice is delivered to the Holder. The actual amount prepaid may not exceed the Proposed Prepayment Amount and may not be paid after the Proposed Prepayment Date without the Holder’s prior written consent. At any time during the period that five (5) business days prior to the Proposed Prepayment Date, at its option, the Holder may (i) make its exercise of its Conversion Option contingent upon the Borrowers consummating the Funding Transaction on or before a date certain (the “Outside Date”) by so indicating in a Notice of Conversion, and/or (ii) may extend the Outside Date to a later date upon written notice to Borrowers. Also, upon written notice to Borrowers given at least seven days prior to the then-applicable Outside Date, the Holder may withdraw and cancel any Notice of Conversion. The Setting setting of an Outside Date by the Holder will not affect Borrowers’ right to make the prepayment prior to the Outside Date.

Debt Refinancing. If Borrowers elect to prepay the Obligations by refinancing some or all of the Obligations through a loan from another lender (a “Refinancing”), Borrowers may prepay the Obligations prior to the Maturity Date without penalty by giving the Holder written notice of their intent to prepay (a “Refinancing Prepayment Notice”). The Refinancing Prepayment Notice must include (i) the amount of the Obligations to be prepaid (the “Proposed Refinancing Prepayment Amount”), (ii) the terms of the proposed Refinancing Refinancing; which may include a letter of intent or term sheet from the prospective lender (the “Refinancing Transaction”), and (iii) the proposed prepayment date (the “Proposed Refinancing Prepayment Date”); provided, that the Proposed Refinancing Prepayment Date may not be less than thirty fifteen (3015) nor more than sixty (60) days after the Refinancing Prepayment Notice is delivered to the Holder. The actual amount prepaid from the Refinancing may not exceed the Proposed Refinancing Prepayment Amount and may not be paid after the Proposed Refinancing Prepayment Date without the Holder’s prior written consent. At any time during the period that five (5) business days prior to the Proposed Refinancing Prepayment Date, at its option, the Holder may (i) make its exercise of its Conversion Option contingent upon the Borrowers consummating the Funding Refinancing Transaction on or before a date certain (the “Outside Date”) by so indicating in a Notice of Conversion, and/or (ii) may extend the Outside Date to a later date upon written notice to Borrowers. Also, upon written notice to Borrowers given at least seven days prior to the then-applicable Outside Date, the Holder may withdraw and cancel any Notice of Conversion. The Setting setting of an Outside Date by the Holder will not affect Borrowers’ right to make the prepayment prior to the Outside Date.