Discounted Payoff Amount Sample Clauses
The "Discounted Payoff Amount" clause defines the method for calculating a reduced payment obligation when a party settles a debt or liability before its scheduled maturity. Typically, this clause specifies a formula or percentage by which the outstanding amount is decreased to reflect the early payment, often taking into account the time value of money or agreed-upon discount rates. Its core practical function is to incentivize early settlement by offering a financial benefit, while also providing clarity on how much is owed in such circumstances.
POPULAR SAMPLE Copied 2 times
Discounted Payoff Amount. (a) Notwithstanding anything set forth in the Credit Documents to the contrary, subject to the terms of this Section 2.18, Lender will accept the Discounted Payoff Amount in full satisfaction of the Credit Obligations provided, that (i) no Event of Default has occurred and is continuing, (ii) the Lender has received the Discounted Payoff Amount in immediately available funds on or before May 31, 2010 (as such date may be extended as set forth in clause (b) below, the “Payoff Date”), (iii) the Borrowers and the Guarantors deliver to the Lender and the Administrative Agent on or before the Payoff Date an executed agreement terminating the Credit Documents (subject to any provisions which by the terms expressly survive termination) other than the Warrant Agreements and Registration Rights Agreement, which shall continue in full force and effect, in the form of Exhibit A attached hereto, and (iv) the conditions set forth in Section 2.16(a) of the Working Capital Facility Loan Agreement have been satisfied.
(b) Upon written notice by the Borrowers to the Administrative Agent delivered to the Administrative Agent no later than ten (10) calendar days prior to the Payoff Date, provided no Event of Default has occurred and is continuing and the Borrowers pay the Payoff Extension Amount before the effective date of the extension, the Borrowers shall be entitled to up to two 45 day extensions of the Payoff Date. To the extent applicable, the first extension shall extend the Payoff Date to July 15, 2010 and shall be effective, provided no Event of Default has occurred and is continuing, upon the payment of the Payoff Extension Amount no later than May 28, 2010, which amount shall be applied to the principal amount of the Loans outstanding and the Aggregate Outstanding Principal (as defined in the Working Capital Facility) in such order and manner as the Administrative Agent determines in its discretion and credited against the Discounted Payoff Amount. To the extent applicable, the second extension shall extend the Payoff Date to August 27, 2010 and shall be effective, provided no Event of Default has occurred and is continuing, upon the payment of the Payoff Extension Amount no later than July 14, 2010, which amount shall be applied to the principal amount of the Loans outstanding and the Aggregate Outstanding Principal (as defined in the Working Capital Facility) in such order and manner as the Administrative Agent determines in its discretion and credited against t...
Discounted Payoff Amount. (a) On or before the Payoff Deadline (as defined herein), Borrower shall pay or cause to be paid to Lender FORTY-TWO THOUSAND SIX HUNDRED THIRTY-NINE DOLLARS AND FORTY-TWO CENTS ($42,639.42) (the “Payoff Amount”). The Payoff Amount shall be paid to Lender’s account set forth below, at Borrower’s expense, by federal funds wire. Bank: JPMorgan/Chase Bank Account Name: CIT Healthcare Account Number ▇▇▇▇▇▇▇ ABA Number ▇▇▇▇▇▇▇▇▇ (If ACH, then — 071000013) Reference: ▇▇▇▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
(b) If the Payoff Amount is not received by Lender by 2:00 p.m. (Eastern Time) on May 13, 2011 (the “Payoff Deadline”, TIME BEING OF THE ESSENCE WITH REGARD TO SUCH DATE), then this Agreement shall terminate and be of no further force or effect.
Discounted Payoff Amount. ▇▇▇▇▇▇ agrees to accept Three Hundred Twenty-Three Thousand Eighty-Three and 30/100 Dollars ($323,083.30) (the “Discounted Payoff Amount”) on or before November 30, 2022 (the “Outside Date”), in full satisfaction of all of Borrower's obligations under the Note and the other Loan Documents (the “Complete Payoff”), provided that (a) each of the conditions set forth in Section 4 below are satisfied on or before the dates set forth therein, (b) Borrower otherwise complies with the terms and conditions of this Agreement, and (c) the representations and warranties made by Borrower in this Agreement remain true and correct, (d) concurrently with its delivery of the Discounted Payoff Amount, Borrower delivers to Lender a duly executed consent in substantially the form of Exhibit A attached hereto (the “Senior Lender Consent”), and (e) notwithstanding Lender's acceptance of the Discounted Payoff Amount, Borrower shall remain liable for all indemnities of Borrower under the Loan Documents and any other provisions of the Loan Documents which by their terms are intended to survive a payoff of the Loan, each of which ▇▇▇▇▇▇▇▇ agrees shall survive this Agreement and the satisfaction of ▇▇▇▇▇▇▇▇'s other obligations under the Note and the other Loan Documents.
Discounted Payoff Amount. The total discounted payoff amount (the “DB Payoff Amount”) to be paid by Borrower to Deutsche Bank in full satisfaction of all Obligations under the Deutsche Bank Note and the other Loan Documents as of the date hereof shall be mutually agreed by Borrower and Deutsche Bank and set forth in a separate Letter Agreement, dated as of the date hereof, The DB Payoff Amount shall be paid by Borrower to Deutsche Bank, together with Deutsche Bank’s ratable share of all accrued and unpaid interest and all principal amounts that have become due and owing under the Loan Documents prior to the effectiveness of this Agreement, at the Closing on an absolutely net basis, without deduction of any taxes, fees, prorations, adjustments, or any other amounts. The DB Payoff Amount shall be deemed earned by Deutsche Bank upon the Closing and shall be non-refundable to Borrower.
Discounted Payoff Amount. The Co-Borrowers hereby agree to pay the Bank the amount of $1,000,000.00 (the "Discounted Payoff Amount") plus accrued interest on the then outstanding balance. The Bank agrees to accept the same in full satisfaction of the Co-Borrowers' obligations under the Note, provided that each of the conditions set forth in paragraph 3 below is satisfied on or before December 4, 1998 (the "Discounted Loan Payoff Deadline").