Effective Date Prepayment Clause Samples
Effective Date Prepayment. On the Effective Date, the Borrower, the Administrative Agent and the Lenders agree that all amounts on deposit in the Cash Collateral Account (as defined in the Existing Bridge Credit Agreement) being maintained by the Administrative Agent in accordance with the Existing Bridge Credit Agreement shall be applied by the Administrative Agent as a principal prepayment of the outstanding Revolving Loans (concurrent with the reallocation of the Existing Bridge Loans into Revolving Loans under Section 2.21 below) hereunder.
Effective Date Prepayment. Notwithstanding anything herein to the contrary, Borrower shall make mandatory prepayments of the Loan in the following amounts and at the following times: Amount Date of Mandatory Prepayment(each, a “Prepayment Trigger”) $1,000.00 (one thousand dollars) Effective Date $50,000.00 (fifty thousand dollars) The date on which the judge presiding over the Lawsuit issues a ruling or decision in which the Lawsuit survives a motion to dismiss $50,000 (fifty thousand dollars) The date on which discovery closes with respect to the Lawsuit $100,000 (one hundred thousand dollars) The date on which the judge presiding over the Lawsuit issues a ruling or decision in which the Lawsuit survives a motion for summary judgment on the claims Each such payment shall be due on the date of each applicable Prepayment Trigger and shall be paid to Lender on or within five (5) Business Days of the applicable Prepayment Trigger and all such payments shall be made in accordance with Section 3. These good faith payments represent evidence by Borrower that it is Borrower’s intention to pay down the balance of this Note in an expedite manner.
Effective Date Prepayment. Lender shall have received the Effective Date Prepayment.