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Common use of End of Term Charge Clause in Contracts

End of Term Charge. (a) On the earliest to occur of (i) July 1, 2021 or (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, Borrower shall pay Lender a charge of Seven Hundred Ninety Thousand Dollars ($790,000.00) (the “Original End of Term Charge”). Notwithstanding the required payment date of such charge, the Original End of Term Charge shall be deemed fully earned by Lender as of the Closing Date. (b) On the earliest to occur of (i) the Term Loan Maturity Date or (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, Borrower shall pay Lender a charge equal to six and ninety-five hundredths percent (6.95%) multiplied by the aggregate original principal amount of all 2020 Term Loan Advances extended by Lender (the “2020 End of Term Charge” and together with the Original End of Term Charge, the “End of Term Charge”). Notwithstanding the required payment date of such charge, the applicable pro rata portion of the 2020 End of Term Charge shall be deemed fully earned by Lender as of each date a 2020 Term Loan Advance is made.

Appears in 2 contracts

Samples: Loan and Security Agreement (Aveo Pharmaceuticals, Inc.), Loan and Security Agreement (Aveo Pharmaceuticals, Inc.)

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End of Term Charge. (a) On the earliest to occur of (i) July the Term Loan Maturity DateSeptember 1, 2021 or 2021, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge of equal to One Million Seven Hundred Ninety Eighty-Five Thousand Dollars ($790,000.001,785,000.00) (the “Original 2017 End of Term Charge”). Notwithstanding the required payment date of such charge, it$1,487,500 of the Original 2017 End of Term Charge shall be deemed fully earned by Lender as of the Closing Date, and $297,500 of the 2017 End of Term Charge shall be deemed earned by Lender as of June 28, 2018. (b) On the earliest to occur of (i) the Term Loan Maturity Date or Date, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge equal to six five and ninety-five hundredths of one percent (6.955.95%) ), multiplied by the aggregate original principal amount of all 2020 2019 Term Loan Advances extended by Lender (the “2020 End of Term Charge” and together with the Original End of Term Charge, the “2019 End of Term Charge”). Notwithstanding the required payment date of such charge, the each applicable pro rata portion of the 2020 2019 End of Term Charge shall be deemed fully earned by Lender as of the date on which each date a 2020 2019 Term Loan Advance is madefunded.

Appears in 2 contracts

Samples: Loan and Security Agreement (Oak Street Health, Inc.), Loan and Security Agreement (Oak Street Health, Inc.)

End of Term Charge. (a) On the earliest to occur of (i) July September 1, 2021 or 2020First Amendment Closing Date, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge Lender, with respect to each Term Loan Advance, charges equal to the sum of Seven (a) One Million Eight Hundred Ninety Thousand Dollars ($790,000.001,800,000) (the “Original 2015 End of Term Charge”). Notwithstanding , (b) Four Hundred Fifty Thousand Dollars ($450,000) (the required payment date of such charge, the Original “2016 End of Term Charge shall be deemed fully earned by Lender as of the Closing Date. Charge”), and (bc) On the earliest to occur of Two Hundred Twenty-Five Thousand Dollars (i$225,000) the Term Loan Maturity Date or (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, Borrower shall pay Lender a charge equal to six and ninety-five hundredths percent (6.95%) multiplied by the aggregate original principal amount of all 2020 Term Loan Advances extended by Lender (the “2020 2017 End of Term Charge” and and, together with the Original 2015 End of Term Charge and 2016 End of Term Charge, collectively, the “End of Term Charge”). Notwithstanding the required payment date of such charge, the applicable pro rata portion of the 2020 2015 End of Term Charge shall be deemed fully earned by Lender as of each date a 2020 September 30, 2015, the 2016 End of Term Loan Advance is madeCharge shall be deemed earned by Lender as of the December 12, 2016, the 2017 End of Term Charge shall be deemed earned by Lender as of June 27, 2017.

Appears in 1 contract

Samples: Loan and Security Agreement (Paratek Pharmaceuticals, Inc.)

End of Term Charge. (a) On the earliest to occur of (i) July September 1, 2021 or 2020, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge Lender, with respect to each Term Loan Advance, charges equal to the sum of Seven (a) One Million Eight Hundred Ninety Thousand Dollars ($790,000.001,800,000) (the “Original 2015 End of Term Charge”). Notwithstanding , (b) Four Hundred Fifty Thousand Dollars ($450,000) (the required payment date of such charge, the Original “2016 End of Term Charge shall be deemed fully earned by Lender as of the Closing Date. Charge”), and (bc) On the earliest to occur of Two Hundred Twenty-Five Thousand Dollars (i$225,000) the Term Loan Maturity Date or (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, Borrower shall pay Lender a charge equal to six and ninety-five hundredths percent (6.95%) multiplied by the aggregate original principal amount of all 2020 Term Loan Advances extended by Lender (the “2020 2017 End of Term Charge” and and, together with the Original 2015 End of Term Charge and 2016 End of Term Charge, collectively, the “End of Term Charge”). Notwithstanding the required payment date of such charge, the applicable pro rata portion of the 2020 2015 End of Term Charge shall be deemed fully earned by Lender as of each date a 2020 September 30, 2015, the 2016 End of Term Loan Advance is madeCharge shall be deemed earned by Lender as of the December 12, 2016, the 2017 End of Term Charge shall be deemed earned by Lender as of June 27, 2017.

Appears in 1 contract

Samples: Loan and Security Agreement (Paratek Pharmaceuticals, Inc.)

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End of Term Charge. (a) On the earliest to occur of (i) July October 1, 2021 or 2020, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge of Seven Hundred Ninety Thousand Dollars ($790,000.00) 534,375.00 (the “Original End of Term Charge”). Notwithstanding the required payment date of such charge, the Original End of Term Charge shall be deemed fully earned by Lender as of the Closing DateI”). (b) On the earliest to occur of (i) the Term Loan Maturity Date or February 1, 2021, (ii) the date that Borrower prepays the outstanding Secured Obligations (other than the Existing Term Loan Advances, any inchoate indemnity obligations and any other obligations which, by their terms, are to survive the termination of this Agreement) in full, or (iii) the date that the Secured Obligations become due and payable, Borrower shall pay Lender a charge equal to six and ninety-five hundredths percent (6.95%) multiplied by the aggregate original principal amount of all 2020 Term Loan Advances extended by Lender $534,375.00 (the “2020 End of Term ChargeCharge IIand and, together with the Original End of Term ChargeCharge I, the “End of Term Charge”). Notwithstanding the required payment date of such charge, the applicable pro rata portion (i) $787,500.00 of the 2020 End of Term Charge shall be deemed fully earned by Lender as of each date a 2020 the Closing Date and (ii) $281,250.00 of the End of Term Loan Advance is madeCharge shall be deemed earned by Lender as of the First Amendment Date.

Appears in 1 contract

Samples: Loan and Security Agreement (Petros Pharmaceuticals, Inc.)

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