Maturity; Prepayment Sample Clauses
The "Maturity; Prepayment" clause defines when a loan or financial obligation must be fully repaid (maturity) and under what conditions the borrower may pay off the debt before that date (prepayment). Typically, this clause outlines the final due date for repayment and specifies whether prepayment is allowed, if any penalties or fees apply, and the process for notifying the lender of early payment. Its core function is to provide clear terms regarding the end of the loan and the borrower's flexibility to settle the debt early, thereby reducing uncertainty and potential disputes for both parties.
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Maturity; Prepayment. Each Note shall be due and payable on the earlier of: (a) the first anniversary of the Closing Date (the “Maturity Date”); (b) the occurrence of an Event of Default (as defined in Section 3.5 below); or (c) the date that is thirty days following the closing of the Company’s first firm commitment underwritten initial public offering pursuant to a registration statement filed under the Securities Act (as defined below and such offering, an “IPO”) unless such Note is converted into equity securities in connection with such offering. Notwithstanding the immediately preceding sentence, the Company may accelerate and repay any portion of the outstanding principal and/or interest balance of the Notes, at a time of its choosing (including in the absence of an Event of Default or prior to the Maturity Date) only upon the prior written consent of the Requisite Noteholders (as defined below).
Maturity; Prepayment. (a) The Indebtedness under this Note shall be immediately due and payable on the earlier of: (i) the fourth (4th) anniversary of the Issue Date or (ii) the occurrence of an Event of Default (as applicable, the “Maturity Date”), without any further action on the part of Holder, and the Borrower shall immediately pay to Holder all such amounts and all interest that may have accrued pursuant to this Note.
(b) Payments of all amounts due hereunder shall be made in lawful currency of the United States of America by wire transfer of immediately available funds to an account specified by the Holder.
(c) Any payment hereunder which is due on a day other than a Business Day shall be due on the next succeeding Business Day.
(d) Prior to the Maturity Date, the Borrower may prepay all or any portion of the Indebtedness under this Note; provided, that (i) the Borrower is obligated to prepay, or cause to be prepaid, any portion of the Indebtedness under the Note as required by Section 5.3 of the Note Purchase Agreement and (ii) the Borrower shall give at least thirty days’ prior written notice to the Holder if the Borrower plans to prepay the Indebtedness under this Note in full.
Maturity; Prepayment. The principal and accrued but unpaid interest on this Note shall be due and payable on demand, and if no demand has been made prior thereto, on [________], 2022. Maker may prepay this Note at any time, in whole or in part, without notice, penalty, or premium, provided only that Maker simultaneously pays interest to the date of such prepayment.
Maturity; Prepayment. (A) Subject to payment pursuant to Article “2” of this Note, all unpaid principal and any accrued and unpaid interest shall be due and payable on August 4, 2012 (the “Maturity Date”).
(B) This Note may not be prepaid without the prior written consent of the Payee which consent shall be in the Payee’s sole and absolute discretion.
Maturity; Prepayment. This Note shall become fully due and payable on the Maturity Date. The Company may prepay this Note prior to the Maturity Date without the consent of any Holder and without any penalty by remitting the Principal to the Holder.
Maturity; Prepayment. (A) Subject to payment pursuant to Article "2" of this Note, all unpaid principal and any accrued and unpaid interest shall be due and payable on May 7, 2012 (the "Maturity Date").
(B) This Note may be prepaid only pursuant to the following schedule: within ninety (90) days after the Closing Date, this Note may be prepaid for 150% of the principal amount plus accrued interest. Between ninety one (91) and one hundred and eighty (180) days after the Closing Date, this Note may be prepaid for 175% of the principal amount plus accrued interest. After one hundred and eighty (180) days after the Closing Date until May 7, 2012, this Note may not be prepaid without the prior written consent of the Payee which consent shall be in the Payee's sole and absolute discretion.
Maturity; Prepayment. Each Note shall be due and payable on the earlier of: (a) June 1, 2017 (the “Maturity Date”); (b) the occurrence of an Event of Default (as defined in Section 3.5 below); or (c) the date that is thirty days following the closing of the Company’s first firm commitment underwritten initial public offering pursuant to a registration statement filed under the Securities Act (as defined below and such offering, an “IPO”) unless such Note is converted into equity securities in connection with such offering. Notwithstanding the immediately preceding sentence, (i) the Company may accelerate and repay any portion of the outstanding principal and/or interest balance of the Notes, at a time of its choosing (including in the absence of an Event of Default or prior to the Maturity Date) only upon the prior written consent of the Requisite Noteholders (as defined below), and (ii) if any portion of the Senior Debt (as defined in the Subordination Agreement (as defined in Section 3.6 below)) remains outstanding on the date the Notes are due and payable, then the Company’s failure to pay any amount under the Notes during the time period from such date through the date that the Senior Debt is paid in full shall not constitute an Event of Default or a violation or breach of the Notes or this Agreement, and shall not cause additional interest to accrue on the Notes at any higher default rate that may be provided for therein or herein.
Maturity; Prepayment. (A) Subject to payment pursuant to Article “2” of this Note, all unpaid principal and any accrued and unpaid interest shall be due and payable on December 31, 2015 (the “Maturity Date”).
Maturity; Prepayment. As provided therein, the entire unpaid principal amount of the Notes shall be due and payable on the Maturity Date. On each of April 11, 2014, and April 11, 2015, the Company shall prepay $83,333,333 principal amount (or such lesser principal amount as shall then be outstanding) of the Notes at par and without payment of the Make-Whole Amount or any premium, provided that upon any partial prepayment of the Notes pursuant to Section 8.2 the principal amount of each required prepayment of the Notes becoming due under this Section 8.1 on and after the date of such prepayment shall be reduced in the same proportion as the aggregate unpaid principal amount of the Notes is reduced as a result of such prepayment.
Maturity; Prepayment. The Principal Sum, together with accrued and unpaid interest thereon, shall be due and payable upon the first to occur of the following: (i) the tenth anniversary of the date of this Note; (ii) termination of the Borrower's employment with the Company for any reason, other than death or permanent disability (as defined in Section 22(e)(3) of the Internal Revenue Code of 1986, as amended), within the forty-eight (48) month period beginning on the date of this Note; or (iii) acceleration of the Note upon an Event of Default as described in Section 4 (the "Maturity Date"). If the Principal Sum is not paid within five (5) days of the Maturity Date, interest shall thereafter accrue on the unpaid balance of the Principal Sum at the per annum rate of three percent (3%) plus the Applicable Federal Rate in effect on the Maturity Date. Borrower may prepay any and all principal and accrued interest due under this Note at any time without additional interest or penalty. All amounts outstanding under this Note will be canceled and forgiven in the event of a Change in Control of the Company; provided that the Note is not in default and has not matured prior to the Change in Control.