Common use of Payments Prepayments Clause in Contracts

Payments Prepayments. (i) Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower hereunder in accordance with the terms herein. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. Interest hereunder shall be due and payable on the last calendar day of each month during the term hereof. Bank may, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts and Bank shall provide Borrower prompt notice of any such charge. Only if Borrower’s deposit accounts lack sufficient funds to pay such amounts when due, Bank shall charge such amounts against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. Failure of Bank to draw interest, Bank Expenses, and Periodic Payments from Borrower’s deposit accounts in a timely manner shall not cause additional interest or penalties to accrue. Notwithstanding anything to the contrary in this Agreement, on the Revolving Maturity Date, all Advances under this Section shall be immediately due and payable. Borrower may prepay any Advances without penalty or premium. (ii) In the event that the amount of total Credit Extensions exceeds the Revolving Line, promptly (but in no event later than five (5) days) Borrower shall prepay Advances in such amounts as shall be necessary so that the amount of total Credit Extensions does not exceed the Revolving Line. (iii) In the event that at any time the amount of total Credit Extensions exceeds the Borrowing Base (a “Borrowing Base Deficiency”), promptly (but in no event later than fifteen (15) days), Borrower shall prepay the Advances and/or deposit cash into a Collateral Account so that any such deficiency is promptly cured.

Payments Prepayments. (i) Borrower Xxxxxxxx promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower hereunder in accordance with the terms herein. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. Interest hereunder shall be due and payable on the last calendar day of each month during the term hereof. Bank may, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts and Bank shall provide Borrower prompt notice of any such charge. Only if BorrowerXxxxxxxx’s deposit accounts lack sufficient funds to pay such amounts when due, Bank shall charge such amounts against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. Failure of Bank to draw interest, Bank Expenses, and Periodic Payments from Borrower’s deposit accounts in a timely manner shall not cause additional interest or penalties to accrue. Notwithstanding anything to the contrary in this Agreement, on the Revolving Maturity Date, all Advances under this Section shall be immediately due and payable. Borrower may prepay any Advances without penalty or premium. (ii) Subject to Section 2.9(b), Borrower shall have the right, at any time and from time to time, to prepay the Advances without penalty or premium. Borrower shall give Bank written notice prior to 12:00 pm at least one Business Day prior to any such prepayment with respect to Base Rate Advances and prior to 12:00 pm at least three Business Days prior to any such prepayment with respect to SOFR Advances. Each such prepayment shall be in an aggregate minimum amount of $250,000 and shall include interest accrued on the amount prepaid to, but not including, the date of payment in accordance with the terms hereof (or, in each case, such lesser amount constituting the amount of all Loans then outstanding). (iii) In the event that the amount of total Credit Extensions exceeds the Revolving Line, promptly (but in no event later than five three (53) days) Borrower shall prepay Advances in such amounts as shall be necessary so that the amount of total Credit Extensions does not exceed the Revolving Line. (iiiiv) In the event that at any time the amount of total Credit Extensions exceeds the Borrowing Base (a “Borrowing Base Deficiency”), promptly (but in no event later than fifteen (15) days), Borrower shall prepay the Advances and/or deposit cash into a Collateral Account so that any such deficiency is promptly cured.

Payments Prepayments. Borrower shall pay the principal of and accrued interest on this Note as follows: (ia) Beginning January 1, 2017, and continuing on each subsequent Payment Date, Borrower promises shall pay accrued interest only on the Draw Line Loans; provided, however, that upon at least 10 days' prior written notice to pay Lender, Borrower may elect to Bankdefer payment of such interest otherwise due on any Payment Date occurring on or before January 1, in lawful money 2019. Any interest so deferred shall be capitalized when due, and such amount of capitalized interest shall be added to and become part of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to the Draw Line Loans without any further action on the part of Borrower hereunder in accordance with the terms hereinor Lender. Borrower shall also pay interest on the unpaid principal of this Note and all accrued interest in full at the earlier of Maturity or the Termination Date. (b) In addition to the foregoing payment obligations, if the aggregate principal amount of such Credit Extensions Draw Line Loans outstanding at rates in accordance with any time exceeds the terms hereof. Interest hereunder Draw Line Commitment, then Borrower shall be due and payable on immediately repay the last calendar day amount of each month during Draw Line Loans that is required to eliminate the term hereof. Bank may, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts and Bank shall provide Borrower prompt notice of any such charge. Only if Borrower’s deposit accounts lack sufficient funds to pay such amounts when due, Bank shall charge such amounts against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. Failure of Bank to draw interest, Bank Expenses, and Periodic Payments from Borrower’s deposit accounts in a timely manner shall not cause additional interest or penalties to accrue. Notwithstanding anything to the contrary in this Agreement, on the Revolving Maturity Date, all Advances under this Section shall be immediately due and payable. excess. (c) Borrower may prepay the principal of this Note in whole or in part at any Advances time without penalty or premium.. Borrower shall prepay the principal of this Note, plus accrued interest within 10 days of reaching the thresholds as set forth below: (i) If after October 31, 2016, Borrower shall have raised a cumulative amount of equity capital that exceeds $15,000,000 but is $25,000,000 or less, Borrower shall prepay an amount equal to 30% of the amount raised over $15,000,000 and under $25,000,000 (not to exceed the balance of principal and interest outstanding on this Note); and (ii) In the event that the If after October 31, 2016, Borrower shall have raised a cumulative amount of total Credit Extensions equity capital that exceeds the Revolving Line, promptly (but in no event later than five (5) days) Borrower shall prepay Advances in such amounts as shall be necessary so that the amount of total Credit Extensions does not exceed the Revolving Line. (iii) In the event that at any time the amount of total Credit Extensions exceeds the Borrowing Base (a “Borrowing Base Deficiency”), promptly (but in no event later than fifteen (15) days)$25,000,000, Borrower shall prepay an amount equal to 50% of the Advances and/or deposit cash into a Collateral Account so that amount over $25,000,000 (not to exceed the balance of principal and interest outstanding on this Note). Borrower shall make any such deficiency is promptly curedmandatory prepayments on a monthly basis pro-rata as funds are raised over the applicable threshold. Notwithstanding the foregoing, Borrower may request Lender’s consent upon at least 10 days' notice prior to the date of the capital raise to defer all or any part of such mandatory prepayment with Lender's written approval; provided, however, that if Borrower elects to defer any such prepayment, the Fixed Rate shall immediately increase to 8% for the remainder of the term of the Note. Any remaining amounts due will be payable in a balloon payment at Maturity. Any amounts that are prepaid may not be re-borrowed.

Payments Prepayments. (i) Borrower promises to pay to Bank, in lawful money of the United States of America, the aggregate unpaid principal amount of all Credit Extensions made by Bank to Borrower hereunder in accordance with the terms herein. Borrower shall also pay interest on the unpaid principal amount of such Credit Extensions at rates in accordance with the terms hereof. Interest hereunder as to any Base Rate Advance shall be due and payable on the first Business Day of each fiscal quarter during the term hereof and interest as to any LIBOR Rate Advance shall be due and payable on the last calendar day of each the applicable Interest Period; provided, that in the case of any Interest Period greater than three months in duration, interest shall be payable at three month during intervals after the term hereofcommencement of the applicable Interest Period and on the last day of such Interest Period. Bank may, at its option, charge such interest, all Bank Expenses, and all Periodic Payments against any of Borrower’s deposit accounts and Bank shall provide Borrower prompt notice of any such charge. Only if Borrower’s deposit accounts lack sufficient funds to pay such amounts when due, Bank shall charge such amounts against the Revolving Line, in which case those amounts shall thereafter accrue interest at the rate then applicable hereunder. Any interest not paid when due shall be compounded by becoming a part of the Obligations, and such interest shall thereafter accrue interest at the rate then applicable hereunder. Failure of Bank to draw interest, Bank Expenses, and Periodic Payments from Borrower’s deposit accounts in a timely manner shall not cause additional interest or penalties to accrue. Notwithstanding anything to the contrary in this Agreement, on the Revolving Maturity Date, all Advances under this Section shall be immediately due and payable. Borrower may prepay any Advances without penalty or premium. (ii) Subject to Section 2.9(b), Borrower shall have the right, at any time and from time to time, to prepay the Advances without penalty or premium. Borrower shall give Bank written notice prior to 12:00 pm at least one Business Day prior to any such prepayment with respect to Base Rate Advances and prior to 12:00 pm at least three (3) Eurodollar Business Days prior to any such prepayment with respect to LIBOR Rate Advances. Each such prepayment shall be in an aggregate minimum amount of $250,000 and shall include interest accrued on the amount prepaid to, but not including, the date of payment in accordance with the terms hereof (or, in each case, such lesser amount constituting the amount of all Loans then outstanding). (iii) In the event that the amount of total Credit Extensions exceeds the Revolving Line, promptly (but in no event later than five three (53) days) Borrower shall prepay Advances in such amounts as shall be necessary so that the amount of total Credit Extensions does not exceed the Revolving Line. (iiiiv) In the event that at any time the amount of total Credit Extensions exceeds the Borrowing Base (a “Borrowing Base Deficiency”), promptly (but in no event later than fifteen (15) days), Borrower shall prepay the Advances and/or deposit cash into a Collateral Account so that any such deficiency is promptly cured.