Common use of Permitted Prepayment of Prior Equipment Advances Clause in Contracts

Permitted Prepayment of Prior Equipment Advances. Borrower shall have the option to prepay all, but not less than all, of the Prior Equipment Advances advanced by Bank under this Agreement, provided Borrower (i) provides written notice to Bank of its election to prepay the Prior Equipment Advances at least ten (10) days prior to such prepayment, and (ii) pays, on the date of such prepayment (A) all outstanding principal plus accrued interest, plus (B) all other sums, if any, that shall have become due and payable, including interest at the Default Rate with respect to any past due amounts. Borrower may condition such prepayment on the funding of another financing and provide that its prepayment election shall terminate if such funding does not occur by a specific date.