Repayment Prior to Maturity. The Issuer shall not cause the Subordinated Notes to be repaid prior to maturity, whether pursuant to an acceleration upon an Event of Default (as defined in the Subordinated Notes) or otherwise, without the prior written approval of the Office of the Comptroller of the Currency (the “OCC”) if then required. Promptly following the receipt of any notice of acceleration, the Issuer will apply to the OCC, if then required, for prior written approval of repayment prior to maturity. In the event that the Issuer obtains such prior written approval, the Issuer shall notify the holders of Subordinated Notes and the Fiscal and Paying Agent of the consent of the OCC (or otherwise provide written confirmation of its determination that no such OCC approval is required) and arrange for prompt repayment.
Repayment Prior to Maturity. The Subordinated Notes may not be repaid prior to the Maturity Date, whether pursuant to an acceleration upon an event of default or otherwise, without the prior written approval of the Federal Deposit Insurance Corporation (the “FDIC”) and the Superintendent of the New York Banking Department (the “Superintendent”). Promptly following the receipt of any notice of acceleration, the Issuer will apply to the FDIC and the Superintendent for prior written approval of repayment prior to maturity. If the Issuer obtains such prior written approval, the Issuer shall notify the holders of Subordinated Notes and the Fiscal and Paying Agent of the consent of the FDIC and the Superintendent and arrange for prompt repayment.
Repayment Prior to Maturity. At Holder’s request, Borrower shall repay the principal amount under this Note (or any portion thereof so requested) and the accrued interest thereon with common stock of the Borrower at any time at the written request of Holder, which notice may be given prior to the Maturity Date solely upon the pricing and events as follows unless otherwise waived by Borrower: Each such share of common stock shall have a deemed value equal to (a) the twenty (20) day average closing price for the twenty (20) trading days beginning on the sixth (6th) trading day following the date that such common stock begins trading with a new trading symbol following the effective date of a reverse stock split made by Borrower of its common stock, and (b) divided by two (2). For the sake of clarity, the following is an example of the formula describe above: ● Loan Amount: $100,000 ● Date of Loan: 7/16/2019 ● Interest rate: Five (5%) per annum ● Date that, as result of reverse stock split, new trading symbol begins use: 01/31/2020 ● Sixth trading day after first new symbol use: February 8, 2020 ● Twenty (20) day trading average beginning February 8, 2020 equals $1.00 per share ● Calculate accrued interest from date of note through 03/07/2020 ● Total amount of principal and accrued interest due on 03/07/2019 approximately $3,400 ● $1.00 divided by .50 (twenty (20) day average of $1.00 divided by two) equals 206,800 shares (calculated pre-split) Borrower common stock to be transferred to the Holder by the Borrower. In the event that the reverse stock split contemplated by VYST is not approved by FINRA, the parties agree that the twenty (20) trading day calculation described above shall begin on the first trading day following notification of such disapproval by FINRA.
Repayment Prior to Maturity. Borrower shall repay the principal amount under this Note and the accrued interest thereon with common stock of the Borrower at any time at the written request of Holder, which notice may be given prior to the Maturity Date solely upon the pricing and events as follows unless otherwise waived by Borrower: Each such share of common stock shall have a deemed value equal to (a) the twenty (20) day average closing price for the twenty (20) trading days beginning on the sixth (6th) trading day following the date that such common stock begins trading with a new trading symbol following the effective date of a reverse stock split made by Borrower of its common stock, and (b) divided by two (2). For the sake of clarity, the following is an example of the formula describe above: ● Loan Amount: $100,000 ● Date of Loan: 7/16/2019 ● Interest rate: Five (5%) per annum ● Date that, as result of reverse stock split, new trading symbol begins use: 01/31/2020 ● Sixth trading day after first new symbol use: February 8, 2020
Repayment Prior to Maturity. The Subordinated Notes may not be repaid prior to the Maturity Date, whether pursuant to an acceleration upon an event of default or otherwise, without the prior written approval of the Federal Deposit Insurance Corporation (the “FDIC”) and the North Carolina Commissioner of Banks (the “Commissioner”). Promptly following the receipt of any notice of acceleration, the Issuer will apply to the FDIC and the Commissioner for prior written approval of repayment prior to maturity. In the event that the Issuer obtains such prior written approval, the Issuer shall notify the holders of Subordinated Notes and the Fiscal and Paying Agent of the consent of the FDIC and the Commissioner and arrange for prompt repayment.
Repayment Prior to Maturity. It is hereby acknowledged that [the debtor] shall not be permitted to make any partial prepayments or repayment prior to the maturity of the Borrowing that have not been provided for under the aforesaid Bank Overdrafts Agreement, provided, however, that in the event that [the debtor] must, for an unavoidable reason, make partial prepayments or repayment prior to the maturity of the Borrowing outside the terms and conditions of the said agreement and has obtained the consent of the Bank in this regard, the debtor shall, as soon as the Bank so requests, immediately make payment of the interest that has accrued up to the scheduled date of repayment before maturity as well as settlement money as provided for in the paragraph below.
Repayment Prior to Maturity. The Subordinated Notes may not be repaid prior to maturity, either pursuant to an acceleration in an event of default, or otherwise without the prior written approval of the Federal Deposit Insurance Corporation (the “FDIC”). Promptly after receipt of any notice of acceleration, the Bank will apply to the FDIC for prior written approval of repayment prior to maturity. In the event that the Bank obtains such prior written approval, the Bank shall notify the holders of Subordinated Notes and the Fiscal and Paying Agent of the consent of the FDIC and arrange for prompt repayment.
