Common use of Termination Prior to Revolving Line Maturity Date Clause in Contracts

Termination Prior to Revolving Line Maturity Date. This Agreement may be terminated prior to the Revolving Line Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Notwithstanding any such termination, Bank’s lien and security interest in the Collateral shall continue until Borrower fully satisfies its Obligations. If such termination is at Borrower’s election or at Bank’s election due to the occurrence and continuance of an Event of Default, Borrower shall pay to Bank, in addition to the payment of any other expenses or fees then-owing, a termination fee in an amount equal to One Hundred Fifty Thousand Dollars ($150,000), provided, that no termination fee shall be charged if (a) the credit facility hereunder is replaced with a new facility from another division of Bank or (b) within ninety (90) days of the consummation of an initial public offering of Borrower’s common stock, (i) the Obligations have been fully paid in cash, (ii) Bank has no commitment or binding obligation to lend any further funds to Borrower, and (iii) all financing agreements between Bank and Borrower are terminated.

Termination Prior to Revolving Line Maturity Date. This Agreement may be terminated prior to the Revolving Line Maturity Date by Borrower, effective three (3) Business Days after written notice of termination is given to Bank. Notwithstanding any such termination, Bank’s lien and security interest in the Collateral shall continue until Borrower fully satisfies its Obligations. If such termination is at Borrower’s election or at Bank’s election due to the occurrence and continuance of an Event of Default, Borrower shall pay to Bank, in addition to the payment of any other expenses or fees then-owing, a termination fee in an amount equal to One Hundred Fifty Thousand Dollars one percent ($150,000), provided, 1.0%) of the Revolving Line provided that no termination fee shall be charged if either (ai) the credit facility hereunder is replaced with a new facility from another division of Bank the Bank, or (bii) all Obligations due to Bank under the Revolving Line are prepaid in full within ninety (90) days of the consummation Revolving Line Maturity Date with proceeds from the Eligible Refinancing. If the Obligations are refinanced after an acceleration (or as a result of an initial public offering acceleration) based solely upon an Event of Borrower’s common stockDefault under Section 8.3, (i) the Obligations have been fully paid in cash, (ii) Bank has no commitment or binding obligation to lend any further funds to Borrower, and (iii) all financing agreements between Bank and Borrower are terminatedshall not require payment of the Termination Fee.