Common use of Additional Closing Condition Clause in Contracts

Additional Closing Condition. No Merger shall occur, unless all principal, interest, fees and other amounts due under the IHI Senior Secured Credit Facility and the EnSerCo Loan shall be paid in full. IHI and T-3 agree that as of March 31, 2001, the principal amount due under the EnSerCo Loan is $15 million, the interest due and payable under the EnSerCo Loan is $3,473,753.42, and that interest continues to accrue under the EnSerCo Loan at the rate of 18% per annum (as calculated under the terms of the EnSerCo Loan).