Additional Prepayment. On or before August 31, 2023, the Borrower shall have prepaid the Outstanding Principal Balance in an aggregate amount equal to no less than $7,000,000; provided, that, where the Borrower, as of such date, has an executed commitment for a Strategic Transaction (such as an acquisition agreement or similar agreement), but such Strategic Transaction is contemplated to be consummated after the completion of customary agreed closing conditions, such date shall be extended (i) automatically for 30 days, so long as the Strategic Transaction is consummated in accordance with the executed agreement, and (ii) upon the approval (not to be unreasonably withheld or denied) of TPHS, for an additional 30 days.
Appears in 2 contracts
Sources: Credit Agreement (Trinity Place Holdings Inc.), Credit Agreement (Trinity Place Holdings Inc.)