Common use of Advance Redemption Clause in Contracts

Advance Redemption. The Company at its option shall have the right, but not the obligation, to redeem a portion of this Note by submitting an Advance Notice (as defined in the SEPA) (an “Advance Redemption”) to the Holder. Upon the closing of such Advance Notice in accordance with Section 2.02 of the SEPA, the Holder shall offset the amount due to be paid by the Holder to the Company under the SEPA against an equal amount outstanding under this Note (first towards accrued and unpaid Interest and then towards Principal). No Payment Premium shall apply in respect of an Advance Repayment. 1 Insert date 12 months from the Issuance Date. For so long as this Note is outstanding, unless otherwise agreed by the Holder, if the Company delivers an Advance Notice under the SEPA, the Company shall be deemed to have elected an Advance Repayment in respect of such Advance Notice up to amount outstanding under this Note, until this Note is fully repaid.