Prepayment of Note with LIBOR Rate. If, during the term of this Note, Borrower prepays any principal amount (in whole or in part) when the Applicable Rate is the LIBOR Rate prior to the end of a selected interest period (other than regular installments of principal as set forth in the Note), or there is a conversion of the Applicable Rate due to an Event of Default or otherwise before the end of a selected interest period, then Borrower shall be liable for and shall pay the Lender, on demand, the higher of $250.00 or the actual amount of the liabilities, expenses, costs and/or funding losses that are a direct or indirect result of such prepayment, failure to draw, revocation or otherwise. The determination by the Lender of the foregoing amount shall, in the absence of manifest error, be conclusive and binding upon Borrower. Such amount shall be in addition to any prepayment premium required under the Note.
Appears in 2 contracts
Sources: Non Revolving Line of Credit Note and Credit Agreement (Emerging Vision Inc), Non Revolving Line of Credit Note and Credit Agreement (Emerging Vision Inc)