Common use of Amortization and Installment Payments Clause in Contracts

Amortization and Installment Payments. At the earlier of the five (5) month anniversary of the Closing Date or the Effective Date, the Company shall redeem this Note and any accrued but unpaid interest in accordance with the Amortization Schedule attached as Schedule 2 (each, an “Amortization Payment”). Each Amortization Payment shall, at the option of the Company, be made in cash or, subject to the Equity Conditions, in Common Stock pursuant to the Amortization Conversion Rate. Notwithstanding any provision in this Note to the contrary, the Company will not be required to make any Amortization Payment to the extent any such Amortization Payment would result in the Company making aggregate Amortization Payments in an amount greater than the balance of the Note. Any outstanding unpaid principal and accrued interest (as of the Maturity Date) on this Note will be due and payable on the Maturity Date and may be paid in cash (subject to a 30% premium), or, in the Company’s discretion (subject to the Equity Conditions) in Common Stock. For example, if the Amortization Payments commence on the fifth (5th) anniversary date from the Original Issue Date, the Company shall begin to make equal bi-weekly amortization payments of 1/15th the total principal and interest due on this Note, in cash or, subject to the Equity Conditions, Common Stock (at the Company’s option).

Amortization and Installment Payments. At the earlier of the five six (56) month anniversary of the Closing Date or the Effective Date, the Company shall redeem this Note and any accrued but unpaid interest in accordance with the Amortization Schedule attached as Schedule 2 (each, an “Amortization Payment”). Each Amortization Payment shall, at the option of the Company, be made in cash or, subject to the Equity Conditions, in Common Stock pursuant to the Amortization Conversion Rate. Notwithstanding any provision in this Note to the contrary, the Company will not be required to make any Amortization Payment to the extent any such Amortization Payment would result in the Company making aggregate Amortization Payments in an amount greater than the balance of the Note. Any outstanding unpaid principal and accrued interest (as of the Maturity Date) on this Note will be due and payable on the Maturity Date and may be paid in cash (subject to a 30% premium), or, in the Company’s discretion (subject to the Equity Conditions) in Common Stock. For example, if the Amortization Payments commence on the fifth sixth (5th6th) anniversary date from the Original Issue Date, the Company shall begin to make equal bi-weekly amortization payments of 1/15th 1/13th the total principal and interest due on this Note, in cash or, subject to the Equity Conditions, Common Stock (at the Company’s option).

Amortization and Installment Payments. At the earlier of the five six (56) month anniversary of the Closing Date Date, or the Effective Date, the Company shall redeem this Note and any accrued but unpaid interest in accordance with the Amortization Schedule attached as Schedule 2 (each, an “Amortization Payment”). Each Amortization Payment shall, at the option of the Company, be made in cash or, subject to the Equity Conditions, in Common Stock pursuant to the Amortization Conversion Rate. Notwithstanding any provision in this Note to the contrary, the Company will not be required to make any Amortization Payment to the extent any such Amortization Payment would result in the Company making aggregate Amortization Payments in an amount greater than the balance of the Note. Any outstanding unpaid principal and accrued interest (as of the Maturity Date) on this Note will be due and payable on the Maturity Date and may be paid in cash (subject to a 30% premium), or, in the Company’s discretion (subject to the Equity Conditions) in Common Stock. For example, if the Amortization Payments commence on the fifth sixth (5th6th) month anniversary date from the Original Issue Date, the Company shall begin to make equal bi-weekly amortization payments of 1/15th 1/13th the total principal and interest due on this Note, in cash or, subject to the Equity Conditions, Common Stock (at the Company’s option).