Amortization and Installment Payments. Beginning on the Amortization Payment Date, the Company shall begin to make bi-weekly amortization payments (for the avoidance of doubt, bi-weekly shall mean every two weeks) (each a “Bi-Weekly Payment”), in cash to the Holder, until this Note is repaid in full. Each Bi-Weekly Payment shall consist of at least 1/12th of the total outstanding amount under this Note as of the Amortization Payment Date, including the principal, accrued and unpaid interest (prorated through the entire pay-off period pursuant to this paragraph), and any applicable penalties. The Company may make a Bi-Weekly Payment to the Holder in Common Stock, in the event that the Equity Conditions detailed above are satisfied.
Appears in 4 contracts
Samples: Convertible Security Agreement (Ifan Financial, Inc.), Convertible Security Agreement (Lifelogger Technologies Corp), Convertible Security Agreement (Lifelogger Technologies Corp)
