Common use of GUARANTEED INTEREST Clause in Contracts

GUARANTEED INTEREST. The Company shall pay interest to the Holder at the rate of 12% per annum on aggregate uncontroverted and then-outstanding principal amount of this Note (and any increases thereto) from and after the date of each Closing (or any such increases) through and including the Maturity Date. Notwithstanding the above and anything to the contrary contained herein, the minimum amount of interest due and payable hereunder shall be an amount not less than equivalent to twelve percent (12%) of the initial principal amount of this Note. For clarity and not for limitation, such minimum of twelve percent (12%) interest shall be (i) guaranteed, independently of any conversion or repayment of any principal hereunder and (ii) added to the principal amount of this Note prior to calculation of any Late Fees, the Make-Whole Amount, or Mandatory Default Amount.

GUARANTEED INTEREST. The Company shall pay interest to the Holder at the rate of 12% per annum on aggregate uncontroverted and then-outstanding principal amount of this Note (and any increases thereto) from and after the date of each Closing (or any such increases) through and including the Maturity Demand Date. Notwithstanding the above and anything to the contrary contained herein, the minimum amount of interest due and payable hereunder shall be an amount not less than equivalent to twelve percent (12%) of the initial principal amount of this Note. For clarity and not for limitation, such minimum of twelve percent (12%) interest shall be (i) guaranteed, independently of any conversion or repayment of any principal hereunder and (ii) added to the principal amount of this Note prior to calculation of any Late Fees, the Make-Whole Amount, Fees or Mandatory Default Amount.