Interest and Payment Sample Clauses

Interest and Payment. 1.1. The unpaid principal amount hereof shall bear simple interest from the date hereof at the rate of 15% per annum until the Maturity Date (or until any such earlier date of payment if this Note is prepaid as hereinafter provided). 1.2. Interest shall be payable on the Maturity Date. 1.3. In no event shall the Payee be entitled to receive interest, however characterized and including other consideration received in connection with this Note, at an effective rate in excess of the maximum rate permitted by law. In the event that a court of competent jurisdiction shall determine that such amounts paid or agreed to be paid by the Payor in connection with this Note causes the effective interest rate on this Note to exceed the maximum rate permitted by law, such interest or other consideration shall automatically be reduced to a rate which results in an effective interest rate under this Note equal to the maximum /s/ RDB [LOGO] rate permitted by law over the term hereof, and, in such event, the Payee shall either apply to the reduction of the unpaid principal balance of this Note any amounts received by it deemed to constitute excessive interest or refund such excess to Payor.

Interest and Payment. 1.1. The principal amount of this Debenture outstanding from time to time shall bear simple interest at the annual rate (the "Debenture Rate") of ten percent (10%) from the date hereof through the earliest to occur of (i) the Maturity Date, (ii) the Prepayment Date and (iii) the Acceleration Date. 1.2. Interest accrued on this Debenture shall be payable on the earliest to occur of (i) the Maturity Date, (ii) the Prepayment Date and (iii) the Acceleration Date. 1.3. All payments made by the Payor on this Debenture shall be applied first to the payment of accrued unpaid interest on this Debenture and then to the reduction of the unpaid principal balance of this Debenture. 1.4. If payment of the outstanding principal amount of this Debenture, together with accrued unpaid interest thereon at the Debenture Rate, is not made on the earliest to occur of (i) the Maturity Date, (ii) the Prepayment Date and (iii) the Acceleration Date, then interest shall accrue on the outstanding principal amount due under this Debenture and on any unpaid accrued interest due on this Debenture from and after such date of default to the date of the payment in full of such amounts (including from and after the date of the entry of judgment in favor of Payee in an action to collect this Debenture) at an annual rate equal to the lesser of 18% or the maximum rate of interest permitted by applicable law (the "Maximum Rate"). 1.5. In no event shall Payee be entitled to receive interest, however characterized and including other consideration received in connection with this Debenture, at an effective rate in excess of the Maximum Rate. In the event that a court of competent jurisdiction determines that such amounts paid or agreed to be paid by Payor in connection with this Debenture causes the effective interest rate on this Debenture to exceed the Maximum Rate, such interest or other consideration shall automatically be reduced to a rate which results in an effective interest rate under this Debenture equal to the Maximum Rate over the term hereof, and, in such event, any amounts received by Payee deemed to constitute excessive interest shall be applied first to the payment of accrued unpaid interest on this Debenture and then to the reduction of the unpaid principal balance of this Debenture. 1.6. In the event that the date for the payment of any amount payable under this Debenture falls due on a Saturday, Sunday or public holiday under the laws of the State of New York, the time for pa...

Interest and Payment. 2.1. The Principal Amount hereof outstanding from time to time shall not bear or accrue interest whether before or after demand for payment. 2.2. Notwithstanding anything else to the contrary contained in this Promissory Note or otherwise, it is acknowledged and agreed that the Mandatory Payment Date will not occur and the Principal Amount shall not become due and payable unless: (i) in the case of Section 1.5(a) or (b), the Mandatory Payment Date determined by the board is within 30 days of the intended date of filing the draft prospectus with one or more of The Toronto Stock Exchange, The TSX Venture Exchange, the Nasdaq National Market or the New York Stock Exchange, or any other reputable and established stock exchange or organized securities market in the United States or Canada, the public filing of a registration statement in the United States, or the completion of the Sale Transaction, as applicable, and (ii) in the case of Section 1.5(a), (b), (c), or (d) there is no impediment or prohibition whether at law, in equity, or otherwise against redemption of the Class D Preferred Shares held by the Borrower and paying the Redemption Price for all such Class D Preferred Shares in the manner contemplated pursuant to Section 37.7 of the Articles. 2.3. Subject to Section 2.5, all amounts owing pursuant to this Note shall be immediately due and payable in full upon the occurrence of any Mandatory Payment Date (except to the extent waived in writing by Lender). 2.4. Subject to Section 2.5, the Borrower shall have the right and privilege of paying the entire Principal Amount of this Note remaining unpaid and outstanding at any time or times, without notice, bonus, or penalty. 2.5. Notwithstanding anything to the contrary herein or otherwise, for as long as there is any amount outstanding under this Note: 2.5.1. The Borrower acknowledges that any distributions or payments made by Lender with respect to the Class D Preferred Shares, including any payment on account of the Redemption Price pursuant to Sections 37.5 or 37.6 of the Articles, shall be satisfied by the issuance by Lender, as applicable, of a Payment Note in such amount of the distribution or payment to the Borrower, which Payment Note shall then be automatically set off against any amount outstanding under this Note without any further action required by either the Borrower or Lender; 2.5.2. The Lender acknowledges and agrees that the Borrower, in its sole and absolute discretion, may repay the enti...

Interest and Payment. 1.1 The principal amount hereof outstanding from time to time shall bear simple interest (computed on the basis of a 360-day year, using the number of days actually elapsed) from the date hereof at the annual rate of (i) 10% from the date hereof until twelve (12) calendar months from the date hereof (the "First Anniversary Date"), (ii) 13% from the First Anniversary Date until twenty-four (24) calendar months from the date hereof (the "Second Anniversary Date"), and (iii) 15% from the Second Anniversary Date until thirty-six (36) calendar months from the date hereof (the "Third Anniversary Date"). It is expressly understood that no acceleration of this Note shall occur by reason of a failure of the Company to make any interest payment due under this Note. 1.2 Interest as described in Section 1.1 herein shall be payable annually until the Maturity Date commencing on the First Anniversary Date, and any accrued and unpaid interest shall be payable in full on the Maturity Date (or on any such earlier date of payment as provided in Section 3). 1.3 In the event that the principal amount due under this Note together with accrued and unpaid interest is not paid in full in cash prior to the First Anniversary Date, the Second Anniversary Date or the Third Anniversary Date, respectively, then the interest payment due on the respective Anniversary Date shall be payable by the Company in Common Stock ("Interest Payment Conversions") based upon a price per share ("Interest Exercise Price") of $1.00 per share as regards the interest payment due on the First Anniversary Date, $2.00 per share as regards the interest payment due on the Second Anniversary Date, and $3.00 per share as regards the interest payment due on the Third Anniversary Date. The Interest Exercise Price shall be subject to adjustment as described below. 1.4 If the principal and accrued interest have not been paid in full on or before the Maturity Date, then the principal amount due to the Payee hereunder shall automatically be converted into Common Stock at a price equal (the "Maturity Date Exercise Price") to $1.00 per share, the accrued and unpaid interest shall automatically convert into Common Stock at the respective Interest Exercise Price and the Unit Warrants issued as a part of the Units shall automatically terminate and shall be null and void and of no value (collectively, "Payoff Conversions"). The Maturity Date Exercise Price shall be subject to adjustment as described below. 1.5 If payment of...

Interest and Payment. The principal amount of this Note outstanding from time to time shall bear simple interest at the annual rate (the "Note Rate") of 6% from the date hereof through the earliest to occur of (i) the Maturity Date; (ii) the Prepayment Date; (iii) the Conversion Date, or (iv) the Acceleration Date.

Interest and Payment. 1.1 Interest shall be computed on the basis of the actual number of days elapsed in the period during which interest accrues and a year of 365 days. 1.2 At the option of the Company, the Company may pay a scheduled interest payment in a number of whole shares of common stock, par value $0.001 per share (“Common Stock”), of the Company, in lieu of paying such interest in cash, equal to the quotient obtained by dividing the amount of accrued and unpaid interest payable on such Interest Payment Date by the lesser of: (i) the Conversion Price (as defined herein) then in effect, and (ii) a price equal to the average of the last sale price of the Common Stock during the ten (10) consecutive trading days ending on the fifth (5th) trading day immediately preceding the Interest Payment Date, provided, however, if the average daily trading volume (“ADTV”) value during such ten (10) day period equals or exceeds $100,000 per day, and then only subsection 1.2 (ii) shall be used for the calculation on such Interest Payment Date and subsection 1.2 (i) shall not apply and shall not be used for the calculation on such Interest Payment Date. ADTV will be determined in accordance with the rules and regulations of the Securities Exchange Act of 1934. No fractional shares of Common Stock will be issued to the Holder in lieu of cash interest. The Company may exercise its option to cause the Company to issue shares of Common Stock, in lieu of cash interest payable on an Interest Payment Date, by giving the Holder written notice of its exercise of such option at least three (3) Business Days (as defined herein) prior to such Interest Payment Date and, on the Interest Payment Date, the Company will instruct its transfer agent to issue to the Holder duly executed certificates for the number of whole shares of Common Stock so issuable to the Holder registered in the Holder’s name, and, if applicable, a check payable to the Holder for any cash adjustment in lieu of a fractional share. “Business Day” means any day other than a Saturday, Sunday or other day on which banks in the City of New York, New York are authorized or required by law to be closed.

Interest and Payment. Interest will accrue on the unpaid Principal balance of this Note at the rate of EIGHTEEN PERCENT (18%). Interest shall accrue using an Actual/365 days counting method. No minimum payments shall be required until the Maker receives revenue from the operation of a cultivation center for medicinal cannabis located in Anna, IL. Once payment of Principal and Interest becomes due, the amount of the monthly installments shall be calculated by adding the Principal and accrued interest and dividing by the number of calendar months existing between the month in which WGP first received revenue from operation of the Facility, inclusive, and the Maturity Date, inclusive. Notwithstanding the foregoing, all amounts of the principal balance, plus any remaining accrued Interest and fees, charges and expenses will be paid in full at the Maturity Date. All obligations owing hereunder may be prepaid in whole or in part by Maker without penalty.

Interest and Payment. The AHSC Loan shall bear interest at the rate and be payable as provided in section 7308 of the Multifamily Housing Program Regulations and under the terms of the Department’s AHSC promissory note to be executed at loan closing. The AHSC Loan may not be prepaid without the prior written consent of the Department.

Interest and Payment. A.1.1. This Note shall bear interest on the principal amount thereof outstanding from time to time at the rate of 20% per annum. Commencing April 1, 2004, Xxxxx shall make interest only payments in cash equal to eight percent per annum on the outstanding balance. Commencing April 1, 2004, in lieu of payment of the additional 12% per annum interest that would otherwise be paid on the interest payment date, Company shall increase the principal balance due hereunder by an amount equal to the amount of such cash that would otherwise have been paid to Xxxxxx. The interest shall payable quarterly in arrears commencing April 1, 2004 and each quarter thereafter (each, an Interest Payment Date”), and on the Maturity Date together with the principal amount of this Note at the time outstanding. Interest shall be computed on the basis of a 360-day year of twelve 30-day months, for the actual number of days elapsed. Notwithstanding anything to the contrary contained in this Note, the Company shall not be obligated to pay, and the Holder shall not be entitled to charge, collect or receive interest in excess of the maximum rate allowed by applicable law. If during any period of time the interest rate specified herein exceeds such maximum rate, then, any amounts of interest collected by the Holder in excess of such maximum rate shall be applied to the reduction of the unpaid principal amount of this Note. A.1.2. All payments of the principal of, accrued interest on, and other amounts payable under this Note shall be payable in such coin or currency of the United States of America as at the time shall be legal tender for the payment of public and private debts. At the option of the Holder of this Note, the Company will make all payments on account of this Note by electronic funds transfer in funds immediately available at the place of payment to a deposit account with a commercial bank designated by the Holder in writing at least three business days prior to the relevant Interest Payment Date, Maturity Date or any prepayment date. All payments received on account of this Note shall be applied first to the payment of accrued and unpaid interest on this Note and then to the reduction of the unpaid principal amount of this Note. A.1.3. In the event that the date for the payment of any amount payable under this Note falls due on a Saturday, Sunday or public holiday under the laws of the State of Michigan, the time for payment of such amount shall be extended to the next succee...

Interest and Payment. This Note is one of a series of substantially identical notes (the “Bridge Notes”) first issued on December 23, 2005 in connection with a financing of the Company. This Note shall bear interest from the date of this Note on the unpaid principal balance at a rate equal to ten percent (10%) per annum (the “Interest Rate”), computed on the basis of the actual number of days elapsed and a year of 365 days. Interest on the unpaid principal balance of this Note shall be due and payable on the outstanding balance at the time of any payment of principal. In addition, the Company agrees to pay the additional interest specified in Section 5 upon the occurrence and during the continuation of any Event of Default. Payment of the principal and interest on this Note shall be made in lawful money of the United States of America at the Holder’s address set forth in Section 13 below.