Interest and Repayment Terms. In any instance in which Alberta Innovates requires the Applicant to repay funds, such funds together with interest shall constitute a debt owed by the Applicant to Alberta Innovates on a dollar-for-dollar basis. Interest on the repayable funds shall accumulate from and after the date Alberta Innovates demands repayment at a rate per month equal to one (1%) percent (or 12.6825% per annum) with interest on overdue interest at the same rate. The Applicant shall repay all such debt plus accrued interest to Alberta Innovates within forty-five (45) days of the date Alberta Innovates demands repayment.
Interest and Repayment Terms. The principal amount of the Loan shall be payable in accordance with, and interest on said principal amount shall accrue at the rate specified in and shall be payable in accordance with, the provisions of the Note.
Interest and Repayment Terms. Xxxxxxxx agrees to pay to the order of Lender interest at the fixed annual rate of Five and Seventy Hundredths percent (5.70%) on all outstanding amounts hereunder. The principal amount of the Promissory Note shall be amortized over a period of four (4) years (48 months) commencing May 1, 2003. Payments of all interest accrued hereunder and amortized principal shall be made August 1, November 1, February 1 and May 1 of each year unless such day is not a business day (in which case the business day which immediately follows such day shall apply). The first payment hereunder shall be due August 1, 2003. The final payment hereunder shall be due May 1, 2007 (the “Maturity Date”). Interest shall be calculated on a 365/360 simple basis; that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. In addition to the foregoing payments, Borrower shall pay Lender all interest accrued (or prepay interest which shall accrue) under the Prior Notes, as well as any non-principal item accrued under such Prior Notes, if any, through May 1, 2003, not later than the close of such business day. PAYMENT AMOUNTS. Each quarterly payment, if timely made and if there is no Event of Default hereunder, shall be in the amount of Eighty Four Thousand Four Hundred Six Dollars ($84,406.00), including the payment due on the Maturity Date.
