Common use of Interest in Cash or in Kind Clause in Contracts

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five percent (5%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each six month anniversary of the Original Issue Date and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the Holder, such interest must be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by the Conversion Price in effect on the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder.

Appears in 6 contracts

Samples: Convertible Security Agreement (Global Technologies LTD), Convertible Security Agreement (Global Technologies LTD), Convertible Security Agreement (Global Technologies LTD)

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Interest in Cash or in Kind. Holders Interest shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly accrue at the annual rate of five eight percent (58%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest per annum, compounded annually and shall be payable on each six month anniversary of the Original Issue Date and on the Maturity Date Date, accelerated or otherwise, when all amounts outstanding in connection with this Note the principal and accrued but unpaid interest shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Daypayable. Such interest may be paid at the option of Borrower, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the Holder, such interest must be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common StockStock as set forth in this Section 2(a), or a combination thereof in each case as provided in the next sentence (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Amount”).The Common Stock to be paid in satisfaction of the Interest Share Amount will shall be determined by dividing valued solely for such purpose at the amount lower of interest on the subject Interest Payment Date by (A) the Conversion Price in effect on the relevant Maturity Date, accelerated or otherwise, or (B) the average of the VWAPs for the 20 consecutive Trading Days ending on the Trading Day that is immediately prior to the date such interest is paid (the “Interest Payment DateConversion Price”). The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may pay interest by delivery of the Interest Share Amount provided the Equity Conditions have been in effect for the 20 Trading Days prior to the date such interest is required to be paid. Borrower must notify the Holder not less than ten (10) Trading Days prior to the date such interest is required to be paid if it intends to pay such interest by delivery of an Interest Share Amount without the consent of the Holder in the event that the Equity Conditions are Amount. Borrower may not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the pay any Interest Share Amount is delivered to in excess of the HolderBeneficial Ownership Limitation.

Appears in 5 contracts

Samples: Convertible Security Agreement (Andalay Solar, Inc.), Convertible Security Agreement (Andalay Solar, Inc.), Convertible Security Agreement (Andalay Solar, Inc.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five percent (5%) 8% (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on the first day of each six calendar month anniversary of the Original Issue Date commencing February 1, 2015 and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by the Conversion Price in effect on the relevant Interest Payment Datesuch date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 46. Borrower may not pay interest by delivery of an Interest Share Amount Common Stock without the consent of the Holder in the event that the Equity Conditions (excluding Equity Conditions (c), (d), (t) provided such Event of Default has been cured, (i) and (j)) are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder. The Holder may elect to receive the Interest Share Amount in lieu of cash by notifying Borrower at least 5 calendar days prior to the relevant Interest Payment Date. Borrower may not pay any Interest Share Amount in excess of the Beneficial Ownership Limitation when applicable, unless waived by Holder.

Appears in 3 contracts

Samples: Securities Purchase Agreement (Accelerated Pharma, Inc.), Convertible Security Agreement (Accelerated Pharma, Inc.), Convertible Security Agreement (Accelerated Pharma, Inc.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five percent (5%) 7% (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on the first day of each six calendar month anniversary of the Original Issue Date commencing June 1, 2015 and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest interest Payment Date by the Conversion Price in effect on the relevant Interest Payment Datesuch date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 46. Borrower may not pay interest by delivery of an Interest Share Amount Common Stock without the consent of the Holder in the event that the Equity Conditions (excluding Equity Conditions (c), (d), (f) provided such Event of Default has been cured, (i) and (j)) are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder. The Holder may elect to receive the Interest Share Amount in lieu of cash by notifying Borrower at least 5 calendar days prior to the relevant Interest Payment Date. Borrower may not pay any Interest Share Amount in excess of the Beneficial Ownership Limitation when applicable, unless waived by Holder.

Appears in 3 contracts

Samples: Securities Purchase Agreement (Accelerated Pharma, Inc.), Securities Purchase Agreement (Accelerated Pharma, Inc.), Convertible Security Agreement (Accelerated Pharma, Inc.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five percent (5%) 10% (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable quarterly on each six month anniversary of the Original Issue Date March 31, June 30, September 30, and December 31 commencing March 31, 2016 and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or or, subject to the receipt of Stockholder Approval and at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by an amount equal to 80% of the Conversion Price in effect on average of the daily VWAPs for the ten Trading Days preceding the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 46. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder Holders of a Majority in Interest of the Notes in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder. The aggregate number of shares of Common Stock delivered in respect of the Interest Share Amount on the Note and all Other Notes may not exceed, with respect to interest due and payable on any Interest Payment Date, eighty percent (80%) of the average trading volume on the principal Trading Market for the ten (10) Trading Days preceding the applicable Interest Payment Date.

Appears in 2 contracts

Samples: Convertible Security Agreement (Echo Therapeutics, Inc.), Convertible Security Agreement (Echo Therapeutics, Inc.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly annually at the annual rate of five six percent (56%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each the six month anniversary of the Original Issue Date Date, each three month anniversary thereafter and on the Maturity Date Date, when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common StockOrdinary Shares, or a combination thereof (the amount to be paid in shares of Common StockOrdinary Shares, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by the then applicable Conversion Price in effect on the relevant Interest Payment DatePrice. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder in the event that the Equity Conditions are not in effect on each day from sixty thirty (6030) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder.

Appears in 2 contracts

Samples: Securities Purchase Agreement (PV Nano Cell, Ltd.), Convertible Security Agreement (PV Nano Cell, Ltd.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five eight percent (58%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each six month anniversary of the Original Issue Date and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by an amount equal to 80% of the Conversion Price in effect on average of the daily VWAPs for the five Trading Days preceding the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder.

Appears in 2 contracts

Samples: Convertible Security Agreement (Emerald Medical Applications Corp.), Convertible Security Agreement (Emerald Medical Applications Corp.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five eight percent (58%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each six month anniversary of the Original Issue Date and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an "Interest Payment Date") (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the "Interest Share Amount"). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by an amount equal to 80% of the Conversion Price in effect on average of the daily VWAPs for the five Trading Days preceding the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder.

Appears in 2 contracts

Samples: Convertible Security Agreement (Emerald Medical Applications Corp.), Convertible Security Agreement (Emerald Medical Applications Corp.)

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Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly annually at the annual rate of five percent 10% (5%) (as all subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each six month anniversary of the Original Issue Date and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an the “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the Holder, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common StockStock as set forth in this Section 2(a), or a combination thereof in each case as provided in the next sentence (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by the Conversion Price in effect on the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 46. Borrower may not pay interest by delivery of an Interest Share Amount Common Stock without the consent of the Holder in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder. The Holder may elect to receive the Interest Share Amount in lieu of cash by notifying Borrower any time prior to the relevant Interest Payment Date. Borrower may not pay any Interest Share Amount in excess of the Beneficial Ownership Limitation, unless waived by Holder pursuant to Section 4(d) hereof.

Appears in 1 contract

Samples: Convertible Security Agreement (Wally World Media, Inc)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five ten percent (510%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on quarterly commencing March 31, 2017 and each six month anniversary last day of the Original Issue Date June, September and December thereafter, and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the Holder, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by the Conversion Price in effect on the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the Holder.4.v

Appears in 1 contract

Samples: Convertible Security Agreement (Aethlon Medical Inc)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five eight percent (58%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each six month anniversary of the Original Issue Date and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Day, the applicable payment shall be due on the next succeeding Trading Day) in cash or at the election of the HolderBorrower, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by an amount equal to 80% of the Conversion Price in effect on average of the daily VWAPs for the five Trading Days preceding the relevant Interest Payment Date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 4. Borrower may not pay interest by delivery of an Interest Share Amount without the consent of the Holder New Purchaser in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days prior to the relevant Interest Payment Date through the date the Interest Share Amount is delivered to the HolderNew Purchaser.

Appears in 1 contract

Samples: Convertible Security Agreement (Emerald Medical Applications Corp.)

Interest in Cash or in Kind. Holders shall be entitled to receive, and Borrower shall pay, cumulative interest on the outstanding principal amount of this Note compounded monthly at the annual rate of five four percent (54%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Interest shall be payable on each six month anniversary of the Original Issue Date January 1 and July 1 commencing January 1, 2016 and on the Maturity Date when all amounts outstanding in connection with this Note shall be due and payable (each an “Interest Payment Date”) (if any Interest Payment Date is not a Trading Business Day, the applicable payment shall be due on the next succeeding Trading Business Day) in cash or at the election of the Holder, such interest must may be paid in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock, or a combination thereof (the amount to be paid in shares of Common Stock, the “Interest Share Amount”). The Interest Share Amount will be determined by dividing the amount of interest on the subject Interest Payment Date by the Conversion Price in effect on the relevant Interest Payment Datesuch date. The Holders shall have the same rights and remedies with respect to the delivery of any such shares as if such shares were being issued pursuant to Section 46. Borrower The Holder may not pay interest by delivery of an elect to receive the Interest Share Amount without the consent in lieu of the Holder in the event that the Equity Conditions are not in effect on each day from sixty (60) Trading Days cash by notifying Borrower at least 5 calendar days prior to the relevant Interest Payment Date through the date the Date. Borrower may not pay any Interest Share Amount is delivered to in excess of the HolderBeneficial Ownership Limitation when applicable.

Appears in 1 contract

Samples: Convertible Security Agreement (2304101 Ontario Inc.)

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