INTEREST; INTEREST RATE. (a) Interest on this Note shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the outstanding Principal amount from time to time, shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in cash to the Holder on the the Maturity Date or any applicable Redemption Date (each, an "Interest Date"). (b) From and after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to twelve percent (12.0%) per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.
Appears in 4 contracts
Samples: Note Agreement (Top Ships Inc.), Note Purchase Agreement (Top Ships Inc.), Note (Top Ships Inc.)
INTEREST; INTEREST RATE. (a) Interest on this Note shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the outstanding Principal amount from time to time, shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in cash to the Holder on the the Maturity Date or any applicable Redemption Date (each, an "“Interest Date"”).
(b) From and after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to twelve twenty percent (12.020.0%) per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.
Appears in 4 contracts
Samples: Convertible Note (Lm Funding America, Inc.), Convertible Note (Lm Funding America, Inc.), Note (Lm Funding America, Inc.)
INTEREST; INTEREST RATE. (a) Interest on this Note shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the outstanding Principal amount from time to time, shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in cash to the Holder (i) monthly, starting on the date that is the first day of the first month after the Issuance Date and (ii) on the Maturity Date or any applicable Redemption Date (each, an "Interest Date").
(b) From and after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to twelve twenty percent (12.020.0%) per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.
Appears in 2 contracts
Samples: Note (Top Ships Inc.), Note (Top Ships Inc.)
INTEREST; INTEREST RATE. (a) Interest on this Note shall commence accruing be payable in cash, fixed at an amount of $12,000, deemed earned on the Issuance Date, shall accrue daily due and payable at Maturity Date, or at the Interest Rate on time of early redemption of the outstanding Principal amount from time to time, shall be computed on full Note by the basis of a 360-day year and twelve 30-day months and shall be payable in cash to the Holder on the the Maturity Date or any applicable Redemption Date (each, an "Interest Date")Company.
(b) From In addition to any Interest earned in (a) above, from and after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to twelve eighteen percent (12.018.0%) per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the calendar day immediately following the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.
Appears in 1 contract
INTEREST; INTEREST RATE. (a) Interest on this Note shall commence accruing on the Issuance Date, shall accrue daily at the Interest Rate on the outstanding Principal amount from time to time, shall be computed on the basis of a 360-day year and twelve 30-day months and shall be payable in cash to the Holder on the the Maturity Date or any applicable Redemption Date (each, an "Interest Date")unless earlier converted pursuant to Section 3.
(b) From and after the occurrence and during the continuance of any Event of Default, the Interest Rate shall automatically be increased to twelve percent (12.0%) per annum. In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease to be effective as of the date of such cure; provided that the Interest as calculated and unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.
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