Maturity Date; Interest. The principal under this Note shall be due and payable on April 30, 2004 (the "Maturity Date"). Interest shall accrue from the date hereof (computed on the basis of a 360-day year of twelve 30-day months), at the rate per annum from time to time announced in the Wall Street Journal as the prime commercial lending rate, plus 2% (the "Interest Rate"), on the unpaid principal amount of the Note, and shall be due and payable in cash or, subject to Section 5, convertible into shares, at the option of the Holder, at the earlier of (i) the Maturity Date and (ii) the date of conversion of the Note; provided, however, that upon the occurrence and during the continuance of an Event of Default (as defined herein), interest shall accrue at the rate of fifteen percent (15%) per annum.
Maturity Date; Interest a) This Debenture shall become due and payable on the earlier of (i) [__________[1] and (ii) the closing by the Company of one or more subsequent financings with gross proceeds to the Company equal to $3,000,000 in the aggregate (as such date may be extended below, the “Maturity Date”). Notwithstanding the foregoing, the Holder, in its sole and complete discretion, may extend the Maturity Date of this Debenture for a period of up to nine (9) months (or until [__________[2]) by delivering to the Company a written notice of extension within two (2) Trading Days following (A) the six (6) month anniversary of the Original Issue Date or (B) the receipt of written notice from the Company of its closing of one or more subsequent financings as described in (ii) above. For the avoidance of doubt, this Debenture may not be prepaid by the Company without the express written consent of the Holder. [1] 6 months from the date of issuance. [2] 9 months from the date of issuance
Maturity Date; Interest. The Loan shall be repaid in full in accordance with Section 4 below. The outstanding principal amount of the Loan shall not bear interest.
Maturity Date; Interest a) This Debenture shall become due and payable on the earlier of (i) November ___, 2018 and (ii) the closing by the Company of one or more subsequent financings with gross proceeds to the Company equal to $3,000,000 in the aggregate (as such date may be extended below, (the “Maturity Date”). Notwithstanding the foregoing, the Holder, in its sole and complete discretion, may extend the Maturity Date of this Debenture for a period of up to three (3) months by delivering to the Company a written notice of extension not later than two (2) Trading Days prior to the Maturity Date. For the avoidance of doubt, this Debenture may not be prepaid by the Company without the express written consent of the Holder.
