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

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 6% per annum, payable semiannually on January 1 and July 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth herein), upon a redemption event pursuant to Section 6(a) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”), in cash or duly authorized, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof (the amount to be paid in shares, the “Interest Share Amount”); provided, however, payment in shares of Common Stock may only occur if during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Arkados Group, Inc.)

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Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 615% per annum, payable semiannually on January 1 and July 1each of February 28, beginning on January 12008, 2007 (provided that interest due on January 1May 31, 20072008, July 1August 31, 2007 and January 12008, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth herein)November 30, upon a redemption event pursuant to Section 6(a) 2008, February 28, 2009, May 31, 2009, August 31, 2009 and on the Maturity Date (except that, if any such date the Maturity Date is not a Business Day, then such the applicable payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”), in cash or duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the "Interest Share Amount”)") or a combination thereof, as determined by the Holder upon notice to the Company received not less than 15 business days prior to the Maturity Date; provided, however, that, absent consent of the Holder to the contrary, payment in shares of Common Stock may only occur if all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Maturity Date (the "Interest Notice Period") and through and including the date such shares of Common Stock are issued to the Holder all Holder; provided further, that if the Company lacks sufficient shares of authorized Common Stock to make the payment in Common Stock, then at the request of the Equity ConditionsHolder, unless waived by the Holder in writing, have been met and the Company shall have given make the Holder notice payment in accordance such form of preferred stock as the Company shall designate, with rights to convert to Common Stock upon the notice requirements set forth belowdue authorization of the shares of Common Stock that would be underlying the preferred stock.

Appears in 1 contract

Samples: Convertible Security Agreement (Xechem International Inc)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 69% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January 1, 2007 the earlier of (provided that interest due on January 1, 2007, i) the first such date after the Effective Date or (ii) July 1, 2007 2008, and January 1, 2008 upon on each Conversion Date (as to that principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being converted), upon a redemption event pursuant and on each Optional Redemption Date (as to Section 6(athat principal amount then being redeemed) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock Ordinary Shares at the Interest Conversion Rate, or a combination thereof Rate (the “Interest Conversion Shares” and the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock Ordinary Shares may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock Ordinary Shares are actually issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Securities Purchase Agreement (Edap TMS Sa)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 613% per annum, payable semiannually on January 1 and July 1, beginning quarterly on January 1, 2007 (provided that interest due on January April 1, 2007July 1 and October 1 during the terms hereof, July 1, 2007 and January 1, 2008 upon on each Conversion Date (as to that principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth herein), upon a redemption event pursuant to Section 6(aamount then being converted) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock (the “Interest Conversion Shares”) at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) so long as ADH Ventures, LLC is not the holder of all of the Debentures, all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are actually issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Analytical Surveys Inc)

Payment of Interest in Cash or Kind. The Commencing on April 1, 2010, the Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 68% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 12010, 2008 upon on each Conversion Date (as to that principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being converted), upon a redemption event pursuant to Section 6(a) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are actually issued to the Holder all of the Equity ConditionsHolder, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth belowbelow and (iii) as to such Interest Payment Date, prior to such Interest Notice Period (but not more than five (5) Trading Days prior to the commencement of such Interest Notice Period), the Company shall have delivered to the Holder’s account with The Depository Trust Company a number of shares of Common Stock to be applied against such Interest Share Amount equal to the quotient of (x) the applicable Interest Share Amount divided by (y) the then Conversion Price (the “Interest Conversion Shares”).

Appears in 1 contract

Samples: Convertible Security Agreement (Innovative Card Technologies Inc)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture Note at the rate of 610% per annum, payable semiannually quarterly, on January 1 and July each of November 1, beginning on January 2017, February 1, 2007 (provided that interest due on January 2018 and May 1, 20072018, July 1, 2007 and January 1, 2008 upon then monthly thereafter on each Monthly Redemption Date (as to that principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being redeemed), upon a redemption event pursuant on each Conversion Date (as to Section 6(athat principal amount then being converted), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 10 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are actually issued to the Holder all of the Equity ConditionsHolder, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth belowbelow (the “Interest Conversion Shares”).

Appears in 1 contract

Samples: Convertible Security Agreement (Advanced Environmental Petroleum Producers Inc.)

Payment of Interest in Cash or Kind. The No interest shall accrue or be payable until December 1, 2023. Thereafter, the Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 68% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January the first such date after December 1, 2007 2023, on each Monthly Redemption Date (provided as to that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being redeemed), upon a redemption event pursuant on each Optional Redemption Date (as to Section 6(a) that principal amount then being redeemed), on each Conversion Date (as to that principal amount then being converted), and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 5 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are actually issued to the Holder all of the Equity ConditionsHolder, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

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

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 68% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on the first such date shall be added after the Original Issue Date, on each Conversion Date (as to the that principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being converted), upon a redemption event pursuant to Section 6(a) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity ConditionsHolder, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (North American Technologies Group Inc /Tx/)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 610% simple interest per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January October 1, 2007 (provided that interest due on January 12006, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth herein), upon a redemption event pursuant to Section 6(a) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”). , in cash or duly authorized, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof of shares and cash (the amount to be paid in shares, the “Interest Share Amount”); provided, however, (i) payment in shares of Common Stock may only occur if during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met met, and the Company shall have given the Holder notice in accordance with the notice requirements set forth belowbelow and (ii) as to such Interest Payment Date, prior to the such Interest Notice Period (but not more 5 Trading Days prior to the commencement of the Interest Notice Period), the Company shall have delivered to the Holder’s account with The Depository Trust Company a number of shares of Common Stock to be applied against such Interest Share Amount equal to the quotient of (x) the applicable Interest Share Amount divided by (y) the then Conversion Price (the “Interest Conversion Shares”).

Appears in 1 contract

Samples: Convertible Security Agreement (Viral Genetics Inc /De/)

Payment of Interest in Cash or Kind. The This Note is issued with an original issue discount and accordingly has no regularly scheduled interest payment; provided, however, in the event that (i) the Company has not filed a Registration Statement for all of the Conversion Shares on or before the 45th day following the later of the Original Issue Date and the Public Company Date, (ii) the Company has not caused a Registration Statement to be declared effective as to all of the Conversion Shares on or before the 60th day following the filing of such Registration Statement (90th day in the event of a review) or (iii) at any time following the effective date of such Registration Statement the Registration Statement is unavailable for the resale of the Conversion Shares by the Holder (each of clauses (i) through (iii), a “Registration Default”), then during any such Periods that a Registration Default is pending until cured, the Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture Note (less any portion that the Registration Statement is then available if less than all of the Conversion Shares) at the rate of 615% per annum, payable semiannually on January 1 and July 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth herein), upon a redemption event pursuant to Section 6(a) and monthly on the Maturity Date (except that, if any such date is not a first Business Day, then such payment shall be due on the next succeeding Business Day) Day of each month (each such date, an “Interest Payment Date”), in cash or duly authorized, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof (the amount to be paid in shares, the “Interest Share Amount”); provided, however, payment in shares of Common Stock may only occur if during the 20 Trading Days immediately prior cash. Notwithstanding anything herein to the applicable Interest Payment Date (contrary, a Registration Default shall be deemed cured on such date that the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and the Company shall have given the Holder notice in accordance with the notice requirements set forth belowConversion Shares become eligible for resale without volume or manner-of-sale restrictions.

Appears in 1 contract

Samples: Collateral Agency and Intercreditor Agreement (Property Solutions Acquisition Corp.)

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Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 68% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January 1, 2007 2008, on each Optional Redemption Date (provided as to that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being redeemed), upon a redemption event pursuant on each Conversion Date (as to Section 6(a) that principal amount then being converted), and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Celsia Technologies, Inc.)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 6% per annum, payable semiannually on January 1 and July 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and 2007, January 1, 2008, July 1, 2008 and each date on which an interest payment upon principal outstanding on such date is due hereunder shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth herein), upon a redemption event pursuant to Section 6(a) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”), in cash or duly authorized, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof (the amount to be paid in shares, the “Interest Share Amount”); provided, however, payment in shares of Common Stock may only occur if during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Arkados Group, Inc.)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 610% per annum, payable semiannually on January 1 each Monthly Redemption Date (as to that principal amount then being redeemed and July 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on as otherwise accrued as of such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereindate), upon a redemption event pursuant on each Conversion Date (as to Section 6(athat principal amount then being converted), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”) (if any Interest Payment Date is not a Business Day, then the applicable payment shall be due on the next succeeding Business Day), in cash or or, at the Company’s option, in duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the “Interest Share Amount”)) or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 15 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are actually issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Spiral Toys Inc.)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 68% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on the first such date shall be added after the Original Issue Date, on each Conversion Date (as to the that principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being converted), upon a redemption event pursuant on each Optional Redemption Date (as to Section 6(athat principal amount then being redeemed) and on the Maturity Date (except thateach such date, an "Interest Payment Date") (if any such date Interest Payment Date is not a Business Day, then such the applicable payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”), in cash or duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the dollar amount to be paid in shares, the "Interest Share Amount”)") or a combination thereof; provided, however, that payment in shares of Common Stock may only occur if (i) all of the Equity Conditions have been met (unless waived by the Holder in writing) during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the "Interest Notice Period") and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, unless waived by the Holder in writing, have been met and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Star Energy Corp)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 610% per annum, payable semiannually on January May 1 and July November 1, beginning on January 1, 2007 (provided that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on the first such date shall be added after the Original Issue Date, on each Conversion Date (as to the that principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being converted), upon a redemption event pursuant on each Optional Redemption Date (as to Section 6(athat principal amount then being redeemed) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an “Interest Payment Date”), in cash or duly authorized, validly issued, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof Rate (the amount to be paid in shares, the “Interest Share Amount”), or a combination thereof; provided, however, that (i) payment in shares of Common Stock may only occur if during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the “Interest Notice Period”) and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions, Conditions have been met (unless waived by the Holder in writing, have been met ) and (ii) the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Telzuit Medical Technologies, Inc.)

Payment of Interest in Cash or Kind. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 68% per annum, payable semiannually quarterly on January 1, April 1, July 1 and July October 1, beginning on January 1, 2007 2006, on each Quarterly Redemption Date (provided as to that interest due on January 1, 2007, July 1, 2007 and January 1, 2008 upon principal outstanding on such date shall be added to the principal outstanding and shall thereafter bear interest at the rate set forth hereinamount then being redeemed), upon a redemption event pursuant on each Conversion Date (as to Section 6(athat principal amount then being converted) and on the Maturity Date (except that, if any such date is not a Business Day, then such payment shall be due on the next succeeding Business Day) (each such date, an "Interest Payment Date"), in cash or duly authorized, fully paid and non-assessable shares of Common Stock at the Interest Conversion Rate, or a combination thereof (the amount to be paid in shares, the "Interest Share Amount"); provided, however, payment in shares of Common Stock may only occur if during the 20 Trading Days immediately prior to the applicable Interest Payment Date (the "Interest Notice Period") and through and including the date such shares of Common Stock are issued to the Holder all of the Equity Conditions (excluding condition (ix) in the definition of Equity Conditions), unless waived by the Holder in writing, have been met and the Company shall have given the Holder notice in accordance with the notice requirements set forth below.

Appears in 1 contract

Samples: Convertible Security Agreement (Electronic Sensor Technology, Inc)

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