Common use of Payment of Interest in Cash Clause in Contracts

Payment of Interest in Cash. The Company shall pay interest to the Holder on the then outstanding principal amount of this Debenture at the rate of 5% per annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on the first such date after the Original Issue Date, on each Conversion Date (as to that principal amount then being converted) on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 6 contracts

Samples: Convertible Security Agreement (PLC Systems Inc), Convertible Security Agreement (PLC Systems Inc), Convertible Security Agreement (PLC Systems Inc)

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Payment of Interest in Cash. 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 5% eight percent (8%) per annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on the first such date after the Original Issue Date, on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 4 contracts

Samples: Convertible Security Agreement (Charge Enterprises, Inc.), Convertible Security Agreement (Charge Enterprises, Inc.), Convertible Security Agreement (GoIP GLOBAL, INC.)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 58% per annum, payable quarterly on January September 1, April December 1, July March 1 and October June 1, beginning on the first such date after the Original Issue DateSeptember 1, 2017, on each Quarterly Redemption Date (as to that principal amount then being redeemed), on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 2 contracts

Samples: Convertible Security Agreement (Toughbuilt Industries, Inc), Convertible Security Agreement (Toughbuilt Industries, Inc)

Payment of Interest in Cash. 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 512.5% per annum, payable quarterly monthly, commencing on January 1, April 1, July 1 and October 1, the 2nd calendar day of each calendar month beginning on the first such date after the Original Issue DateApril 2, 2022 on each Conversion Monthly Redemption Date (as to that principal amount then being converted) on redeemed), each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 2 contracts

Samples: Convertible Security Agreement (Curative Biotechnology Inc), Convertible Security Agreement (Curative Biotechnology Inc)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 58% per annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on the first such date after the Original Issue DateApril 1, 2016, on each Periodic Redemption Date (as to that principal amount then being redeemed), on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 2 contracts

Samples: Convertible Security Agreement (PFO Global, Inc.), Convertible Security Agreement (PFO Global, Inc.)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 58% per annum, payable quarterly on January March 1, April June 1, July September 1 and October December 1, beginning on the first such date after the Original Issue DateSeptember 1, 2014, on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 1 contract

Samples: Securities Purchase Agreement (Legend Oil & Gas, Ltd.)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate then outstanding principal amount of this Debenture at the rate of 516% per annum, payable quarterly on January 1, April 1, July 1 1, and October 1, beginning on the first such date after the Original Issue DateOctober 1, 2011, on each Conversion Quarterly Redemption Date (as to that principal amount then being converted) redeemed), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.. 1 One-fourth of the principal amount

Appears in 1 contract

Samples: Security Agreement (Digital Angel Corp)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 5% per annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on annum for the first such date after 12 months following the Original Issue Date, then 6% per annum for the next 12 months, and 8% per annum until the Maturity Date, payable on each Monthly Redemption Date (as to that principal amount then being redeemed), on each Conversion Date (as to that principal amount then being converted) on each Optional Redemption Date (as to that principal amount then being redeemed) ), and on the Maturity Date (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.

Appears in 1 contract

Samples: Convertible Security Agreement (Agriforce Growing Systems Ltd.)

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Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 58% per annum, payable quarterly on January 1, April 1, July 1 and October 1, beginning on the first such date after the Original Issue Date, on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) ), and on the Maturity Date (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 cashcash and, on each Forced Conversion Date (as to that principal amount then being converted), interest in shares of Common Stock as contemplated by Section 6(c).

Appears in 1 contract

Samples: Convertible Security Agreement (Digital Ally Inc)

Payment of Interest in Cash. 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 510% per annum, payable quarterly monthly, commencing on January 1, April 1, July 1 and October 1the 11th calendar day of each month, beginning on the first such date after the Original Issue DateMay 11, 2022, on each Conversion Monthly Redemption Date (as to that principal amount then being converted) on redeemed), each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 1 contract

Samples: Convertible Security Agreement (Jupiter Neurosciences, Inc.)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 510% per annum, payable quarterly semi-annually on January 1, April 1, July 1 December 31 and October 1June 30, beginning on the first such date after the Original Issue DateDecember 31, 2018, on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 1 contract

Samples: Convertible Security Agreement (theMaven, Inc.)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Debenture at the rate of 5% per annum, payable quarterly on January March 1, April June 1, July September 1 and October December 1, beginning on the first such date after the Original Issue Date, on each Conversion Date (as to that principal amount then being converted) ), on each Optional Redemption Date (as to that principal amount then being redeemed) and on the Maturity Date (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.

Appears in 1 contract

Samples: Convertible Security Agreement (Adrenalina)

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