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 aggregate unconverted and then outstanding principal amount of this Note at the rate of 8% per annum, payable monthly, 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), on each Mandatory 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. The initial twelve (12) months’ interest amount shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable in connection with any conversion of this Note (the “Make Whole”).

Appears in 4 contracts

Samples: Convertible Security Agreement (ShiftPixy, Inc.), Convertible Security Agreement (ShiftPixy, Inc.), Convertible Security Agreement (ShiftPixy, Inc.)

AutoNDA by SimpleDocs

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note at the rate of 89.75% per annumannum (the “Interest Rate”), payable monthly(i) on a monthly basis on the first business day of each month, beginning on the first such date after the Original Issue Date, on (ii) each Conversion Call Date (as to that the then outstanding principal amount then being converted), on each Optional Redemption Date (of the Note as to that principal amount then being redeemed), on each Mandatory Redemption Date (as to that principal amount then being redeemedof such Call Date) and (iii) 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. The initial twelve (12) months’ interest amount ; provided, however, that the Interest Rate hereunder shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable subject to automatic adjustment as set forth in connection with any conversion of this Note (the “Make Whole”Section 2(b).

Appears in 2 contracts

Samples: Convertible Security Agreement (PSQ Holdings, Inc.), Convertible Security Agreement (PSQ Holdings, 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 Note Debenture at the rate of 8% ten percent (10%) per annum, which twelve (12) months’ interest amount shall be guaranteed, payable monthlyquarterly 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), on each Mandatory Redemption Date (as to that principal amount then being redeemed), on each Monthly 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. The initial twelve (12) months’ interest amount shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable in connection with any conversion of this Note (the “Make Whole”).

Appears in 2 contracts

Samples: Convertible Security Agreement (xG TECHNOLOGY, INC.), Convertible Security Agreement (xG TECHNOLOGY, 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 Note at the rate of 8% nine percent (9%) per annum, payable monthlyquarterly 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), on each Mandatory 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. The initial twelve (12) months’ Upon the occurrence of an Event of Default, the Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable in connection with any conversion of this Note at the rate of twenty percent (the “Make Whole”)20%) per annum.

Appears in 1 contract

Samples: Convertible Security Agreement (Optimus Healthcare Services, 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 Note Debenture at the rate of 8% per annum. On October 1, payable monthly2009, beginning any interest that has accrued on the first such date after Debenture up through September 30, 2009 and has not been paid, shall be added to the Original Issue Datethen principal amount of the Debenture, and thereafter interest shall be payable on the 1st of each month, commencing immediately upon November 1, 2009, 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), on each Mandatory 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. The initial twelve (12) months’ interest amount shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable in connection with any conversion of this Note (the “Make Whole.).

Appears in 1 contract

Samples: Amendment to Debentures and Warrants, Agreement and Waiver (Ecotality, Inc.)

AutoNDA by SimpleDocs

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount of this Note at the rate of eight percent (8% %) per annum, payable monthly, beginning on the first such date day of the first month 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), on each Mandatory 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. The initial twelve (12) months’ Upon the occurrence of an Event of Default, the Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable in connection with any conversion of this Note at the rate of twenty percent (the “Make Whole”)20%) per annum.

Appears in 1 contract

Samples: Convertible Security Agreement (Charge Enterprises, 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 Note at the rate of eight percent (8% %) per annum, payable monthlyquarterly 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), on each Mandatory 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. The initial twelve (12) months’ Upon the occurrence of an Event of Default, the Company shall pay interest to the Holder on the aggregate unconverted and then outstanding principal amount shall be guaranteed and the remaining unpaid portion thereof shall be accelerated and payable in connection with any conversion of this Note at the rate of twenty percent (the “Make Whole”)20%) per annum.

Appears in 1 contract

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

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!