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 Debenture at the rate of 6% 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), 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.

Appears in 2 contracts

Samples: Convertible Security Agreement (xG TECHNOLOGY, INC.), Convertible Security Agreement (xG TECHNOLOGY, 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 68% per annum, payable quarterly payable, as the case may be, (i) monthly, on January 1, April 1, July 1 and October 1the tenth calendar day of each month, beginning on the first such date after the Original Issue DateFebruary 10, 2022, (ii) on each Monthly Redemption Date (as to that principal amount then being redeemed), (iii) on each Conversion Date (as to that principal amount then being converted), (iv) 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 (v) 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 (NightFood 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 Debenture at the rate of 68% per annum, payable quarterly on January 1, April 1, July 1 and . On October 1, beginning 2009, 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), 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.

Appears in 1 contract

Samples: Convertible Security Agreement (Ecotality, Inc.)

Payment of Interest in Cash. The Company shall pay interest to the Holder on the aggregate unconverted unredeemed and then outstanding principal amount of this Debenture at the rate of 610% 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 Quarterly 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; provided that, notwithstanding the forgoing, the Company shall pay interest to the Holder on the aggregate unredeemed and then outstanding principal amount of this Debenture at the rate of 12% per annum for the period from December 1, 2009 until April 9, 2010.

Appears in 1 contract

Samples: Debenture Amendment (Epic Energy Resources, 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 68% per annum, accruing beginning January 1, 2009 and payable quarterly on each January 1, April 1, July 1 and October 1, beginning on the first such date after the Original Issue Dateand including April 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), 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.

Appears in 1 contract

Samples: Amendment to Debentures and Warrants, Agreement and Waiver (Ecotality, 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 610% per annum, accruing from the date hereof, payable quarterly monthly, commencing on January 1and after the third month after the Closing Date, April 1, July 1 and October 1on the eighteenth calendar day of each month, beginning on the first such date after the Original Issue DateFebruary 18, 2022, 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), 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.

Appears in 1 contract

Samples: Convertible Security Agreement (Gaming Technologies, 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 612.5% 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), on each Mandatory Redemption Date (as to that principal amount then being redeemed), on each Monthly Redemption Date (as to that interest and 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 (SOCIAL REALITY, Inc.)

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