Common use of Payment of Principal and Interest; Method of Payment Clause in Contracts

Payment of Principal and Interest; Method of Payment. 1.1. Payment, if any, of the principal and accrued interest on this Note shall be made in cash, in immediately available funds, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Interest (computed on the basis of a 360-day year of twelve 30-day months) shall accrue on the unpaid portion of said principal amount from time to time outstanding at the Stated Interest Rate (as defined below), and shall be paid by the Company to the Payee in arrears on the last day of each calendar quarter unless required to be paid earlier by the terms of the Loan Agreement. Both principal hereof and interest hereon are payable at such address as the Holder shall designate from time to time by written notice to the Company. The Company will pay or cause to be paid all sums becoming due hereon for principal and interest by check or wire transfer, at the Holder’s election, and, without any requirement for the presentation of this Note or making any notation thereon, except that the Holder hereof agrees that payment of the final amount due shall be made only upon surrender of this Note to the Company for cancellation. Prior to any sale or other disposition of this instrument, the Holder hereof agrees to endorse hereon the amount of principal paid hereon and the last date to which interest has been paid hereon and to notify the Company of the name and address of the transferee. As used herein, the “

Payment of Principal and Interest; Method of Payment. 1.11.1 Payment of Principal and Interest. Payment, if any, Payment of the principal and accrued interest on this Note shall be made in cash, in immediately available funds, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts. Interest (computed on the basis of a 360-day year for the number of twelve 30-day monthsdays elapsed) shall accrue on the unpaid portion of said principal amount from time to time outstanding at the Stated Interest Rate (as defined below), and shall be paid by the Company to at the Payee rate of Eighteen Percent (18%) per annum, in arrears like coin and currency, on a monthly basis. Interest shall accrue from the date set forth for the respective Holder on the last day of each calendar quarter unless required to be paid earlier by attached Exhibit A (the terms of the Loan Agreement“Issuance Date”). Both principal hereof and interest hereon thereon are payable at the Holder's address as set forth on Exhibit A or such other address as the Holder shall designate from time to time by written notice to the Company. The Company will pay or cause to be paid all sums becoming due hereon for principal and interest by check or wire transfercheck, at sent to the Holder’s election, and's address, without any requirement for the presentation of this Note or making any notation thereon, except that the Holder hereof agrees that payment of the final amount due shall be made only upon surrender of this Note to the Company for cancellation. No principal payments shall be due until the Maturity Date at which time all principal shall be due. Prior to any sale or other disposition of this instrument, the Holder hereof agrees to endorse hereon the amount of principal paid hereon and the last date to which interest has been paid hereon and to notify the Company of the name and address of the transferee. As used herein, transferee in accordance with the “terms of Section 2.2 of this Note.