Prepayment of Debenture Sample Clauses

Prepayment of Debenture. For so long as no Event of Default shall have occurred and is continuing and the Company is not in receipt of a Notice of Conversion from the Holder of the Debenture, the Company may, at its option, prepay, in whole or in part, this Convertible Debenture for a pre-payment price (the "Pre-payment Price") equal to the outstanding principal amount of the Debenture, plus all accrued and unpaid interest. The Company shall not be entitled to send any notice of prepayment and begin the prepayment procedure unless it has (i) the full amount of the Prepayment Price, in cash, available in a demand or other immediately available account in a bank or similar financial institution or (ii) immediately available credit facilities, in the full amount of the Prepayment Price, with a bank or similar financial institution on the date the prepayment notice is sent to the Holders of this Convertible Debenture. Provided, however, the Company will process any Notice of Conversion received prior to the issuance of a notice of prepayment; and further provided that, after a notice of prepayment has been issued, the Holder may issue a Notice of Conversion which will not be honored unless the Company fails to make the prepayment payment when due. In the event of such failure, the Notice of Conversion will be honored as of the date of the Notice of Conversion
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Prepayment of Debenture. Except as provided in Section 2.03, the Company shall not be entitled to prepay any of the outstanding amount of this Debenture.
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Prepayment of Debenture. At any time on and after the first anniversary of the date of this Debenture, the Company may prepay the outstanding principal amount of this Debenture, in whole or in part, plus accrued and unpaid interest, if any, to the applicable prepayment date (each a "Prepayment Date"), upon sixty (60) calendar days' prior written notice from the Company to the Holder; provided that no such notice shall be given prior to the first anniversary of the date hereof; and provided further, that the amount to be paid by the Company upon any such prepayment (the "Prepayment Amount") shall be equal to the sum of (i) the principal amount of this Debenture to be prepaid (the "Prepaid Principal Amount"), plus (ii) all accrued and unpaid interest on the Prepaid Principal Amount to the Prepayment Date, plus (iii) an additional amount (the "Premium Amount") determined by multiplying the Prepaid Principal Amount by the amounts set forth in the following schedule: Prepayment Date Multiple --------------- -------- June 1, 1999 - March 31, 2000 0.20 April 1, 2000 - March 31, 2001 0.15 April 1, 2001 - March 31, 2002 0.10 April 1, 2002 - March 31, 2003 0.05 From and after April 1, 2003 0.00 On any Prepayment Date, upon receipt by the Company of the original Debenture, the Company shall pay to the Holder of any Debenture which has been called for prepayment and has not been previously converted into shares of Common Stock pursuant to Section 1 hereof, the Prepayment Amount. After the close of business on any Prepayment Date, whether or not this Debenture shall have been delivered to the Company, the principal amount of this Debenture shall be reduced by the Prepaid Principal Amount. The prepaid principal shall cease to accrue interest and all rights of the Holder thereof with respect to such prepaid principal amount shall cease on such date, except the right to receive the amount payable hereunder on presentation and surrender of the original Debenture. If any such prepayment is in part only, a new Debenture of like tenor shall be issued to the registered holder hereof, such new Debenture to be in the principal amount equal to the principal amount hereof minus the principal amount (but not the Premium Amount) prepaid. Any prepayment by the Company shall be made on a pro rata basis with all of the Company's other 7% Convertible Subordinated Debentures. Notwithstanding the foregoing, the Company's right to prepay this Debenture is subject to the Holder's right to convert all or a portion o...
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Prepayment of Debenture. Subject to the terms and conditions of this Amendment Agreement, the Company hereby agrees to pay, and Holder agrees to accept payment of, a total of $300,000 as a prepayment of the principal amount of the Debentures and $120,000 as a prepayment premium, for a total payment of $420,000 (the “Prepayment Amount”). The Company shall pay $300,000 of the Prepayment Amount by one or more wire transfers of immediately available funds to the Holder pursuant to the wire transfer instructions set forth on the signature pages attached hereto on the Effective Date. Of this $300,000, $193,333.33 shall be used to satisfy the entire outstanding amounts under the New Debenture and $106,667.67 shall be used to prepay outstanding principal under the Exchange Debenture. The Company shall pay $120,000 of the Prepayment Amount by issuing to Holder 1,714,286 shares of the Company’s Common Stock (“Prepayment Shares”), at an effective price of $0.07 per Prepayment Share. The Company shall issue and deliver the Prepayment Shares to Holder through The Depository Trust Company Deposit or Withdrawal at Custodian system for credit to the Holder’s account set forth on the signature page hereto on the Effective Date.
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Prepayment of Debenture. 5 4.1 Optional Prepayment of Debenture and Notice of Prepayments.......5 4.2
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Prepayment of Debenture. The Debenture issued to Venture Capital in the principal amount of Four Million ($4,000,000) Dollars, shall remain in full force and effect, provided, however, that the principal amount with accrued interest thereon shall be paid in full in immediately available funds within one (1) business day after the Company's receipt and closing on or after the date hereof, of equity and/or debt financing, equal to or in excess of $9 million (the "Final Payment Date"), and upon such payment, the Debenture shall no longer be in force and effect and shall be deemed paid in full and all rights and obligations thereunder shall terminate.
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Prepayment of Debenture. On the date of execution of this letter agreement by the parties (the “Effective Date”), the Company shall prepay $400,000 in principal amount of the existing Debenture, minus $20,000 in accrued and paid interest thereon. Such principal prepayment, minus interest, therefore totaling $380,000, shall be made by wire transfer of immediately available funds to an account designated by Vision.
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Prepayment of Debenture. The principal amount of Debenture(s) and any accrued and unpaid interest thereon, may not be prepaid by the Company unless such election to prepay the principal amount of the Debenture(s) and any unpaid interest, is approved by the Investors holding the majority of the total principal amount of and any unpaid interest on the Debentures, issued pursuant to the Financing and outstanding at the time of such election to prepay.
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Prepayment of Debenture 
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Related to Prepayment of Debenture

  • Prepayment of Debt Make any prepayment (whether optional or mandatory), repurchase, redemption, defeasance or any other payment in respect of any Subordinated Debt.

  • Repayment of Debt Upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Creditors, severally and not jointly, agree to cancel the Debt, up to an aggregate of $124,184.26 as the payment for the Shares at a price of $0.460829 per share. Each Creditor’s Debt Cancellation Amount as set forth on the signature page hereto executed by such Creditor shall be settled for “Delivery Versus Payment” with the Company. The Company shall deliver the Shares to the Creditors as the repayment of Debt within 30 days of this Agreement.

  • Prepayment of Notes (a) The Company at its option may, upon ten days' written notice to the Holders, at any time, prepay all or any part of the principal amount of Notes at a redemption price equal to 101% (or, if the Company shall have paid the fee required by Section 6.18(b), 100%) of the principal amount of Notes so prepaid, together with accrued interest through the date of prepayment; provided, 18 that the redemption price shall be 103% of par plus accrued interest if the Notes are refunded (whether at the time of redemption or maturity) with or in anticipation of funds raised by any financing transaction in which DLJSC has not acted as sole agent or underwriter to the Company (unless DLJSC, in its sole discretion, shall have consented thereto). (b) The Company shall, promptly upon the receipt by the Company of the Net Cash Proceeds of any Designated Transaction, prepay an aggregate principal amount of Notes equal to the amount of such Net Cash Proceeds, at a redemption price equal to 101% of the principal amount of the Notes so prepaid, together with accrued interest through the date of prepayment; provided, that the redemption price shall be 103% of par plus accrued interest if the Notes are refunded (whether at the time of redemption or maturity) with or in anticipation of funds raised by any financing transaction in which DLJSC has not acted as sole agent or underwriter to the Company (other than a fully underwritten bank financing pursuant to a signed commitment letter containing only such conditions as are usual and customary in such financings and which does not contain any condition relating to the successful syndication of such transaction); and provided, further, that Notes shall be required to be so prepaid only to the extent that Net Cash Proceeds from all Designated Transactions on and after the date hereof exceed $1,000,000. (c) The Company shall, immediately upon the occurrence of a Change in Control, prepay all Notes then outstanding at a redemption price equal to 103% of the principal amount thereof, together with accrued interest through the date of prepayment. (d) Any prepayment of the Notes pursuant to Section 2.6(a) shall be in a minimum amount of at least $1,000,000 and multiples of $1,000,000, unless less than $1,000,000 of the Notes remains outstanding, in which case all of the Notes must be prepaid. Any prepayment of the Notes pursuant to Section 2.6(b) shall be in a minimum amount which is a multiple of $1,000 times the number of Holders at the time of such prepayment. (e) Any partial prepayment shall be made so that the Notes then held by each Holder shall be prepaid in a principal amount which shall bear the same ratio, as nearly as may be, to the total principal amount being prepaid as the principal amount of such Notes held by such Holder shall bear to the aggregate principal amount of all Notes then outstanding. In the 19 event of a partial prepayment, upon presentation of any Note the Company shall execute and deliver to or on the order of the Holder, at the expense of the Company, a new Note in principal amount equal to the remaining outstanding portion of such Note.

  • Redemption of Debentures 17 Section 3.1 Redemption................................................17 Section 3.2 Special Event Redemption..................................17 Section 3.3 Optional Redemption by Company............................17 Section 3.4

  • Prepayment of the Notes In addition to the payment of the entire unpaid principal amount of the Notes at the final maturity thereof, the Company will make required, and may make optional, prepayments in respect of the Notes as hereinafter provided.

  • Subordination of Debentures 49 13.1 Agreement to Subordinate......................................49 13.2 Default on Senior Debt, Subordinated Debt or Additional Senior Obligations..............................49 13.3

  • Conversion of Debentures Section 16.01.

  • Form of Debenture The Debenture and the Trustee's Certificate of Authentication to be endorsed thereon are to be substantially in the forms contained as Exhibit A to this Indenture, attached hereto and incorporated herein by reference.

  • Other Notes The Borrower agrees that it shall not provide any holder of the Notes issued on or about March 6, 2007, August 5, 2008, September 29, 2008 or October 31, 2008 (the "Other Notes") any concession or payment with respect to such Other Notes without first offering the Lender the opportunity to receive such payment or concession with respect to the Notes.

  • Repayment of Loans; Evidence of Debt (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that a Revolving Borrowing is made, the Borrower shall repay all Swingline Loans then outstanding. (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender’s share thereof. (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

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