Repayment of Term Note. If the Company raises capital through the sale of Equity Interests or New Securities for cash as part of a financing transaction, the Company shall direct 100% of such net proceeds from such issuance to repay the Term Note.
Repayment of Term Note. The Term Note shall be due and payable in full on the third anniversary date of the Term Note. The Term Note shall be amortized over a five-year period. The Borrowers agrees to pay to the Lender on a monthly basis principal and accrued interest on the Term Note during the first three years of the Term Note and shall pay all amounts of principal and accrued interest which remain on the Term Note on the third anniversary of the Term Note.
Repayment of Term Note. The principal balance of the Term Note shall be payable in sixty (60) consecutive monthly installments of principal, the first fifty-nine (59) of which shall be in an amount equal to Fifty Thousand and 00/100 ($50,000.00) Dollars each, commencing on December 1, 2008 with each succeeding installment being due on the first day of each month thereafter until October 1, 2013 with a final payment due on the Maturity Date in an amount equal to the then outstanding principal balance of the Term Note.”
Repayment of Term Note. The Term Note shall be due and payable as provided in the Term Note.
Repayment of Term Note. The entire unpaid principal balance of the Term Note, and all unpaid interest accrued thereon, shall be due and payable on the Maturity Date. All prepayments of amounts outstanding under the Term Note shall be applied first to any fees payable by the Borrower to the Lender, next to any accrued but unpaid interest, and finally to outstanding principal amounts. The Borrower’s obligation to repay the term loan advance(s) and to pay interest on it shall be evidenced by the Term Note and shall be secured by the collateral described in the Pledge Agreement.
