Terms of the Note Sample Clauses
Terms of the Note. 3.1. AMOUNT. The principal amount of the Note shall be $500,000.
Terms of the Note. The terms and conditions of the Note are set forth in the form of Note attached as Exhibit A hereto. Capitalized terms not otherwise defined herein shall have the meaning set forth in the Note.
Terms of the Note. 2.1 Beginning on the date this Note is issued, this Note shall bear interest at the noncompounded rate of ten percent (10%) per annum on the outstanding principal balance hereof. The Company shall pay all accrued interest thereon on a semi-annual basis, such payments to be made on March 31 and September 30 of each year (each an “Interest Payment Date”) until the earlier of (a) such time as the principal balance of the Note shall be paid in full or (b) the conversion of this Note pursuant to Section 6 hereof. Interest will be computed on the basis of a year of 365 days for the number of days actually elapsed. The Holder may elect, upon written notice to the Company provided at least 30 days prior to each Interest Payment Date, to waive the payment of accrued interest in cash and, instead, to add such accrued interest to the outstanding principal balance of this Note. Each such increase in the outstanding principal balance of this Note shall be effective as of the applicable Interest Payment Date and shall accrue interest pursuant to this Section 2.1. In the absence of a valid election by the Holder, accrued interest will be payable in cash.
2.2 The then outstanding principal balance of this Note, together with any accrued but unpaid interest thereon, shall be payable in full on the Maturity Date.
2.3 If any payment becomes due and payable under this Note on a Saturday, Sunday or legal holiday, the maturity thereof shall be extended to the next succeeding business day.
2.4 The entire outstanding principal balance of this Note, together with all accrued but unpaid interest thereon, shall become due and payable upon the consummation of either (a) a reorganization, merger or consolidation of the Company (any of the foregoing, a “Merger”), in each case, with respect to which all or substantially all of the individuals and entities who were the beneficial owners of the outstanding Common Stock immediately prior to such Merger do not, following such Merger, beneficially own, directly or indirectly, more than 50% of the then outstanding shares of voting stock of the corporation resulting from the Merger, or (b) the sale or other disposition of all or substantially all of the assets of the Company, excluding a sale or other disposition of assets to a subsidiary of the Company. For purposes of the foregoing, in no event shall the sale or other disposition of all or any portion of the Company’s Green Tech Products business (whether by merger, sale of stock, sale of as...
Terms of the Note. The terms and conditions of the Note are set forth in the Note.
Terms of the Note. The terms and conditions of the Note are set forth in the form of Note attached as Appendix B hereto.
Terms of the Note. The Note shall be payable in a single installment of principal due ninety days from the Closing Date. Interest on the Note shall accrue at the lowest rate necessary to avoid the imputation of interest under the Code.
Terms of the Note. The interest rate on the Note will be at the rate of nineteen percent (19%) per annum and shall be computed on the basis of a year of 360 days for the actual number of days elapsed. Interest on this Note shall compound on an annual basis and shall be payable in arrears. The interest and the principal shall be due and payable in one (1) installment on the Maturity Date. This Note shall mature on the third year anniversary of the date first set forth above (the "Maturity Date").
Terms of the Note. (a) The Corporation hereby acknowledges itself indebted and promises to pay the Principal Xxxxxx and accrued interest to the Holder on the earlier of:
(i) the Maturity Date; and
(ii) such other date as contemplated by Section 3.01.
(b) The Principal Amount outstanding at any time, and from time to time shall bear interest before maturity, demand, default, and judgment at a rate of 5% per annum. Such interest shall be calculated daily, compounded annually and payable at the Maturity Date. The Principal Amount and any unpaid interest outstanding at any time, and from time to time, from and after the Maturity Date shall bear interest from and after maturity, demand, default, and judgment at a rate of 25% per annum.
(c) Interest which is calculated under this Note on any basis other than a full calendar year (the “deemed interest period”) is, for the purposes of the Interest Act (Canada), equivalent to a yearly rate calculated by dividing such interest rate by the actual number of days in the deemed interest period, then multiplying such result by the actual number of days in the calendar year (365 or 366).
(d) Any payments in respect of amounts due under this Note shall be applied first in satisfaction of any accrued and unpaid interest, and then to the Principal Amount outstanding.
(e) The Borrower waives presentment for payment, notice of non-payment, notice of dishonour, and notice of protest of this Note. The Borrower also waives the benefits of division and discussion and the right to assert in any action or proceeding with regard to this Note any set-offs or counterclaims which the Borrower may have.
(f) Neither the extension of time for making any payment which is due and payable under this Note at any time or times, nor the failure, delay, or omission of the Holder to exercise or enforce any of its rights or remedies under this Note, shall constitute a waiver by the Holder of its right to enforce any such rights and remedies subsequently. The single or partial exercise of any such right or remedy shall not preclude the Holder’s further exercise of such right or remedy or any other right or remedy.
Terms of the Note. The Note is convertible at $0.20 per share into shares of the Company’s Common Stock at the discretion of the Investor. The Note also automatically converts upon certain trigger events which are described in the Note. The Note is due two years from the date of investment and pays 5% per annum interest. A copy of the Note is attached as Exhibit A to the Term Sheet.
Terms of the Note. The Note shall be substantially in the form attached hereto as Exhibit “A” and shall have the following terms:
(i) maturity of twelve (12) months following the Effective Date subject, however, to an option by Borrower to extend such date an additional six (6) months (the “Maturity Date”);
(ii) the entire Principal Amount of the Note and all interest, as accrued, shall be due and payable at the Maturity Date;
(iii) the Note may be prepaid by the Borrower at any time prior to the Maturity Date without penalty; provided however, that monthly or periodic payments of principal or interest shall not be required until the Maturity Date; and
(iv) interest shall accrue on the Principal Amount at the rate of five percent (5.0%) per annum.