Common use of Interest; Interest Rate; Payment Clause in Contracts

Interest; Interest Rate; Payment. (a) Each of the Notes shall bear interest at a rate equal to eight (8%) percent (the "Interest Rate") per annum based on a 365-day year and shall be payable quarterly in arrears. Interest (other than interest accruing as a result of a failure by Seller to pay any amount when due as set forth in subsection (b) below) in respect of each of the Notes shall accrue until all amounts remaining owed under such Note shall be fully repaid or the date on which such Note shall be fully converted into Conversion Shares (the "Conversion Date"), as the case may be, and shall be payable in full on the earlier of (i) the Note Maturity Date, (ii) if only the principal of such Note shall have been converted, and such conversion shall have occurred prior to the Note Maturity Date, ten (10) days after the Conversion Date or (iii) otherwise in accordance with Section 6.2(c)(iii) hereof; PROVIDED, HOWEVER, that any interest accruing on overdue amounts pursuant to subsection (b) of this Section 3.3 shall be payable on demand. (b) If all or a portion of the principal amount of any of the Notes or any interest payable thereon shall not be repaid when due whether on the applicable repayment date, by acceleration or otherwise, such overdue amounts on such Note shall bear interest at a rate per annum that is three (3%) percent above the Interest Rate (I.E., 11%) from the date of such non-payment until such amount is paid in full (after as well as before judgment). All payments to be made by Seller hereunder or pursuant to the Notes shall be made, without setoff or counterclaim, in lawful money of the United States by certified check or wire transfer in immediately available funds.

Interest; Interest Rate; Payment. (a) Each of the Notes shall bear interest at a rate equal to eight (8%) percent (the "Interest Rate") per annum based on a 365-day year and shall be payable quarterly in arrears. Interest (other than interest accruing as a result of a failure by Seller to pay any amount when due as set forth in subsection (b) below) in respect of each of the Notes shall accrue until all amounts remaining owed under such Note shall be fully repaid or the date on which such Note shall be fully converted into Conversion Shares (the "Conversion Date"), as the case may be, and shall be payable in full on the earlier of (i) the Note Maturity Date, (ii) if only the principal of such Note shall have been converted, and such conversion shall have occurred prior to the Note Maturity Date, ten (10) days after the Conversion Date or (iii) otherwise in accordance with Section 6.2(c)(iii) hereof; PROVIDED, HOWEVER, that any interest accruing on overdue amounts pursuant to subsection (b) of this Section 3.3 shall be payable on demand. (b) If all or a portion of the principal amount of any of the Notes or any interest payable thereon shall not be repaid when due whether on the applicable repayment date, by acceleration or otherwise, such overdue amounts on such Note shall bear interest at a rate per annum that is three (3%) percent above the Interest Rate (I.E.i.e., 11%) from the date of such non-payment until such amount is paid in full (after as well as before judgment). All payments to be made by Seller hereunder or pursuant to the Notes shall be made, without setoff or counterclaim, in lawful money of the United States by certified check or wire transfer in immediately available funds.

Interest; Interest Rate; Payment. (a) Each of the Notes The Note shall bear interest (other than interest accruing as a result of a failure by Issuer to pay any amount when due as set forth in subparagraph (b) below) at a an annual interest rate equal to eight percent (8%) percent per annum on the then outstanding principal balance (the "“Interest Rate") per annum based on a 365-day year and shall be payable quarterly in arrears”). Interest (other than interest accruing as a result of a failure by Seller Issuer to pay any amount when due as set forth in subsection subparagraph (b) below) in respect of each of the Notes shall accrue until all amounts remaining owed under such the Note shall be fully repaid or the date on which such Note shall be fully converted converted, in whole, into the Conversion Shares (the "“Conversion Date"”), as the case may be, and shall be due and payable quarterly in full arrears on the earlier last business day of (i) each calendar quarter following the Note Maturity Date, (ii) if only the principal of such Note shall have been converted, and such conversion shall have occurred prior to the Note Maturity Date, ten (10) days after the Conversion Date or (iii) otherwise in accordance with Section 6.2(c)(iii) hereof; PROVIDED, HOWEVER, that any interest accruing on overdue amounts pursuant to subsection (b) of this Section 3.3 shall be payable on demandissuance date. (b) If all or a portion of the principal amount of any of the Notes Note or any interest payable thereon shall not be repaid when due whether on the applicable repayment date, by acceleration or otherwise, such overdue amounts on such Note shall bear interest at a rate per annum that is three percent (3%) percent above the Interest Rate (I.E., 11%) from the date of such non-payment until such amount is paid in full (after before as well as before after judgment). . (c) All payments to be made by Seller Issuer hereunder or pursuant to the Notes shall be made, without setoff or counterclaim, in lawful money of the United States by certified check or wire transfer in immediately available funds.