Common use of Minimum Monthly Principal Payments Clause in Contracts

Minimum Monthly Principal Payments. Payments of the Principal Amount shall begin on June 1, 2006 and shall recur on each succeeding Repayment Date thereafter until the Principal Amount has been repaid in full, whether by the payment of cash or by the conversion of such principal into Common Stock pursuant to the terms hereof. Subject to Section 2.1 and Article III below, on each Repayment Date, the Borrower shall make payments to the Holder in the amount of $32,954.53 (the “Monthly Principal Amount”), together with any accrued and unpaid interest then due on the Principal Amount plus any and all other amounts which are then owing under this Term Note that have not been paid (the Monthly Principal Amount, together with such accrued and unpaid interest and such other amounts, collectively, the “Monthly Amount”). Any Principal Amount that remains outstanding on the Maturity Date shall be due and payable on the Maturity Date.

Minimum Monthly Principal Payments. Payments Amortizing payments of the outstanding Principal Amount shall begin on June March 1, 2006 2005 and shall recur on each succeeding Repayment Date thereafter until the Amortizing Principal Amount has been repaid in full, whether by the payment of cash or by the conversion of such principal into Common Stock pursuant to the terms hereof. Subject to Section 2.1 and Article III 3 below, on each Repayment Date, the Borrower shall make payments to the Holder in the amount of $32,954.53 60,606 (the “"Monthly Principal Amount”"), together with any accrued and unpaid interest then due on such portion of the Principal Amount plus any and all other amounts which are then owing under this Term Note that have not been paid (the Monthly Principal Amount, together with such accrued and unpaid interest and such other amounts, collectively, the “"Monthly Amount”"). Any Principal Amount that remains outstanding on the Maturity Date shall be due and payable on the Maturity Date.