Common use of Payment and Redemption Clause in Contracts

Payment and Redemption. Upon ten (10) days written notice to the Holder (each, a “Repayment Period”), the Company may repay the total outstanding amount under this Note as provided herein. If the Company exercises its right to repay the Note, the Company shall make payment to the Holder of an amount in cash equal to the sum of the then outstanding principal amount and interest of this Note multiplied by 130% within the first 90 days of Issuance or 150% beyond 90 of Issuance (the “Repayment Amount”). Holder can convert the Note during each Repayment Period. Upon the occurrence of an Event of Default, the Holder shall have the right to require the Company to make payment to the Holder of an amount in cash equal to the Mandatory Default Amount.