Common use of Payment of Notes; Satisfaction of Obligations Clause in Contracts

Payment of Notes; Satisfaction of Obligations. The Issuer shall pay the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. To the extent lawful, the Issuer shall pay interest (including interest accruing after the commencement of any proceeding under any Bankruptcy Law) on all unpaid amounts outstanding under the Notes (including overdue installments of principal or interest) at a rate equal to 14% per annum, compounded quarterly.

Appears in 1 contract

Sources: Securities Purchase Agreement (American Residential Investment Trust Inc)

Payment of Notes; Satisfaction of Obligations. The Issuer shall pay the principal of, premium, if any, and interest on on, the Notes on the dates and in the manner provided in the Notes. To the extent lawful, the Issuer shall pay interest (including interest accruing after the commencement of any proceeding under any Bankruptcy Law) on all unpaid amounts outstanding under the Notes (including overdue installments of principal or interest) at a rate equal to 1410% per annum, compounded quarterlyannually.

Appears in 1 contract

Sources: Securities Purchase Agreement (American Residential Investment Trust Inc)