Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 8 contracts
Sources: Convertible Security Agreement (American Natural Energy Corp), Convertible Security Agreement (Sg Blocks, Inc.), Convertible Security Agreement (Sg Blocks, Inc.)
Redemption Procedure. The payment of cash or and/or issuance of Common Stock, as applicablethe case may be, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable made on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the cash payment pursuant to an Optional Redemption or Periodic for a Monthly Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Monthly Redemption Amount plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initio, and, with respect notwithstanding anything herein contained to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemptioncontrary. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shares of Common Stock shall be applied ratably among the Holders of DebenturesDebentures based upon the principal amount of Debentures initially purchased by each Holder, adjusted upward ratably in the event all of the principal amount of any Holder are no longer outstanding. The Holder may elect to convert the outstanding principal amount of the this Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 7 contracts
Sources: Convertible Security Agreement (Generex Biotechnology Corp), Convertible Security Agreement (Generex Biotechnology Corp), Convertible Security Agreement (Generex Biotechnology Corp)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Optional Redemption Date or Periodic Redemption Date, as applicablerespectively. If any portion of the payment pursuant to an Optional Redemption or a Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 5 contracts
Sources: Convertible Security Agreement (Boldface Group, Inc.), Securities Purchase Agreement (Legend Oil & Gas, Ltd.), Convertible Security Agreement (Vuzix Corp)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic and Monthly Redemption shall be payable on the Optional Redemption Date or Periodic and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic and Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount Principal Amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 4 contracts
Sources: Securities Purchase Agreement (Blink Logic Inc.), Convertible Security Agreement (Blink Logic Inc.), Convertible Security Agreement (Blink Logic Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the CompanyCompany and, in addition to the delivery of Conversion Shares upon conversion thereof, the Company shall be required to issue to the Holder an additional number of shares of duly authorized, validly issued, fully paid and non-assessable shares of Common Stock equal to the Make-Whole Payment divided by the Conversion Price.
Appears in 3 contracts
Sources: Convertible Security Agreement (Recovery Energy, Inc.), Securities Purchase Agreement (Recovery Energy, Inc.), Convertible Security Agreement (Recovery Energy, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic and Monthly Redemption shall be payable on the Optional Redemption Date or Periodic and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 3 contracts
Sources: Convertible Security Agreement (Ecotality, Inc.), Convertible Security Agreement (Ecotality, Inc.), Convertible Security Agreement (Ecotality, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an the Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable its due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount Amount, as applicable, remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 3 contracts
Sources: Convertible Security Agreement (Brillian Corp), Convertible Security Agreement (Brillian Corp), Convertible Security Agreement (Brillian Corp)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable made on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon until such amount is paid in full at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in fulllaw. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount Amount, as applicable remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemption, ab initioredemption, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 3 contracts
Sources: Convertible Security Agreement (Pacificnet Inc), Convertible Security Agreement (Pacificnet Inc), Convertible Security Agreement (Pacificnet Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable made on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon until such amount is paid in full at an interest rate equal to the lesser of 1812% per annum or the maximum rate permitted by applicable law until such amount is paid in fulllaw. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount Amount, as applicable remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemption, ab initioredemption, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Pacificnet Inc), Convertible Security Agreement (Pacificnet Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b6(a) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company. The Company covenants and agrees that it will honor all Notices of Conversion tendered from the time of delivery of the Optional Redemption Notice through the date all amounts owing thereon are due and paid in full.
Appears in 2 contracts
Sources: Convertible Security Agreement (Cyberdefender Corp), Consent and Waiver (Cyberdefender Corp)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b6(a) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Etelos, Inc.), Convertible Security Agreement (Tripath Technology Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture subject to an Optional Redemption pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Securities Purchase Agreement (China Expert Technology Inc), Convertible Security Agreement (China Expert Technology Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption Redemption, as applicable shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount Amount, remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b6(a) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the CompanyCorporation.
Appears in 2 contracts
Sources: Convertible Security Agreement (Edentify, Inc.), Convertible Security Agreement (Edentify, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Short Term Optional Redemption shall be payable made via wire transfer on the Optional Redemption Date or Periodic Short Term Optional Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Short Term Optional Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until the payment of such amount amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Short Term Optional Redemption Amount amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Securities Purchase Agreement (Silverstar Holdings LTD), Convertible Security Agreement (Silverstar Holdings LTD)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initioabinitio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (GuangZhou Global Telecom, Inc.), Securities Agreement (GuangZhou Global Telecom, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Company Optional Redemption Date or Periodic the Holder Optional Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Company Optional Redemption Amount or Periodic the Holder Optional Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (QPC Lasers), Convertible Security Agreement (QPC Lasers)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption, Going Public Redemption Date or a Periodic Quarterly Redemption shall be payable on the Optional Redemption Date, Going Public Redemption Date or Periodic Quarterly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption, Going Public Redemption or Periodic Quarterly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 1815% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount, Going Public Redemption Amount or Periodic Quarterly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption, Going Public Redemption or Periodic Quarterly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Subject to the limitation set forth in this Section 6, the Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Toughbuilt Industries, Inc), Convertible Security Agreement (Toughbuilt Industries, Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, Any amounts required to be paid pursuant to an Optional Redemption or a Periodic Redemption Section 6(a) and Section 6(b) above shall be payable by the Company in cash on the Optional Redemption Date date of such optional redemption or Periodic Redemption Date, as applicableput set forth in the foregoing sections. If any portion of the payment payment(s) required to be paid pursuant to an Optional Redemption or Periodic Redemption Sections 6(a)-6(b) shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount such payments remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Change in Control Optional Redemption or Periodic RedemptionForced Conversion, ab initio, and, with respect to the Company’s failure to honor the Change in Control Optional RedemptionRedemption or Forced Conversion, the Company shall have no further right to exercise such Change in Control Optional RedemptionRedemption or Forced Conversion. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) any payments shall be applied ratably among the Holders of DebenturesNotes. The Holder may elect to convert or exchange the outstanding principal amount of the Debenture Accreted Principal Amount pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Companyor Notice of Exchange.
Appears in 2 contracts
Sources: Convertible Security Agreement (GeoPharma, Inc.), Convertible Security Agreement (GeoPharma, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption or a Mandatory Prepayment shall be payable on the Optional Redemption Date and Monthly Redemption Date or Periodic Redemption Mandatory Prepayment Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption or Mandatory Prepayment shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount or Mandatory Prepayment remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic RedemptionMonthly Redemption or Mandatory Prepayment, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesNotes. The Holder may elect to convert the outstanding principal amount of the Debenture Note pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Oncolix, Inc.), Convertible Security Agreement (Advanced Environmental Petroleum Producers Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Mandatory Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Mandatory Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Biovie Inc.), Convertible Security Agreement (Catasys, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Navstar Media Holdings, Inc.), Convertible Security Agreement (Electronic Control Security Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic a Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Dih Holding Us, Inc.), Convertible Security Agreement (Dih Holding Us, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Holder Redemption shall not be paid by the Company Sellers by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount or Holder Redemption Amount, as applicable, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Holder Redemption Amount Amount, as applicable, remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Velocity Asset Management Inc), Convertible Security Agreement (Velocity Asset Management Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Mandatory Redemption or shall be payable on the Optional Redemption Date or Periodic Mandatory Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Mandatory Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 1810% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) 6 shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 2 contracts
Sources: Convertible Security Agreement (Vaccinex, Inc.), Convertible Security Agreement (Vaccinex, Inc.)
Redemption Procedure. The payment of cash or cash, issuance of Common StockStock or transfer of DOC Shares, as applicablethe case may be, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable made on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the cash payment pursuant to an Optional Redemption or Periodic for a Monthly Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Monthly Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryIn addition, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initio, and, with respect notwithstanding anything herein --------- contained to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemptioncontrary. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash cash, shares of Common Stock or its elections under Section 6(b) DOC Shares shall be applied ratably among the Holders of Debentures. The Holder may elect to convert based upon the outstanding principal amount of Debentures initially purchased by each Holder, adjusted upward ratably in the Debenture pursuant to Section 4 prior to actual payment in cash for event all of the shares of Debentures of any redemption under this Section 6 by the delivery of a Notice of Conversion to the CompanyHolder are no longer outstanding.
Appears in 1 contract
Sources: Securities Agreement (Applied Digital Solutions Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Mandatory Redemption shall be payable on the Optional Redemption Date or Periodic the Mandatory Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic a Mandatory Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic the Mandatory Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Mandatory Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption on the Optional Redemption Date, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Assured Pharmacy, Inc.)
Redemption Procedure. The payment of cash or issuance of --------------------- Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption Monthly Redemption, as applicable, shall be payable made on the Optional Redemption Date or Periodic the Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon until such amount is paid in full at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in fulllaw. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemption, ab initio, Monthly -- ------ Redemption and, with respect to the Company’s 's failure to honor timely pay the Optional RedemptionRedemption Amount, the Company shall have no further forfeit the right to exercise such Optional RedemptionRedemption for the remaining term of the Debenture. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable made on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon until such amount is paid in full at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in fulllaw. Notwithstanding anything herein contained to the contrary, if any portion of the an Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemption, ab initioredemption, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Interactive Television Networks)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Accentia Biopharmaceuticals Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an a Company Optional Redemption or a Periodic Holder Optional Redemption shall be payable on the Company Optional Redemption Date or Periodic the Holder Optional Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Company Optional Redemption Amount or Periodic the Holder Optional Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company. Upon completion of any redemption provided for under this Section 6, the Company will promptly and in no event later than four (4) Business Days file a Current Report on Form 8-K disclosing the material details of such redemption.
Appears in 1 contract
Sources: Debenture (Teton Energy Corp)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, Any amounts required to be paid pursuant to an Optional Redemption or a Periodic Redemption Sections 6(a)-6(c) above shall be payable by the Company in cash on the Optional Redemption Date date of such optional redemption or Periodic Redemption Date, as applicableput set forth in the foregoing sections. If any portion of the payment payment(s) required to be paid pursuant to an Optional Redemption or Periodic Redemption Sections 6(a)-6(c) shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount such payments remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Change in Control Optional Redemption Redemption, Forced Conversion or Periodic RedemptionReceivables Put Option, ab initio, and, with respect to the Company’s failure to honor the Change in Control Optional Redemption, Forced Conversion or Receivables Put Option, the Company shall have no further right to exercise such Change in Control Optional Redemption, Forced Conversion or Receivables Put Option. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) any payments shall be applied ratably among the Holders of DebenturesNotes. The Holder may elect to convert or exchange the outstanding principal amount of the Debenture Accreted Principal Amount pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Companyor Notice of Exchange.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic and Monthly Redemption shall be payable on the Optional Redemption Date or Periodic and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initioabinitio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Visual Management Systems Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company. The Company covenants and agrees that it will honor all Conversion Notices tendered from the time of delivery of the Optional Redemption Notice through the date all amounts owing thereon are due and paid in full.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company or Parent by the applicable due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company or Parent, given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional Redemption, Redemption neither the Company nor the Parent shall have no any further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's and Parent's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the CompanyCompany or Parent.
Appears in 1 contract
Sources: Convertible Security Agreement (New Harvest Capital Corp)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, Stock pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesNotes. The Holder may elect to convert the outstanding principal amount of the Debenture Note pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Mount TAM Biotechnologies, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such [Optional Redemption or Periodic [Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 1812% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesNotes. The Holder may elect to convert the outstanding principal amount Principal Amount of the Debenture Note pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (NXT Nutritionals Holdings, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic and Monthly Redemption shall be payable on the Optional Redemption Date or Periodic and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic and Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. .The Holder may elect to convert the outstanding principal amount Principal Amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic a Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic the Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initioabinitio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Impart Media Group Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on the Optional Redemption Date or the Periodic Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or a Periodic Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 1815% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 5 prior to actual payment in cash for any redemption under this Section 6 7 by the fax delivery of a Notice of Conversion to the Company. The Company covenants and agrees that it will honor all Conversion Notices tendered from the time of delivery of the Optional Redemption Notice through the date all amounts owing thereon are due and paid in full.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 1812% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the an Optional Redemption, the Company shall have no further right to exercise such Optional RedemptionRedemption Right. Notwithstanding anything to the contrary in this Section 65, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures according to each Holder's Pro-Rata Portion. The Holder may elect As to convert any Holder, "Pro Rata Portion" is the outstanding ratio of (x) the principal amount of such Holder's Debentures outstanding on the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by Optional Redemption Notice Date and (y) the delivery sum of a the aggregate principal amounts of the Debentures outstanding on the Optional Redemption Notice of Conversion to the CompanyDate.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to the Monthly Redemption or an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Monthly Redemption Date or Periodic the Optional Redemption Date, as applicable. If any portion of the cash payment pursuant to for a Monthly Redemption or an Optional Redemption or Periodic Redemption Redemption, as applicable shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Monthly Redemption Amount or the Optional Redemption Amount, as applicable, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Monthly Redemption Amount or Periodic the Optional Redemption Amount Amount, as applicable, remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Advanced Cell Technology, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the applicable Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic a Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Paincare Holdings Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Change of Control Redemption shall be payable on the Optional Redemption Date or Periodic Change of Control Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Change of Control Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Change of Control Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Change of Control Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption or Change of Control Redemption, the Company shall have no further right to exercise such Optional Redemption or Change of Control Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash pursuant to an Optional Redemption or its elections under Section 6(b) Change of Control Redemption shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Spectre Gaming Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional a Monthly Redemption or a Periodic Optional Redemption shall be payable on the Optional Monthly Redemption Date or Periodic and Optional Redemption Date, as applicable. If any portion of the payment pursuant to an Optional a Monthly Redemption or Periodic Optional Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 1815% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Monthly Redemption Amount or Periodic Optional Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Monthly Redemption or Periodic Optional Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 4(a) prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Qualigen Therapeutics, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the applicable Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic a Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 613, the Company’s determination to redeem in cash or its elections under Section 6(b13(d) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 13 by the delivery of a Notice of Conversion to the Company.”
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an the Optional Redemption or a Periodic Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b6(a) shall be applied ratably among the Holders of DebenturesDebentures ratably (based on the then outstanding principal amount held by such Holder). The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to return such portion of the Optional Redemption Amount or Monthly Redemption Amount as has been paid and invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to return such portion of the Optional Redemption Amount or Monthly Redemption Amount as has been paid and invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s 's failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to the Mandatory Redemption or an Optional Redemption or a Periodic Redemption shall be payable made on the Optional Mandatory Redemption Date or Periodic the Optional Redemption Date, as applicable. If any portion of the cash payment pursuant to for a Mandatory Redemption or an Optional Redemption or Periodic Redemption Redemption, as applicable shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 1815% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Mandatory Redemption Amount or the Optional Redemption Amount, as applicable, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Mandatory Redemption Amount or Periodic the Optional Redemption Amount Amount, as applicable, remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the CompanyCorporation.
Appears in 1 contract
Sources: Securities Purchase Agreement (Medialink Worldwide Inc)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic the Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount Amount, as applicable, remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s 's failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Monthly Redemption shall be payable on the Optional Redemption Date or Periodic and Monthly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Monthly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Monthly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Monthly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Wave Uranium Holding)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Quarterly Redemption shall be payable on the Optional Redemption Date or Periodic the Quarterly Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Quarterly Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. All shares of Common Stock issuable pursuant to Section 6(b) shall be issued free of all legends and trading restrictions. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Quarterly Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Quarterly Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Required Redemption shall be payable on the Optional Redemption Date or Periodic Required Redemption Date, as applicable. If any portion of the payment pursuant to an Optional Redemption or Periodic Required Redemption shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Required Redemption Amount remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Required Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of Debentures. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Genius Brands International, Inc.)
Redemption Procedure. The payment Company covenants and agrees that it will honor all Notices of cash or issuance Conversion tendered from the time of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic Redemption shall be payable on delivery of the Optional Redemption Date Notice or Periodic Redemption Date, as applicableSBA Financing Notice through the date all amounts owing thereon are due and paid in full. If any portion of the payment pursuant to an Optional Redemption or Periodic SBA Financing Redemption shall not be paid by the Company by the applicable due date, interest Late Fees shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic SBA Financing Redemption Amount Amount, as applicable, remains unpaid after such datethe Option Redemption Date or the SBA Financing Redemption Date, as applicable, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Optional Redemption or Periodic Redemption, ab initio, and, with respect to the Company’s failure to honor the Optional Redemption, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything To effect an SBA Financing Redemption hereunder, the Holder shall not be required to physically surrender this Note to the contrary in Company unless the entire principal amount of this Section 6Note, plus all accrued and unpaid interest thereon, has been so redeemed. Partial SBA Financing Redemptions hereunder shall have the Company’s determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders effect of Debentures. The Holder may elect to convert lowering the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment this Note in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion an amount equal to the Companyapplicable amount redeemed. The Holder and the Company shall maintain records showing the principal amount(s) redeemed and the date of such redemption(s).
Appears in 1 contract
Sources: Convertible Security Agreement (Charge Enterprises, Inc.)
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, Any amounts required to be paid pursuant to an Optional Redemption or a Periodic Redemption Sections 6(a)-6(c) above shall be payable by the Company in cash on the Optional Redemption Date date of such optional redemption or Periodic Redemption Date, as applicableput set forth in the foregoing sections. If any portion of the payment payment(s) required to be paid pursuant to an Optional Redemption or Periodic Redemption Sections 6(a)-6(c) shall not be paid by the Company by the applicable due date, interest shall accrue thereon at an interest rate equal to the lesser of 18% per annum or the maximum rate permitted by applicable law until such amount is paid in full. Notwithstanding anything herein contained to the contrary, if any portion of the Optional Redemption Amount or Periodic Redemption Amount such payments remains unpaid after such date, the Holder may elect, by written notice to the Company given at any time thereafter, to invalidate such Change in Control Optional Redemption, Forced Conversion and Current Asset Redemption or Periodic RedemptionOption, ab initio, and, with respect to the Company’s failure to honor the Change in Control Optional Redemption, Forced Conversion and Current Asset Redemption Option, the Company shall have no further right to exercise such Change in Control Optional Redemption, Forced Conversion or Current Asset Redemption Option. Notwithstanding anything to the contrary in this Section 6, the Company’s determination to redeem in cash or its elections under Section 6(b) any payments shall be applied ratably among the Holders of DebenturesNotes. The Holder may elect to convert or exchange the outstanding principal amount of the Debenture Accreted Principal Amount pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the delivery of a Notice of Conversion to the Companyor Notice of Exchange.
Appears in 1 contract
Redemption Procedure. The payment of cash or issuance of Common Stock, as applicable, pursuant to an Optional Redemption or a Periodic --------------------- Redemption shall be payable made on the Optional Redemption Date or Periodic Redemption Date, as applicable. If any portion of the cash payment pursuant to for an Optional Redemption or Periodic Redemption shall not be paid by the Company by the applicable respective due date, interest shall accrue thereon at an interest the rate equal to the lesser of 18% per annum (or the maximum rate permitted by applicable law law, whichever is less) until such amount the payment of the Optional Redemption Amount, plus all amounts owing thereon is paid in full. Notwithstanding anything herein contained to the contraryAlternatively, if any portion of the Optional Redemption Amount or Periodic Redemption Amount remains unpaid after such date, the Holder Holders subject to such redemption may elect, by written notice to the Company given at any time thereafter, to invalidate ab initio such Optional Redemption or Periodic Redemptionredemption, ab initionotwithstanding anything herein contained -- ------ to the contrary, and, with respect to the Company’s failure to honor the Optional RedemptionRedemption as applicable, the Company shall have no further right to exercise such Optional Redemption. Notwithstanding anything to the contrary in this Section 6, the Company’s 's determination to redeem in cash or its elections under Section 6(b) shall be applied ratably among the Holders of DebenturesDebentures ratably. The Holder may elect to convert the outstanding principal amount of the Debenture pursuant to Section 4 prior to actual payment in cash for any redemption under this Section 6 by the fax delivery of a Notice of Conversion to the Company.
Appears in 1 contract
Sources: Convertible Security Agreement (Trinity Learning Corp)