Common use of Payment Prepayment Clause in Contracts

Payment Prepayment. All payments shall be made in lawful money of the United States of America at such place as the Holder hereof may from time to time designate in writing to the Company and shall be made on a pro rata basis among all of the Notes. Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal. Except as contemplated by the conversion hereof, the principal and interest of the Notes may be prepaid at any time, in full or in part. The Company hereby agrees to use the proceeds from any financing from ADM Capital Europe LLP to repay the Notes. After the 90 day from the date hereof, the Company shall provide the Holder one business day notice of payment of the Note to permit the Holder the ability to convert the Note as set forth in Section 2 above.