Repayment and Optional Prepayment of Principal Clause Samples
Repayment and Optional Prepayment of Principal. (a) This Note matures on May 31, 2014 (the “Maturity Date”), and the entire principal balance hereof then outstanding, together with all accrued and unpaid interest on this Note, shall become due and payable on the Maturity Date.
(b) Upon at least ten (10) Business Day’s prior written notice, the Company may, at its option, prepay the outstanding principal of this Note, in whole or in part, without premium or penalty, at any time and from time to time prior to the Maturity Date. Following the receipt of such notice but before the prepayment date stated therein, the Holder shall have, at its option, the right to convert this Note in accordance with the terms hereof. Each such prepayment shall be accompanied by accrued and unpaid interest on the principal portion so prepaid, to but not including the date of prepayment. The term “Business Day,” as used in this Note, shall mean each day other than a Saturday, Sunday, legal holiday or other day on which commercial banks in New York, New York are required or authorized to be closed by law or executive order.
Repayment and Optional Prepayment of Principal. (a) This Note matures on _______________, 2015 (the “Maturity Date”), and the entire Principal Amount then outstanding, together with all accrued and unpaid interest on this Note, shall become due and payable on the Maturity Date.
(b) Subject to subsection (c) below, upon at least ten (10) Business Day’s prior written notice, the Company may, at its option, prepay the outstanding Principal Amount, in whole or in part, without premium or penalty, at any time and from time to time prior to the Maturity Date. Such notice shall state the date of prepayment, which shall be no more than thirty (30) days following the date of the prepayment notice, and the portion of the Principal Amount to be repaid. Following the Holder’s receipt of such notice but before the prepayment date stated therein, the Holder shall have, at its option, the right to convert this Note in accordance with the terms hereof. Each such prepayment shall be accompanied by accrued and unpaid Interest on the portion of the Principal Amount described in the prepayment notice, to but not including the date of prepayment. The term “Business Day,” as used in this Note, shall mean each day other than a Saturday, Sunday, legal holiday or other day on which commercial banks in New York, New York are required or authorized to be closed by law or executive order.
(c) Any payments made by the Company hereunder, whether at maturity, acceleration or in the case of a prepayment, shall be made to all holders of the 2013 Convertible Notes pro rata based on the outstanding Principal Amounts thereunder. If any holder of a 2013 Convertible Note has payment made to it pursuant to its note in a greater proportion than that received by any other holder, then such holder agrees to pay such greater proportion to the other holders so that each holder of the 2013 Convertible Notes will receive its ratable portion of the aggregate payments received by all holders pursuant to their 2013 Convertible Notes.