Common use of Repayment Term Clause in Contracts

Repayment Term. (a) The principal of the Note is due and payable in full in cash three (3) years from the date of issue. The Issuer has the right to call for early redemption by giving 14 days' notice to the Noteholder. (b) The interest on the Note accrues at nine percent (9%) per annum and is payable as follows: (i) No interest will accrue on the Note during the first six months from the date of issue; (ii) Accrued Interest will be due and payable annually to be charged after the first six months period; and (iii) All interest is payable annually.