Replies to post #41085 on Arrayit Corporation (ARYC)

[PennyStock Alert]

No, typically a loan is paid back with money

[Delsurfer]

I guess what I am asking is whether it's possible that Arrayit kept up with their payments and paid the note in full by Dec 23, 2016 but breached on one of the 13 events below? I haven't read through the Notes Agreement in too much detail to understand all the different possibilities.

Also the dates are a little confusing. The maturity date on the notes was Dec 2016 but the suit filed in August?

Section 2.00 Defaults and Remedies.
(a) Events of Default. An "Event of Default" is:

(i) a default in payment of any amount due hereunder which default continues for more than 5 Trading Days after the due
date;

(ii) a default in the timely issuance of underlying shares upon and in accordance with terms
of Section 2.00, which default continues for 2 Trading Days after the Company has failed to
issue shares or deliver stock certificates within the 3rd Trading Day following the Conversion
Date;

(iii) failure by the Company for 3 days after notice has been received by the Company to
comply with any material provision of this Note;

(iv) failure of the Company to remain compliant with DTC, thus incurring a "chilled" status with DTC;

(v) if the Company is subject to any Bankruptcy Event;

(vi) any failure of the Company to satisfy its "filing" obligations under
Securities Exchange Act of 1934, as amended (the "1934 Act") and the rules and guidelines
issued by OTC Markets News Service, OTCMarkets.com and their affiliates;

(vii) any failure of the Company to provide the Holder with information related to its corporate structure including,
but not limited to, the number of authorized and outstanding shares, public float, etc. within I
4 Trading Day of request by Holder;

(viii) failure by the Company to maintain the Required Reserve in accordance with the terms of Section 1.00(e);

(ix) failure of Company's Common Stock to maintain a closing bid price in its Principal Market for more than 3 consecutive Trading Days;

(x) any delisting from a Principal Market for any reason;

(xi) failure by Company to pay any of its Transfer Agent fees in excess of $2,000 or to maintain a Transfer Agent of record;

(xii) any trading suspension imposed by the Securities and Exchange Commission ("SEC") under Sections 120) or 12(k) of the 1934 Act or

(xiii) failure by the Company to meet all requirements necessary to satisfy the availability of Rule 144 to the Holder or its assigns, including but not limited to the timely fulfillment of its filing requirements as a fully-reporting issuer registered with the SEC, requirements for XBRL filings, and requirements for disclosure of financial statements on its website.