Initial Interest Rate. From the date hereof through the Maturity Date, the Principal shall accrue interest at an annual rate of ten percent (10%), payable semi-annually, in arrears, on June 30 and December 31 in each year. Interest shall be calculated on the basis of a 360-day year and shall accrue commencing on the Original Issuance Date until payment in full of the principal sum, together with all accrued and unpaid interest has been made. Interest will be paid to the person in whose name this Convertible Debenture (“Debenture”) is registered on the records of the Company regarding registration and transfers of this Debenture. In no event shall interest under this Section 1 exceed the maximum applicable legal rate permitted by law from time to time.
Appears in 2 contracts
Sources: Convertible Secured Debenture Agreement (Moventis Capital, Inc.), Convertible Secured Debenture (Moventis Capital, Inc.)