Interest Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 5% (“Interest Rate”), which Interest Rate shall increase to an annual rate of 18% upon (i) the occurrence of an Event of Default (for so long as such event remains uncured), or (ii) upon the occurrence of a Registration Event (but only until the condition or event causing the Registration Event has been cured or the Holder is able to resell the Common Shares issuable upon conversion of this Note in accordance with Rule 144 under the Securities Act). Interest shall be calculated based on a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law.
Appears in 2 contracts
Sources: Convertible Note (Envirotech Vehicles, Inc.), Supplemental Agreement (Envirotech Vehicles, Inc.)
Interest Rate and Payment of Interest. Interest shall accrue on the outstanding Principal balance hereof at an annual rate equal to 50% (“Interest Rate”), which Interest Rate shall increase to an annual rate of 18% upon (i) the occurrence of an Event of Default (for so long as such event remains uncured), or (ii) upon the occurrence of a Registration Event (but only until the condition or event causing the Registration Event has been cured or the Holder is able to resell the Common Shares issuable upon conversion of this Note in accordance with Rule 144 under the Securities Act). Interest shall be calculated based on a 365-day year and the actual number of days elapsed, to the extent permitted by applicable law.
Appears in 2 contracts
Sources: Standby Equity Purchase Agreement (Envirotech Vehicles, Inc.), Convertible Note (Envirotech Vehicles, Inc.)