Interest Free Clause Samples

Interest Free. 5.1 The parties agree and confirm that this loan is an interest-free loan except for in cases as provided in Article 5.2 of this Agreement. 5.2 If Party A exercises its Purchase Right (as defined in the Exclusive Equity Purchase Option Agreement ) in accordance with the Exclusive Equity Purchase Option Agreement, on condition that the amount of the purchase price for the Equity Interests which Party A or its designee has to pay to the Borrower shall exceed the principal of the Loan due to the legal requirement or other reasons, to the extent permitted by PRC laws, the Borrower shall pay all proceeds it received from the transfer of the equity back to Party A or any person appointed by Party A to pay off the loan under this agreement, and any amount in excess of the principal of the Loan shall be regarded as an interests of the loan or the capital use cost.

Interest Free. No interest shall accrue on the Loan or any Draw or Note prior to the first to occur of the following: (i) a Maturity Date, (ii) a Termination of Employment other than as provided in paragraph 2(b)(i) above, or (iii) an Event of Default (as defined in paragraph 12).

Interest Free. Security Deposit shall be refunded in case Licensee exists from the License Agreement after successful completion of License Period subject to conditions in para 3.6.

Interest Free. This Note shall be non-interest bearing. No interest shall accrue or be payable on any amount outstanding under this Note.