Interests. Interest shall accrue on the unpaid principal amount of each Note from the date of such Note until the maturity thereof, at a rate of 6.0% per annum. Interest shall be computed as simple annual interest on the basis of a year of 360 days for the actual number of days occurring in the period for which such interest is payable. Interest accrued on a particular Note will be forgiven upon conversion of such Note into shares of Common Stock.
Appears in 9 contracts
Sources: Convertible Promissory Note Purchase Agreement (3pea International, Inc.), Convertible Promissory Note Purchase Agreement (3pea Technologies Inc.), Convertible Promissory Note Purchase Agreement (3pea Technologies Inc.)