Interest and Maturity. The Company promises to pay simple interest on the unpaid principal amount of this Debenture from the date hereof until such principal amount is paid in full at an annual rate of five percent (5.0%), or such lesser rate as shall be the maximum rate allowable under applicable law. Interest from the date hereof shall be computed on the basis of a 365-day year and the actual number of days elapsed and payable in arrears on March 15th, June 15th, September 15th and December 15th of each year. Unless repurchased, prepaid or converted earlier as set forth herein, all outstanding principal and any accrued but unpaid interest on this Debenture shall be due and payable on the date that is one hundred twenty (120) days after a Historic Tax Credit Event (as defined herein) (the “Maturity Date”).
Appears in 4 contracts
Samples: Convertible Debenture Purchase Agreement, Convertible Debenture Purchase Agreement, Convertible Debenture Purchase Agreement
