INTEREST; INTEREST RATE. (a) The Company shall pay interest (“Interest”) on any outstanding Principal at a rate equal to twelve percent (12.00%) per annum (the “Interest Rate”) from the Issuance Date until such Principal becomes due and payable in accordance with, and subject to, the terms of this Note. (b) For the period from the Issuance Date to the Maturity Date, Interest on any outstanding Principal shall be computed on the basis of a 360-day year and actual days elapsed, and shall be payable when such Principal becomes due and payable, whether upon the Maturity Date, acceleration, redemption, conversion or otherwise (“Interest Payment Date”) in cash. (c) For the period from the Maturity Date (excluding the Maturity Date) to the Extended Maturity Date (the “Extension Period”), no Interest shall be accrued and the aggregate of the outstanding Principal of the Notes plus any accrued Interest as of the Maturity Date shall constitute the total principal of the Notes (as may be reduced pursuant to the terms hereof, the “Extended Principal”). For the avoidance of doubt, the term of “Principal” referred to in the Notes other than in this Section 3(c) during the Extension Period shall mean the Extended Principal. For the avoidance of doubt, the Principal referred to in Section 2(d) above shall mean the Extended Principal. (d) Notwithstanding anything to the contrary in Section 3(b) of this Note, when any outstanding Principal amount is converted into ADSs in accordance with Section 4, all accrued and unpaid Interest in relation to such Principal amount (that is being converted) shall be deemed to be waived by the Holder.
Appears in 4 contracts
Samples: Convertible Note and Warrant Purchase Agreement, Convertible Note and Warrant Purchase Agreement, Convertible Note and Warrant Purchase Agreement (The9 LTD)
