Interest on Loan. The Borrower shall pay the Lender interest on the outstanding balance of the Loan at a rate per annum equal to six percent (6.0%), compounded monthly and not in advance. After an Event of Default, interest on the Loan will accrue, from the date of such Event of Default, at a rate per annum of eighteen percent (18%), compounded monthly.
Appears in 3 contracts
Samples: Loan Agreement (KWESST Micro Systems Inc.), Loan Agreement (KWESST Micro Systems Inc.), Loan Agreement (KWESST Micro Systems Inc.)
Interest on Loan. The Borrower shall pay the Lender interest on the outstanding balance of the Loan at a rate per annum equal to six percent (6.09.0%), compounded monthly and not in advance. After an Event of Default, interest on the Loan will accrue, from the date of such Event of Default, at a rate per annum of eighteen percent (18%), compounded monthly.
Appears in 1 contract
