Interest Repayment and Prepayment. 2.1. This Loan shall bear a compounded fixed interest of 5% (five percent) per annum (the “Interest”). The Interest due hereunder shall be computed on the basis of a 360 -day year and actual days lapsed. Interest shall accrue from and including 1 April 2019 up to but excluding the last day of the Term. 2.2. The outstanding balance of the Loan and any accrued but unpaid interest thereon (the “Amount Outstanding”) shall be due and payable in five (5) yearly instalments as from 1 April 2023, as further described in Schedule I (specifically in column 6) to this Loan Agreement. 2.3. The Startup is entitled prepay any part of the Loan and/or the Interest at any time, without any premium or penalty in its sole discretion. 2.4. Unless the Parties shall decide otherwise, any payment by the Startup to PortXL under this Loan Agreement shall be applied in satisfaction of subsequently (i) collection expenses and any other costs, if any, (ii) accrued but unpaid Interest and (iii) the Amount Outstanding. 2.5. All payments shall be free and clear of withholding tax, and if any withholding tax applies then the interest payment shall be increased by the Startup so that the net interest payment received by PortXL is the interest payment which PortXL would have received if no withholding tax had been applied.
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