DEBT CONVERTIBLE NOTE AGREEMENT Maturity date of December 31, 2014 $ 250,342.10 July 31, 2014 (the "Issuance Date")Convertible Note Agreement • January 23rd, 2015 • Boreal Water Collection Inc. • Wholesale-groceries & related products
FOR VALUE RECEIVED, Boreal Water Collection Inc a Nevada Corporation (the "Company") doing business in Kiamesha Lake, NY hereby promises to pay to the order of Francine Lavoie, an affiliated person, or its assigns (the "Holder") the principal amount of Two Hundred and Fifty Thousand and Three Hundred and Forty Two Dollars and Ten cents ($250,342.10), on demand of the Holder (the "Maturity Date"), and to pay interest on the unpaid principal balance hereof at the rate of Five Percent (5%) per annum (the “Interest Rate”) from the date hereof (the “Issue Date”) until the same becomes due and payable, whether at maturity or upon acceleration or by prepayment or otherwise. Interest shall commence accruing on the Issuance Date, shall be computed on the basis of a 365-day year and the actual number of days elapsed and shall accrue quarterly
