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Convertible Debt Agreement Example

5. Security – The Corporation`s loan commitments under this loan agreement take precedence over all other corporate debts. 1. Due date – Subject to Section 3 and 10, the principal amount, as well as accrued and unpaid interest, on this principal amount (together the “debt”) is due and fully payable, provided that a section 9 conversion or a delay event (as defined below) occurred before that date (the “due date”). Investor provides the Company with a convertible loan of $10,000.00 in legal currency of Canada (the “primary amount”) that the Company has hereafter received in accordance with the terms and conditions below. : 15. Compliance with the Penal Code – In this section, the terms “interest,” “penalty interest” and “advanced credit” have the meanings assigned to them on page 347 of the Penal Code (Canada) in its amended version from time to time. The Corporation and the INVESTOR agree that, notwithstanding the contrary agreement, no interest on the credit granted by the investor under this loan agreement will be payable beyond the interest authorized by Canadian law. If the effective interest rate calculated according to generally accepted actuarial practices and principles is higher than the advanced credit penalty rate, (a) the performance elements that fall under the concept of interest are reduced to the extent necessary to eliminate this overrun; (b) the remaining surpluses that have been paid are credited in advance of the principal amount; and (c) any overpayment that may remain after such credit is immediately returned to the company upon request; (c) Debt may be converted, even according to the investor`s exclusive choice, to the terms set out in this section 9, if, at some point before the due date, the investor has informed the company in writing that he wishes to convert his debt into equity securities (“conversion of discretion”), then, on the date indicated in this notice (which must not exceed the maturity date) , the total debt automatically becomes the highest of the company`s shares on the date of discretion (the “securities”) at a price corresponding to the current processing price minus the discount.

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