Interest Accrual Basis. Interest shall be computed on an actual/365 simple interest basis; that is, by multiplying the applicable interest rate, times the outstanding principal balance, times the actual number of days the principal is outstanding and dividing by a year of 365 days.
Appears in 12 contracts
Samples: Promissory Note and Agreement (International Stem Cell CORP), Promissory Note and Agreement (HealthLynked Corp), Promissory Note and Agreement (HealthLynked Corp)