INTEREST, AMORTIZATION AND CONVERSION Sample Clauses

INTEREST, AMORTIZATION AND CONVERSION. 1.1 Interest, Rate and Payments. This Note shall bear interest, on an annual basis, at the rate of (10%) per annum from the date of the first making of this loan until such principal amount is paid in full. Interest hereunder shall be paid on the Maturity Date or on such earlier date as the principal amount under this Note becomes due and payable in accordance with the terms hereof and shall be computed on the basis of a 360 day year for the actual number of days elapsed, commencing on the date of this Note with the final such payment due on the Maturity Date, unless due sooner by acceleration or otherwise.