Interest; Maturity. Interest respecting the outstanding principal balance of the Loan will be charged to Borrower from time to time outstanding at the rate specified in this Agreement. Interest on the Loan will be based on the actual number of days elapsed in a given calendar month and an assumed 360-day year. All outstanding principal and accrued and unpaid interest thereon shall be due and payable on the Maturity Date (as hereinafter defined).
Appears in 3 contracts
Sources: Loan and Security Agreement (Daybreak Oil & Gas, Inc.), Loan Agreement (Daybreak Oil & Gas, Inc.), Loan and Security Agreement (Viper Powersports Inc)
Interest; Maturity. Interest respecting the outstanding principal balance of the Loan from time to time outstanding will be charged to Borrower from time to time outstanding at the rate specified in this Agreement. Interest on the Loan will be based on the actual number of days elapsed in a given calendar month and an assumed 360-day year. All outstanding principal and accrued and unpaid interest thereon shall be due and payable on the Maturity Date (as hereinafter defined).
Appears in 1 contract
Sources: Loan and Security Agreement (Daybreak Oil & Gas, Inc.)