Interest Rate and Calculation. 1.1 Except as otherwise provided in this Promissory Note (the “Note”), commencing on the date of this Note and continuing until such time as all principal, interest and other amounts outstanding hereunder are paid in full, interest shall accrue on the Principal Amount outstanding from time to time at an annual rate equal to Twelve (10%) percent simple interest (the “Interest Rate”). 1.2 Interest on this Note shall be calculated on the basis of a three hundred sixty-five (365) day year factor applied to the actual days on which there exists an unpaid principal balance due under this Note.
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Interest Rate and Calculation. 1.1 Except as otherwise provided in this Promissory Note (the “Note”), commencing on the date of this Note and continuing until such time as all principal, interest and other amounts outstanding hereunder are paid in full, interest shall accrue on the Principal Amount outstanding from time to time at an annual rate equal to Twelve (10%) percent simple interest (the “Interest Rate”).
1.2 Interest on this Note shall be calculated on the basis of a three hundred sixty-five (365) day year factor applied to the actual days on which there exists an unpaid principal balance due under this Note.
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