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: Paycheck Protection Program Promissory Note and Agreement (Tropical Racing Inc), Paycheck Protection Program Promissory Note and Agreement (Kona Gold Beverage, Inc.), Paycheck Protection Program Promissory Note and Agreement (Kona Gold Beverage, Inc.)
