Common use of Payments and Interest Clause in Contracts

Payments and Interest. Interest on the principal amount shall accrue at the annual rate of four percent (4%) per year calculated on the total outstanding balance of principal, payable on the Maturity date, unless such principal shall have been paid or converted into equity as described below. Interest hereon shall be computed on the basis of a 365 day year for the actual number of days in any period for which such computation is made. Principal shall be payable and due on the Maturity Date. The "