Principal; Interest; Maturity. The Certificates shall mature on August 1 in the years and in the principal amounts as shown below (each, a “Principal Component Payment”). Interest with respect thereto shall be computed at the Interest Rate of % per annum, calculated on the basis of a 365-day year. The annual Principal Component Payments are as follows: Maturity Date Principal Due Maturity Date Principal Due
Principal; Interest; Maturity. As partial payment for the purchase of shares of stock of Salton/Maxim Housewares, Inc., a Delaware corporation ("Salton"), owned by Windmere Durable Holdings, Inc., a Florida corporation ("Windmere"), pursuant to a Stock Agreement dated as of May 6, 1998 among Salton, Windmere and third parties, Salton hereby promises to pay to the order of Windmere the principal amount of Fifteen Million Dollars and no cents ($15,000,000), with simple interest at the annual rate of four percent (4%) from the date hereof, to be paid annually on the fifteenth day of June, commencing June 15, 1999. Any unpaid principal balance plus accrued and unpaid interest shall be due and payable on the last day of the seventy eighth (78th) full calendar month next following the date hereof. If: (i) accrued and unpaid interest is not paid in full on any interest payment date ("Interest Default") or (ii) the principal balance is not paid upon the due date, whether at the maturity of the Note or upon acceleration as set forth in Section 3 hereof ("Principal Default"), then, in the case of an Interest Default, simple interest on the unpaid balance of this Note shall accrue on and after the Interest Default at the rate of eight percent (8%) per annum until the Interest Default is cured or is waived in writing by the holder of the Note and, in the case of a Payment Default, simple interest on the unpaid balance of this Note shall also accrue on and after the Payment Default on the unpaid principal balance at the rate of eight percent (8%) per annum until payment in full is made of all accrued and unpaid interest and the unpaid principal balance. In addition, in the case of any Interest Default or Payment Default, Salton agrees to pay all costs of collection, including legal fees and out of pocket expenses and court costs.
