Interest Default Rate. The outstanding principal balance of the Loan (including any amounts added to principal under the Loan Documents) shall bear fixed, non-compounding interest at the Contract Rate. Payments of interest shall be due monthly in cash, in arrears on the first day of each month, commencing with August 1, 2023. If any Obligations are outstanding after August 14, 2023, the Obligations shall automatically bear interest at the Default Rate.
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Interest Default Rate. The outstanding principal balance of the Loan Loans (including any amounts added to principal under the Loan Documents) shall bear fixed, non-compounding interest at the Contract Rate. Payments of interest shall be due monthly in cash, in arrears on the first day of each month, commencing with August 1, 2023. If any Obligations are outstanding after August 14, 2023, the Obligations shall automatically bear interest at the Default Rate.
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Sources: Superpriority Debtor in Possession Loan and Security Agreement (Novan, Inc.)