Payment of Principal and Accrued Interest. Beginning as of the date of this Note first written above (the "Date of Note") and continuing until the outstanding principal balance is paid in full, interest will accrue at an annual rate of Eight Percent (8.0%). Interest will be computed on a 365/360 day basis compounding monthly; that is in each month 1/360 of the Eight Percent (8.0%) annual interest rate, will be multiplied by (a) the sum of (i) the outstanding principal balance and (ii) accumulated interest outstanding as of the end of the prior month and (b) the actual number of days that the principal was outstanding in such month.
Appears in 2 contracts
Sources: Convertible Promissory Note (Goodrich Petroleum Corp), Convertible Promissory Note (Goodrich Petroleum Corp)