Interest shall not accrue on the Outstanding Balance of this Note unless an Event of Default (as defined below) occurs. Upon the occurrence of an Event of Default, the Outstanding Balance of this Note shall bear interest at the lesser of twenty-two (22%) per annum or the maximum rate permitted by applicable law (the “ Default Rate ”). All interest calculations hereunder shall be computed on the basis of a 360-day year comprised of twelve (12) thirty (30) day months, shall compound daily and shall be payable in accordance with the terms of this Note.