Interest (calculated on the basis of a year of 360 days and the actual number of days elapsed) on this Promissory Note (this “Note”) shall be paid monthly in arrears, or if the Borrower fails to pay interest each month, such interest shall be included in the outstanding principal balance for purposes of calculating interest due to the extent permitted by applicable law. The interest rate on this Note shall be a floating rate equal to the Adjusted LIBOR Rate.