The Principal Amount of this Note shall incur interest beginning on the Maturity Date at the rate of two percent (2%), per annum, calculated daily, in arrears, based on a 365 day year, which shall be payable in cash upon demand.

TheInterest shall commence accruing on the date that the Note is fully funded and shall be computed on the basis of a 365-day year and the actual number of days elapsed. Any Principal Amount ofor interest on this Note which is not paid when due shall incurbear interest beginning on the Maturity Date at the rate of twothe lesser of (i) sixteen percent (2%(16%), per annum, calculated daily, in arrears, based on a 365 day year, which shall be payable in cash upon demand. annum and (ii) the maximum amount permitted by law from the due date thereof until the same is paid (“Default Interest”).