What is the basis for calculating interest under the Best Brains Promissory Note?

According to Best Brains' 2025 Franchise Disclosure Document, interest on the Promissory Note is calculated based on a 360-day year, which is divided into twelve 30-day months. This method is used to compute the interest due on the unpaid balance of the note. The interest rate itself is set at 0% per annum from the date provided on the note.

This calculation method means that Best Brains uses a simplified approach to determine the interest, assuming each month has an equal number of days for calculation purposes. While the stated interest rate is 0%, this clause clarifies how any potential interest, if the rate were different, would be computed.

For a prospective franchisee, this is beneficial as it provides clarity on how interest would be calculated if it were applicable. However, it is important to note that the document specifies a 0% interest rate, so this calculation method would only come into play if the terms of the note were to change. Franchisees should confirm the interest rate and repayment terms before signing any promissory note with Best Brains.