Common use of Computation and Payment of Interest Clause in Contracts

Computation and Payment of Interest. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed. Accrued interest on the Loan shall be payable in arrears on each Interest Payment Date, provided that (i) interest accrued pursuant to subsection (b) of this Section shall be payable on demand or, in the absence of demand, in arrears on the last Business Day of each calendar month and (ii) in the event of any repayment or prepayment of the Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment.

Computation and Payment of Interest. All interest hereunder shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed. Accrued interest on the each Loan shall be payable in arrears on the last day of each Interest Payment DatePeriod, provided that (i) interest accrued pursuant to subsection (b) of this Section shall be payable on demand or, in the absence of demand, in arrears on the last Business Banking Day of each calendar month and (ii) in the event of any repayment or prepayment of the a Loan, accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment.