Common use of General Payment Terms Clause in Contracts

General Payment Terms. All payments on the Loan shall be made to Lender at its principal office in Lubbock, Texas in federal or other immediately available funds, and payments shall be applied first to accrued interest and then to principal. If any payment is scheduled to become due and payable on a day that is not a business day, that payment shall instead become due and payable on the immediately following business day, interest shall be payable with respect to the extension, and interest on the principal portion of the payment shall be payable at the then applicable rate during the extension. Interest on the Loan shall be calculated on the basis of a year of 360 days for the actual number of days (including the first but excluding the last) elapsed, unless the Maximum Rate shall be in effect, in which case on the basis of a year of 365 or 366 days, as the case may be.