Interest Calculation Method. Interest on this Note is computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is computed using this method.
Appears in 17 contracts
Samples: Credit Agreement (America First Multifamily Investors, L.P.), Business Loan Agreement (Elevate.Money REIT I, Inc.), Loan Agreement (Torotel Inc)
Interest Calculation Method. Interest on this Note is the Notes shall be computed on a 365/360 basis; that is, by applying the ratio of the interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. All interest payable under this Note is the Notes shall be computed using this method. This calculation method results in a higher effective interest rate than the numeric interest rate stated herein.
Appears in 1 contract
