Common use of Interest on the Notes Clause in Contracts

Interest on the Notes. Interest shall accrue at the rate specified in the Notes. The Bank may, at its option, calculate and charge interest as though each payment is made on the payment due date with principal reductions effective as of the date of receipt.

Interest on the Notes. Interest shall accrue at the rate specified in the NotesNote. The Bank may, at its option, calculate and charge interest as though each payment is made on the payment due date with principal reductions effective as of the date of receipt.