INTEREST RATE AND CALCULATION OF INTEREST. 1. Interest rate: The interest rate shall be 80% of the banking loan interest rate. During the loan term, if the country’s related authority adjusted the interest rate or the manner of calculation of interest, the interest of this contract shall be adjusted accordingly after one year from the date of execution of this contract. The adjustment shall be conducted when the interest rate are executed one year. It is not obliged to inform the Borrower when the adjustment of interest. 2. The interest shall be calculated from the date of first drawdown and the actual days the borrower use. One year shall be calculated as 360 days. 3. The payment of interests: The Borrower shall pay the interests per year. If the payment for the last installment is not on the payment date, the interests shall deduct the interest from the bank account of the Borrower.
Appears in 5 contracts
Samples: Loan Agreement (S.E. Asia Trading Company, Inc.), Loan Agreement (S.E. Asia Trading Company, Inc.), Loan Agreement (S.E. Asia Trading Company, Inc.)
