Common use of Interest Rate and Payment Clause in Contracts

Interest Rate and Payment. The Loan shall bear interest on the unpaid principal amount thereof from the date made through maturity (whether at the Maturity Date, by acceleration or otherwise) at the Applicable Rate. All accrued and unpaid interest on the Loan shall be compounded annually and payable on the Maturity Date. Interest on the Loan shall be computed on the basis of a 360-day year for the actual number of days elapsed. In computing interest on the Loan, the date of the making of the Loan shall be included and the date of payment of the Loan shall be excluded.