Interest Settlements. a. The interest payment shall be settled based on agreed interest rate if fixed interest rate is implemented; the interest payment shall be settled based on floating rate of that certain period if floating rate is implemented; If there are multiple floating rates during one single period of settlement, it shall first calculate each floating rate and then sum up the floating rates to finally calculate the interest settlement rate in that certain period of time.
Appears in 2 contracts
Samples: Loan Agreement (Tanke Biosciences Corp), Loan Agreement (Tanke Biosciences Corp)
Interest Settlements. a. The (1) For loans with fixed interest payment rates, interest shall be settled based on agreed according to the contracted rate. For loans with a floating interest rate if fixed rate, interest rate is implemented; the interest payment shall be settled based on according to the updated rate for each floating rate of that certain period if floating rate is implementedperiod; If in case there are multiple more than one rates floating rates during one at the same time in a single settlement period, the interest of this settlement period shall be the total of settlement, it shall first calculate the interest for each floating rate and then sum up the floating rates to finally calculate the interest settlement rate in that certain period of timeperiod.
Appears in 2 contracts
Samples: Loan Contract (Phoenix Energy Resource Corp), Loan Contract (Phoenix Energy Resource Corp)
Interest Settlements. a. (1) The interest payment shall be settled based on agreed interest rate if fixed interest rate is implemented; the interest payment shall be settled based on floating rate of that certain period if floating rate is implemented; If there are multiple floating rates during one single period of settlement, it shall first calculate each floating rate and then sum up the floating rates to finally calculate the interest settlement rate in that certain period of time.
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