Common use of Basic Interest Clause in Contracts

Basic Interest. Except as provided in Section 1.4 below, the disbursed and unpaid principal balance of the Loan shall bear interest commencing on the date on which the Loan proceeds are first disbursed for the account of Borrower, and ending on the date paid, at the rate of three percent (3%) per annum, simple interest (“Basic Rate”). Interest shall be computed on the basis of actual number of days elapsed and a 360-day year.

Basic Interest. Except as provided in Section 1.4 below, the disbursed and unpaid principal balance of the HOME Loan shall bear interest commencing on the date on which the such HOME Loan proceeds are first disbursed for the account of Borrower▇▇▇▇▇▇▇▇ as provided herein, and ending on the date paid, at the rate of three percent (3%) per annum, simple interest (“Basic Rate”). Interest shall be computed on the basis of actual number of days elapsed and a 360-day year.