Common use of Calculation of Interest/Application of Payments Clause in Contracts

Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated on the basis of a 360-day year composed of 12 months of 30 days each, except that interest payable in respect of any period less than a full calendar month shall be calculated by multiplying the actual number of days elapsed in such period by a daily rate based on a 360-day year. (b) Payments under this Note shall be applied first, to the payment of interest and other costs and charges due in connection with this Note or the Debt (as such term is defined in Section 4 hereof), as Payee may determine in its sole discretion, and then to reduction of the outstanding principal balance. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever. (c) As used in this Note the term "Applicable Interest Rate" shall mean, from the date of this Note through and including the Maturity Date, the fixed rate of Eight and five-eighths (8.625%) percent per annum.

Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated on the basis of a 360-day year composed of 12 months of 30 days each, except that interest payable in respect of any period less than a full calendar month shall be calculated by multiplying the actual number of days elapsed in such period by a daily rate based on a 360-day year. (b) Payments under this Note shall be applied first, to the payment of interest and other costs and charges due in connection with this Note or the Debt (as such term is defined in Section 4 hereof), as Payee may determine in its sole discretion, and then to reduction of the outstanding principal balance; or upon an Event of Default (as such term is defined in Section 4 hereof) in such order and priority as Payee shall determine in its sole discretion. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever. (c) As used in this Note the term "Applicable Interest Rate" shall mean, from the date of this Note through and including the Maturity Date, the fixed rate of Eight nine and fiveseven-eighths (8.6259.875%) percent per annum.

Calculation of Interest/Application of Payments. (a) Interest on the outstanding principal balance of this Note shall be calculated on the basis of a 360-day year composed of 12 months of 30 days each, except that interest payable in respect of any period less than a full calendar month shall be calculated by multiplying the actual number of days elapsed in such period by a daily rate based on a 360-day year. (b) Payments under this Note shall be applied first, to the payment of interest and other costs and charges due in connection with this Note or the Debt (as such term is defined in Section 4 hereof), as Payee may determine in its sole discretion, and then to reduction of the outstanding principal balance. All amounts due under this Note shall be payable without setoff, counterclaim or any other deduction whatsoever. (c) As used in this Note the term "Applicable Interest Rate" shall mean, from the date of this Note through and including the Maturity Date, the fixed rate of Eight Nine and fiveSeven-eighths Eighths (8.6259.875%) percent per annum.