Calculation; Payment. Interest shall be calculated as set forth above and shall be included and set forth in each monthly statement issued in connection with the Borrower’s Loan Account. Provided that sufficient funds are available on deposit, the Bank shall have the right, at the Bank’s option, to charge all interest to any of the Borrower’s accounts, including the Checking Account, maintained with the Bank on the first day of each month, or such other day as the Bank may charge thereafter, and such interest shall be deemed to be paid by the first amounts subsequently credited thereto, or as otherwise determined in the Bank’s sole discretion. Any such amounts due under this section shall be secured by a security interest in the Collateral pursuant to Section 4 (Security Interests).
Appears in 2 contracts
Sources: Loan and Security Agreement (Precision Aerospace Components, Inc.), Loan and Security Agreement (Precision Aerospace Components, Inc.)