Common use of Debiting interest Clause in Contracts

Debiting interest. Interest accrues on a facility account daily and the accrued amounts are debited to the facility account: • on the last day of the month following the date you first make a drawdown on the • from then on, on the last day of each month; and • on the date you repay the facility account in full. When accrued interest is debited to the facility account, this means that it forms part of the balance owing on which later interest accrues.