Common use of Interest Calculation Method Clause in Contracts

Interest Calculation Method. Interest on this Note shall be calculated on the basis of a 360-day year and the actual number of days elapsed in any portion of a month in which interest is due. If any payment to be made by the Borrower hereunder shall become due on a day other than a Business Day, such payment shall be made on the next succeeding Business Day. Prepayment; Minimum Interest Charge. In any event, even upon full prepayment of this Note, ▇▇▇▇▇▇▇▇ understands that Lender is entitled to a minimum interest charge of $10.00. Other than Borrower’s obligations to pay any minimum interest charge, Borrower may pay without penalty all or a portion of the amount earlier than it is due. Early payments will not, unless agreed to by ▇▇▇▇▇▇ in writing, relieve ▇▇▇▇▇▇▇▇ of ▇▇▇▇▇▇▇▇’s obligation to continue to make payments of accrued unpaid interest. Rather, early payment will reduce the principal balance due. ▇▇▇▇▇▇▇▇ agrees not to send Lender payments marked “paid in full”, “without recourse”, or similar language. If Borrower sends such a payment, ▇▇▇▇▇▇ may accept it without losing any of ▇▇▇▇▇▇’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Minnesota Bank & Trust, ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇, ▇▇ ▇▇▇▇▇.