Common use of Interest Prepayment Clause in Contracts

Interest Prepayment. (a) Borrower will pay Interest on the unpaid Principal amount hereof, computed on the basis of the actual number of days elapsed in a 360-day year, at a rate which shall be equal to thirteen percent (13.00%) per annum (the "Interest Rate"). (b) The "Interest Rate Factor" shall be calculated by dividing the annual Interest Rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" shall be determined by the number of days from the last day of the previous month (excluding such last day of the previous month) up until and including the date upon which the Interest will be due. The "Interest" shall be calculated by multiplying the applicable Interest Rate Factor by the outstanding Principal balance of the Loan as of the date each Interest payment is due unless there has been a modification of the Principal balance during such period (such as by a payment) in which event Interest will be calculated based on the outstanding Principal balances from time to time. Interest on the Loan shall be due and payable on the last day of each month up to and including the Due Date of the Loan provided such day is a Business Day ("Business Day"). Business Day shall mean any day other than Saturday, Sunday, or any other day on which commercial banks located in the State of New York are required or authorized by law to be closed for business. Borrower will pay Interest on any overdue installment of Principal or Interest for the period for which overdue, on demand, at a rate equal to eighteen percent (18.00%) per annum. In no event shall Interest exceed the maximum legal rate permitted by law, and any Interest that exceeds the maximum legal rate shall be reduced to the maximum legal rate permitted by law. All payments, including insufficient payments, shall be credited, regardless of their designation by ▇▇▇▇▇▇▇▇▇, first to collection expenses due hereunder, then to outstanding late charges, then to Interest due and payable but not yet paid, then to the Yield Maintenance Payment (if any) and the remainder, if any, to Principal. All payments by Borrowers or any endorser of this Note on account of Principal, Interest or fees hereunder shall be made in lawful money of the United States of America.

Interest Prepayment. (a) Borrower will pay Interest interest on the unpaid Principal principal amount hereof, computed on the basis of the actual number of days elapsed in a 360-day year, at a rate which shall be equal to thirteen percent (13.00%) per annum (the "Interest Rate"). (b) The "Interest Rate Factor" shall be calculated by dividing the annual Interest Rate interest rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" for the Interest due on December 31, 2003, shall be determined by the number of days from the date of this Agreement up until and including December 31, 2003. For Interest due on March 31, 2004, June 30, 2004, and August 31, 2004, the "Number of Elapsed Days" shall be determined respectively by the number of days from the last day of the previous month quarter (excluding such last day of the previous monthquarter) up until and including the date upon which the Interest will be Payment is due. The "Interest" shall be calculated by multiplying the applicable Interest Rate Factor by the outstanding Principal principal balance of the Loan as of the date each Interest payment is due unless there has been a modification of the Principal principal balance during such period (such as by a payment) in which event Interest interest will be calculated based on the outstanding Principal balances from time to time. Interest on the Loan shall be due and payable on the last day of each month up to December 31, 2003, March 31, 2004, June 30, 2004 and including the Due Date of the Loan August 31, 2004 provided such day is a Business Day ("Business Day"). Business Day shall mean any day other than Saturday, Sunday, or any other day on which commercial banks located in the State of New York Jersey are required or authorized by law to be closed for business. Borrower will pay Interest interest on any overdue installment of Principal principal or Interest interest for the period for which overdue, on demand, at a rate equal to eighteen percent (18.00%) per annum. In no event shall Interest interest exceed the maximum legal rate permitted by law, and any Interest that exceeds the maximum legal rate shall be reduced to the maximum legal rate permitted by law. All payments, including insufficient payments, shall be credited, regardless of their designation by ▇▇▇▇▇▇▇▇▇Borrowers, first to collection expenses due hereunder, then to outstanding late charges, then to Interest interest due and payable but not yet paid, then to the Yield Maintenance Payment (if any) and the remainder, if any, to Principalprincipal. All payments by Borrowers or any endorser of this Note on account of Principalprincipal, Interest interest or fees hereunder shall be made in lawful money of the United States of America.

Interest Prepayment. (a) Borrower will pay Interest on the unpaid Principal amount hereof, computed on the basis of the actual number of days elapsed in a 360-day year, at a rate which shall be equal to thirteen percent (13.00%) per annum (the "Interest Rate"). (b) The "Interest Rate Factor" shall be calculated by dividing the annual Interest Rate of 13% by 360 days and then multiplying the resulting quotient by the Number of Elapsed Days. The "Number of Elapsed Days" shall be determined by the number of days from the last day of the previous month (excluding such last day of the previous month) up until and including the date upon which the Interest will be due. The "Interest" shall be calculated by multiplying the applicable Interest Rate Factor by the outstanding Principal balance of the Loan as of the date each Interest payment is due unless there has been a modification of the Principal balance during such period (such as by a payment) in which event Interest will be calculated based on the outstanding Principal balances from time to time. Interest on the Loan shall be due and payable on the last day of each month up to and including the Due Date of the Loan provided such day is a Business Day ("Business Day"). Business Day shall mean any day other than Saturday, Sunday, or any other day on which commercial banks located in the State of New York are required or authorized by law to be closed for business. Borrower will pay Interest on any overdue installment of Principal or Interest for the period for which overdue, on demand, at a rate equal to eighteen percent (18.00%) per annum. In no event shall Interest exceed the maximum legal rate permitted by law, and any Interest that exceeds the maximum legal rate shall be reduced to the maximum legal rate permitted by law. All payments, including insufficient payments, shall be credited, regardless of their designation by ▇B▇▇▇▇▇▇▇▇, first to collection expenses due hereunder, then to outstanding late charges, then to Interest due and payable but not yet paid, then to the Yield Maintenance Payment (if any) and the remainder, if any, to Principal. All payments by Borrowers or any endorser of this Note on account of Principal, Interest or fees hereunder shall be made in lawful money of the United States of America.