Common use of Interest Settlement Method Clause in Contracts

Interest Settlement Method. A. The interest of the entrusted loan shall be settled in accordance with the second method: (1) The interest and principal of the loan shall be repaid on a one-time basis on the due date. (2) The interest shall be settled monthly, the interest settlement date shall be set at the 20th each month, and the interest payment date be the 21th of the same month. (3) The interest shall be settled quarterly of the year, the interest settlement date shall be set at the 20th of the last month each quarter, and the interest payment date be the 21st of the same month. (4) other method： B. In the event that the payment date falls on the holidays or public holidays, the repayment of principal and interest of the loan can be postponed to the first bank business day after the public holiday. And in the event that the repayment of the interest of the current period is not made on the first bank business day after the public holiday, it shall then be deemed as overdue interest and be calculated in accordance with the compound interest stipulated in this agreement. C. In the event that the repayment date of the last installment of the principal does not fall on the interest payment date, then the repayment date of the last installment of the principal shall be deemed as the interest payment date, and the borrower shall pay off the interest owned in full, that is the interest shall be paid off together with the principal. If the maturity date of the loan falls on the holidays or public holidays, and is paid off on the last bank business day before the public holiday, then the interest shall be calculated in accordance with the rate stipulated in the agreement, and the interest of the days between the actual pay-off date and the maturity date shall be deducted based on the calculation in accordance with the interest rate stipulated in the agreement. If, however, the loan is paid off on the first bank business day after the public holiday, then the interest of the days between the actual pay-off date and the maturity date shall be added based on the calculation in accordance with the interest rate stipulated in the agreement. Whereas the loan is not paid off on the first bank business day after the public holiday, it shall then be deemed as overdue interest and calculated from the first bank business day after the public holiday.