Common use of Loan Interest Clause in Contracts

Loan Interest. We will charge interest on any loan balance from the date of the loan at the rate shown in Section 1, Contract Data. We may establish a lower rate for any period for which the loan balance is outstanding. Interest is payable at the end of each Contract Year and on the date the loan balance is repaid. If interest is not received by the Contract Anniversary we will transfer the accrued loan interest from the Fixed and Variable Accounts to the loan account on a pro-rata basis.

Loan Interest. We will charge interest on any a contract loan balance from the date of the loan at the rate Loan Interest Rate shown in Section 1, Contract Data. We may establish a lower rate for any period for which the contract loan balance is outstanding. Interest is payable at the end of each Contract Year and on the date the loan balance is repaid. If interest is not received by the Contract Anniversary Anniversary, we will transfer the accrued loan interest from the Fixed and Variable Accounts to the loan account on a pro-rata basis.