Loan Interest. Interest accrues and is payable on a daily basis from the date of the loan on loans requested by the Owner and from the premium due date on loans to pay premiums. Unpaid interest is added to the loan. The Specified Rate loan interest option or the Variable Rate loan interest option is elected on the application. The Owner may change this election at any time, but the change will not take effect until the January 1st following receipt of a written request at the Company's Home Office.
Appears in 6 contracts
Samples: Agreement (Aerosonic Corp /De/), Agreement (Aerosonic Corp /De/), Northwestern Mutual Variable Life Account
Loan Interest. Interest accrues and is payable on a daily basis from the date of the loan on loans requested by the Owner and from the premium due date on loans Loans to pay premiums. Unpaid interest is added to the loan. The Specified Rate loan interest option or the Variable Rate loan interest option is elected on the application. The Owner may change this election at any time, but the change will not take effect until the January 1st following receipt of a written request at the Company's Home Office.
Appears in 1 contract
Samples: Agreement (Aerosonic Corp /De/)
