Common use of Partial Month Interest Clause in Contracts

Partial Month Interest. Notwithstanding anything to the contrary in this Agreement, if an Advance is not made on the first day of a calendar month, the Coupon Rate for the Advance for the partial month period commencing on the Closing Date for the Advance and ending on the last day of the calendar month in which the Closing Date occurs shall be a rate determined by the Lender, based on the Lender's cost of funds, and approved in advance, in writing, by the Borrowers, pursuant to procedures mutually agreed upon by the Borrowers and the Lender.