Common use of Partial Month Interest Clause in Contracts

Partial Month Interest. Notwithstanding anything to the contrary in this Section 1.04(a), if an Advance is not made on the first day of a calendar month, Borrower shall pay interest on the original stated principal amount of such Advance for the partial month period commencing on the Closing Date for such Advance and ending on the last day of the calendar month in which the Closing Date occurs. Borrower shall pay interest for such partial month on any such Advance at a rate per annum equal to the greater of (i) the interest rate described in the applicable Note, and (ii) a rate determined by Lender, based on Lender’s cost of funds and approved in advance, in writing, by Borrower.

Partial Month Interest. Notwithstanding anything to the contrary in this Section 1.04(a)3.04, if an a Fixed Facility Advance is not made on the first day of a calendar month, Borrower shall pay interest on the original stated principal amount of such Advance for the partial month period commencing on the Closing Date for such Advance and ending on the last day of the calendar month in which the Closing Date occurs. Borrower shall pay interest for such partial month on any such Advance at a rate per annum equal to the greater of (iA) the interest rate described in the applicable Note, and (iiB) a rate determined by Lender, based on Lender’s cost of funds and approved in advance, in writing, by Borrower.