Program Interest Clause Samples
The Program Interest clause defines the rate or method by which interest is calculated on amounts due under a specific program or agreement. Typically, this clause specifies the applicable interest rate, the compounding period, and the circumstances under which interest accrues, such as on late payments or outstanding balances. By clearly outlining how and when interest is charged, the clause ensures both parties understand their financial obligations and helps prevent disputes over payment terms.
Program Interest. Interest will accrue on funds in the Program account at such times and at such rates determined by Lender. Lender may change the interest rate or accrual period from time to time without notice. The Program may provide for different interest rates for different categories of loans.
Program Interest. Section 1.02(j) Purchase Price ....................................................Section 2.01