Common use of Interest Computation Clause in Contracts

Interest Computation. Unless otherwise instructed in this Agreement, interest will be calculated using a 365 day year (interest calculated daily), except in the case of interest only payments, which will be calculated using a 360 day basis (as if all payments received before end of any grace period are received on due date). SELLER/HOLDER must consent in writing to any change in the method of interest calculation. Collections requiring a 360 day interest calculation may not pay more than 30 days interest in advance.

Interest Computation. Unless otherwise instructed in this Agreement, interest will be calculated using a 365 day year (interest calculated daily), except in the case of interest only payments, which will be calculated using a 360 day basis (as if all payments received before end of any grace period are received on due date). SELLER/HOLDER XXXXXX must consent in writing to any change in the method of interest calculation. Collections requiring a 360 day interest calculation may not pay more than 30 days interest in advance.