Common use of Interest Accrual and Computation Clause in Contracts

Interest Accrual and Computation. Interest shall accrue on each Note from and including the date of issuance thereof to but excluding the date of any repayment thereof and shall be payable in cash semi-annually in arrears on each Interest Payment Date, on any prepayment (on the principal amount prepaid), at maturity (whether by acceleration or otherwise) and, after such maturity, on demand. All computations of interest hereunder shall be made on the actual number of days elapsed over a year of 360 days.