Interest Settlements. (1) For loans with fixed interest rates, interest shall be settled according to the contracted rate. For loans with a floating interest rate, interest shall be settled according to the updated rate for each floating period; in case there are more than one rates floating at the same time in a single settlement period, the interest of this settlement period shall be the total of the interest for each floating period. (2) The interest shall be settled by quarter__, and the settlement day shall be the 20th day of the last month for each quarter.
Appears in 2 contracts
Sources: Loan Contract (Phoenix Energy Resource Corp), Loan Contract (Phoenix Energy Resource Corp)