Method of Charging. Interest The annual interest rate is fixed at 0.00% per annum for the term of the Loan. Interest is calculated by multiplying the unpaid balance of the Loan at the end of the day by a daily interest rate. The daily interest is calculated by dividing the annual interest rate by 365. The total interest charges payable under this Agreement are set out in clause 2.1 of this Section and will be charged to your account and be payable with the frequency as set out in clause 2.3 of this Section. If the Borrower commits a payment default under this Agreement the interest rate above may be charged by the Lender to the default rate applicable under clause 6 of this Section.
Appears in 2 contracts
Sources: Loan and Security Agreement, Loan and Security Agreement