Monthly Interest. Beginning with the first Business Day of the month following the Effective Date, and on the first business day of each succeeding month thereafter, notwithstanding anything in the Notes or the Note Agreement to the contrary, the Company shall pay interest in respect of the outstanding principal balance of the Notes monthly in arrears at the Applicable Rate and on the basis of a 360 day year of twelve 30 day months.
Appears in 2 contracts
Sources: Noteholder Forbearance Agreement (National Consumer Cooperative Bank /Dc/), Noteholder Forbearance Agreement (National Consumer Cooperative Bank /Dc/)