Common use of Payment and Calculation Clause in Contracts

Payment and Calculation. The Borrower shall pay interest on the Loan quarterly in arrears on the last day (or such other day as CoBank shall elect in writing) of each September, December, March and June occurring after the Closing Date, upon any prepayment of any Portion (whether due to acceleration or otherwise) and on the Maturity Date; provided, however, with respect to the Portions accruing interest under the LIBOR option or the Quoted Rate option, interest shall be payable at the maturity of an Interest Period, or, if such Interest Period exceeds three months, in arrears on each three-month anniversary of the beginning date of such Interest Period and at the maturity of such Portion. Interest shall be calculated on the actual number of days the Loan, or any part thereof, is outstanding on the basis of a year consisting of 360 days. In calculating accrued interest, the date the Loan is made shall be included and the date any principal amount of the Loan is repaid or prepaid shall be excluded as to such amount. If any date for the payment of interest is not a Business Day, then the interest payment then due shall be paid on the next Business Day.

Payment and Calculation. The Borrower shall pay interest on the Loan quarterly monthly in arrears on the last 20th day (or such other day as CoBank shall elect in writing) of each September, December, March and June occurring after the Closing Datefollowing month, upon any prepayment of any Portion (whether due to acceleration or otherwise) and on the Maturity Date; provided, however, at the election of CoBank with respect to the Portions accruing interest under the LIBOR option or the Quoted Rate option, rather than monthly interest shall be payable at the maturity of an Interest Period, or, if such Interest Period exceeds three months, in arrears on each three-month anniversary of the beginning date of such Interest Period and at the maturity of such Portion. Interest shall be calculated on the actual number of days the Loan, or any part thereof, is outstanding on the basis of a year consisting of 360 days. In calculating accrued interest, the date the Loan is made shall be included and the date any principal amount of the Loan is repaid or prepaid shall be excluded as to such amount. If any date for the payment of interest is not a Business Day, then the interest payment then due shall be paid on the next Business Day.