Common use of Payment of Clause in Contracts

Payment of. Short Interest". If the advance of the principal amount evidenced by this Note is made on a date on or after the first (1st) day of a calendar month and prior to the eleventh (11th) day of a calendar month, Maker shall pay to Payee contemporaneously with the execution hereof interest at the Note Rate for a period from the date hereof through and including the tenth (10th) day of this calendar month. If the advance of the principal amount evidenced by this Note is made on a date after the eleventh (11th) day of a calendar month and prior to or on the last day of a calendar month, Maker shall pay to Payee contemporaneously with the execution hereof interest at the Note Rate for a period from the date hereof through and including the tenth (10th) day of the immediately succeeding calendar month.