The Borrower shall pay interest on the Facility from time to time outstanding of [%] per annum.
This clause sets out the rate of interest applicable to the facility. Obviously, the borrower is required to pay back both the principal amount of any facility plus the accrued interest. This clause should detail the applicable rate of interest, explains the way in which interest is calculated and the dates on which the borrower must repay the amount of accrued interest to the bank.. In some cases, a borrower may repay accrued interest on payment dates that are different to the scheduled repayment dates for the principal amount of the Facility.
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