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Fill in the gaps with the correct words from the list.
annum; accrue; arrears; event; commencing; applicable; interest; due;

Interest Rate
The Borrower agrees to pay (1 p.) on the Principal Amount of the Loan at the rate of (insert interest rate) percent (insert percentage %) per (1 p.) (the "Interest Rate"), calculated on the basis of a 360-day year consisting of twelve (12) months of thirty (30) days each, unless otherwise required by (1 p.) law.

Interest Payment
Interest shall (1 p.) on the Loan (1 p.) on the date of disbursement of the Loan and shall be payable in (1 p.) on each Payment Date as specified in Schedule A attached hereto. In the (1 p.) that any Payment Date falls on a non-Business Day, such payment shall be (1 p.) on the next succeeding Business Day, and interest shall continue to accrue until the actual payment date.