Interest as compensation for use of money: accrues daily and reflects the time value of funds.

Interest is the compensation for the use or forbearance of money, representing the time value of funds and, unless agreed otherwise, calculated on the basis customarily accepted by the banking community. Interest accrues daily, is apportionable between successive persons entitled to the principal, and covers related proprietary and contractual forms of interest including beneficial, contingent, future and undivided interests.

---

---

---