Initial Interest Payment Clause Examples

The Initial Interest Payment clause defines the terms under which the first interest payment on a loan or financial instrument is calculated and paid. Typically, this clause specifies the period covered by the initial payment, which may be shorter or longer than subsequent regular payment periods, depending on the loan's start date relative to the payment schedule. For example, if a loan begins mid-month but payments are due at the end of each month, the initial interest payment would cover only the days from the loan start date to the first payment date. This clause ensures both parties understand how the first interest amount is determined, preventing confusion or disputes over partial period calculations.
Initial Interest Payment. The Borrower shall have paid in advance the interest for the initial Interest Period (in the case of a Eurodollar Loan) or for the period from the Borrowing Date to but excluding the first Quarterly Date after the Borrowing Date (in the case of a Fixed Rate Loan) as provided in Section 2.05(e) of the Credit Agreement for such Loan.
View SourceView Similar (2)
Initial Interest Payment. The Issuer shall have paid in advance the interest for the period from the Note Purchase Date to but excluding the first Interest Payment Date after the Note Purchase Date as provided in Section 8 of the Note Purchase Agreement for such Notes.
View Source
Initial Interest Payment. For the avoidance of doubt, the parties agree that the Initial Interest Period (as such term is defined in the Notes) shall end on (but exclude) August 5, 2006.
View Source
Initial Interest Payment. Notwithstanding anything herein to the contrary, as to the interest payment due hereunder on January 1, 2008, in lieu of making such interest payment in cash, the Company shall have the right, on 10 Trading Days prior written notice to the Holder, to cause such interest payment to accrete to, and increase, the outstanding principal amount due hereunder. All other interest payments required to be made hereunder shall be made in accordance with the terms and conditions hereunder, including, without limitation, Sections 2(a)-(d). If the Company fails to deliver a Holder a written notice of its intention to accrete the January 1, 2008 interest payment to principal by December 17, 2007, the Company shall not be permitted to accrete such interest payment to principal.
View Source

Related to Initial Interest Payment

  • Interest Payment For each Interest Payment Date the amount of interest due with respect to the Class A(2018-3) Notes shall be an amount equal to (i) (A) a fraction, the numerator of which is the actual number of days in the related Interest Accrual Period and the denominator of which is 360, times

  • Interest Payment Date The term “

  • Interest Payment Frequency   Interest Payment Dates Monthly Fifteenth day of each calendar month, beginning in the first calendar month following the month this Note was issued. Quarterly Fifteenth day of every third calendar month, beginning in the third calendar month following the month this Note was issued. Semi-annual Fifteenth day of every sixth calendar month, beginning in the sixth calendar month following the month this Note was issued. Annual Fifteenth day of every twelfth calendar month, beginning in the twelfth calendar month following the month this Note was issued.

  • Interest Payment Dates Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Termination Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an optional prepayment of an ABR Loan prior to the Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

  • Interest Payments Unless otherwise specified on the face hereof, the Interest Payment Dates will be, in the case of a Floating Rate Note which resets: (1) daily, weekly or monthly—the fifteenth day of each calendar month or on the fifteenth day of March, June, September and December of each year, as specified on the face hereof; (2) quarterly—the fifteenth day of March, June, September and December of each year; (3) semi-annually—the fifteenth day of the two months of each year specified on the face hereof; and (4) annually—the fifteenth day of the month of each year as specified on the face hereof. In addition, the Maturity Date will also be an Interest Payment Date. If any Interest Payment Date other than the Maturity Date for this Floating Rate Note would otherwise be a day that is not a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day, except that in the case of a Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and that Business Day falls in the next succeeding calendar month, the particular Interest Payment Date will be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the Trust will make the required payment of principal, premium, if any, and interest or other amounts on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.