Common use of Partial Month Interest Clause in Contracts

Partial Month Interest. Notwithstanding anything to the contrary in this Agreement, if an Advance is not made on the first day of a calendar month, and the MBS Issue Date for the MBS backed by the Advance is the first day of the month following the month in which the Advance is made, the Coupon Rate for the Advance for the partial month period commencing on the Closing Date for the Advance and ending on the last day of the calendar month in which the Closing Date occurs shall be the greater of (i) the Coupon Rate for the Advance which will be in effect for the period after the partial month period or (ii) a rate based on the Lender's cost of funds, as quoted by the Lender's regular warehouse lender, and approved in advance, in writing, by the Borrower.

Partial Month Interest. Notwithstanding anything to the contrary in this Agreement, if an Advance is not made on the first day of a calendar month, and the MBS Issue Date for the MBS backed by the Advance is the first day of the month following the month in which the Advance is made, the Coupon Rate for the Advance for the partial month period commencing on the Closing Date for the Advance and ending on the last day of the calendar month in which the Closing Date occurs shall be the greater of (i) the Coupon Rate for the Advance which will be in effect for the period after the partial month period or (ii) a rate determined by the Lender, based on the Lender's cost of funds, as quoted by the Lender's regular warehouse lender, and approved in advance, in writing, by the Borrower, pursuant to procedures mutually agreed upon by the Borrower and the Lender.