Common use of Payments of Interest Only Clause in Contracts

Payments of Interest Only. At least 10 calendar days before any date for payment of interest on the applicable DTC Note (or such shorter period as shall be necessary under the terms of the applicable Notes), the Issuing and Paying Agent will deliver to the Company and DTC a written notice specifying, by CUSIP number, the amount of interest to be paid on each DTC Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with the Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each DTC Note on the Interest Payment Date by reference to the daily bond reports published by S&P Global Market Intelligence, a division of S&P Global, Inc. (“S&P”) or in such other manner as shall be the standard practice prevailing at such time. On the Interest Payment Date, the Company will pay to the applicable Paying Agent in immediately available funds an amount sufficient to pay the interest then due and owing, and upon receipt of such funds from the Company, the applicable Paying Agent in turn will pay to DTC such total amount of interest due (other than at the Maturity Date), at the times and in the manner set forth below under “Manner of Payment.”

Appears in 2 contracts

Samples: Distribution Agreement (BofA Finance LLC), Written Terms Agreement (BAC Capital Trust XIII)

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Payments of Interest Only. At least 10 calendar days before any date for payment of interest on the applicable DTC Note (or such shorter period as shall be necessary under necessary, for example, where the terms amounts of interest are determined based upon the value of a reference asset for the applicable Notes), the Issuing and Paying Agent will deliver to the Company Company, the Guarantor and DTC a written notice specifying, specifying by CUSIP number, number the amount of interest to be paid on each DTC Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with the Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each DTC Note on the Interest Payment Date by reference to the daily bond reports published by S&P Global Market Intelligence, a division of S&P Global, Global Inc. (“S&P”) or in such other manner as shall be the standard practice prevailing at such time. On the Interest Payment Date, the Company will pay to the applicable Paying Agent in immediately available funds an amount sufficient to pay the interest then due and owing, and upon receipt of such funds from the Company, the applicable Paying Agent in turn will pay to DTC such total amount of interest due (other than at the Maturity Date), at the times and in the manner set forth below under “Manner of Payment.”

Appears in 1 contract

Samples: Terms Agreement (BofA Finance LLC)

Payments of Interest Only. At least 10 calendar days before any date for payment of interest on the applicable DTC Note (or such shorter period as shall be necessary under the terms of the applicable Notes), the Issuing and Paying Agent will deliver to the Company Company, the Guarantor and DTC a written notice specifying, by CUSIP number, the amount of interest to be paid on each DTC Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with the Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each DTC Note on the Interest Payment Date by reference to the daily bond reports published by S&P Global Market Intelligence, a division of S&P Global, Inc. (“S&P”) or in such other manner as shall be the standard practice prevailing at such time. On the Interest Payment Date, the Company will pay to the applicable Paying Agent in immediately available funds an amount sufficient to pay the interest then due and owing, and upon receipt of such funds from the Company, the applicable Paying Agent in turn will pay to DTC such total amount of interest due (other than at the Maturity Date), at the times and in the manner set forth below under “Manner of Payment.”

Appears in 1 contract

Samples: Terms Agreement (BofA Finance LLC)

Payments of Interest Only. At least 10 calendar days one Business Day before any date for payment of interest on the applicable DTC Note (or such shorter period as shall be necessary under the terms of the applicable Notes), the Issuing and Paying Agent will deliver to and the Company will, in accordance with any agreed upon procedures and DTC a written notice specifyingthe operating procedures of DTC, by CUSIP number, confirm the amount of interest to be paid on each DTC Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with the Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each DTC Note on the Interest Payment Date by reference to the daily bond reports published by S&P Global Market Intelligence, a division of S&P Global, Inc. (“S&P”) or in such other manner as shall be the standard practice prevailing at such time. On the Interest Payment Date, the Company will pay to the applicable Issuing and Paying Agent in immediately available funds an amount sufficient to pay the interest then due and owing, and upon receipt of such funds from the Company, the applicable Issuing and Paying Agent in turn will pay to DTC such total amount of interest due (other than at the Maturity Date), at the times and in the manner set forth below under “Manner of Payment.”

Appears in 1 contract

Samples: Terms Agreement (BAC Capital Trust XIII)

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Payments of Interest Only. At least 10 calendar days before any date for payment of interest on the applicable DTC Note (or such shorter period as shall be necessary under the terms of the applicable Notes), the Issuing and Paying Agent will deliver to the Company and DTC a written notice specifying, specifying by CUSIP number, number the amount of interest to be paid on each DTC Note on the following Interest Payment Date (other than an Interest Payment Date coinciding with the Maturity Date) and the total of such amounts. DTC will confirm the amount payable on each DTC Note on the Interest Payment Date by reference to the daily bond reports published by S&P Global Market Intelligence, a division of S&P Global, Inc. (“S&P”) or in such other manner as shall be the standard practice prevailing at such time. On the Interest Payment Date, the Company will pay to the applicable Paying Agent in immediately available funds an amount sufficient to pay the interest then due and owing, and upon receipt of such funds from the Company, the applicable Paying Agent in turn will pay to DTC such total amount of interest due (other than at the Maturity Date), at the times and in the manner set forth below under “Manner of Payment.”

Appears in 1 contract

Samples: Terms Agreement (BAC Capital Trust XIV)

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