Existing Loan Interest Sample Clauses
The Existing Loan Interest clause defines how interest on any pre-existing loans associated with a transaction will be handled. Typically, this clause specifies whether the buyer or seller is responsible for paying accrued interest up to the closing date, and may outline the calculation method or timing of such payments. Its core function is to ensure clarity and prevent disputes by explicitly allocating responsibility for interest payments on outstanding loans during the transition of ownership or settlement of a deal.
Existing Loan Interest. Interest on the outstanding principal balance of the Existing Loan shall be prorated between Seller and Buyer as of the Closing Date with interest up to and including the Closing Date being allocated to Seller. If interest is paid to the Existing Lender in arrears, then Seller shall credit Buyer with the interest payment for the month in which Closing occurs.
Existing Loan Interest. The monthly interest due under the Existing Loan shall be prorated on the basis that Seller is responsible for all such interest accruing from the first day of the month in which Closing of the purchase and sale of the Property occurs through the day preceding the Closing Date. Buyer is responsible for all such interest accruing from the Closing Date through the last day of the month of the Closing Date.
Existing Loan Interest. ORE Ventures MN shall pay Lender all interest that has accrued and remains unpaid with respect to the Existing Debt accrued prior to (but not including) the Closing Date and, to the extent not paid, Purchaser shall receive at Closing a credit towards the Purchase Price for such unpaid interest for the period prior to the Closing Date, provided that Purchaser shall assume the obligation to pay all such interest to Lender when due. Purchaser shall pay Lender all such interest due and accruing from and after the Closing Date.