Common use of Interest Accrual Clause in Contracts

Interest Accrual. The 2021-A Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 2021-A Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 2021-A Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Exchange Note Supplement (Ford Credit Auto Lease Trust 2021-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2021-A)

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Interest Accrual. The 20212024-A B Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212024-A B Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212024-A B Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2024-B), Credit and Security Agreement (Ford Credit Auto Lease Trust 2024-B)

Interest Accrual. The 20212023-A Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212023-A Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212023-A Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Exchange Note Supplement (Ford Credit Auto Lease Trust 2023-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2023-A)

Interest Accrual. The 20212020-A Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212020-A Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212020-A Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2020-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2020-A)

Interest Accrual. The 20212020-A B Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212020-A B Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212020-A B Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2020-B), Credit and Security Agreement (Ford Credit Auto Lease Trust 2020-B)

Interest Accrual. The 20212019-A B Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212019-A B Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212019-A B Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2019-B), Credit and Security Agreement (Ford Credit Auto Lease Trust 2019-B)

Interest Accrual. The 20212023-A B Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212023-A B Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212023-A B Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2023-B), Credit and Security Agreement (Ford Credit Auto Lease Trust 2023-B)

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Interest Accrual. The 20212024-A Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212024-A Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212024-A Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Exchange Note Supplement (Ford Credit Auto Lease Trust 2024-A), Credit and Security Agreement (Ford Credit Auto Lease Trust 2024-A)

Interest Accrual. The 2021-A B Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 2021-A B Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 2021-A B Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Credit and Security Agreement (Ford Credit Auto Lease Trust 2021-B), Credit and Security Agreement (Ford Credit Auto Lease Trust 2021-B)

Interest Accrual. The 20212022-A Exchange Note will accrue interest on its Exchange Note Balance for each Exchange Note Interest Period until the Exchange Note Balance has been paid in full at a rate per annum equal to the Exchange Note Interest Rate for that Exchange Note Interest Period. Interest on the 20212022-A Exchange Note will be calculated for each Exchange Note Interest Period on the basis of the actual number of days elapsed and a 360-day year. Interest on the 20212022-A Exchange Note for each Exchange Note Interest Period will be due and payable on the related Payment Date.

Appears in 2 contracts

Samples: Exchange Note Supplement (Ford Credit Auto Lease Trust 2022-A), Exchange Note Supplement (Ford Credit Auto Lease Trust 2022-A)

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