Common use of Interest Payments on Qualified Loans Clause in Contracts

Interest Payments on Qualified Loans. Unless otherwise specified in the related Commitment Letter, interest due under each Qualified Loan shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. For illustration purposes, if the first calendar day of the month is a Saturday and the following Monday is a holiday, the first Business Day of that month would be the following Tuesday. Assuming that the month in this example is a 30-day month, a Qualified Loan purchased by Fxxxxx Mac on that Tuesday would have 27 days of interest accrual for that month. Fxxxxx Mac also acknowledges and agrees that, unless otherwise specified in the applicable Commitment Letter, the first required Installment Payment for each Qualified Loan shall be for the payment of interest only and all subsequent Installment Payments shall be for the payment of interest and principal.

Interest Payments on Qualified Loans. Unless otherwise specified in the related Commitment Letter, interest due under each Qualified Loan shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. For illustration purposes, if the first calendar day of the month is a Saturday and the following Monday is a holiday, the first Business Day of that month would be the following Tuesday. Assuming that the month in this example is a 30-day 30‑day month, a Qualified Loan purchased by Fxxxxx Xxxxxx Mac on that Tuesday would have 27 days of interest accrual for that month. Fxxxxx Xxxxxx Mac also acknowledges and agrees that, unless otherwise specified in the applicable Commitment Letter, the first required Installment Payment for each Qualified Loan shall be for the payment of interest only and all subsequent Installment Payments shall be for the payment of interest and principal.

Interest Payments on Qualified Loans. Unless otherwise specified in the related Commitment Letter, interest due under each Qualified Loan shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. For illustration purposes, if the first calendar day of the month is a Saturday and the following Monday is a holiday, the first Business Day of that month would be the following Tuesday. Assuming that the month in this example is a 30-day month, a Qualified Loan purchased by Fxxxxx Xxxxxx Mac on that Tuesday would have 27 days of interest accrual for that month. Fxxxxx Xxxxxx Mac also acknowledges and agrees that, unless otherwise specified in the applicable Commitment Letter, the first required Installment Payment for each Qualified Loan shall be for the payment of interest only and all subsequent Installment Payments shall be for the payment of interest and principal.