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Common use of Monthly Interest Payments Clause in Contracts

Monthly Interest Payments. Interest accrued on each Tranche as of the last day of each calendar month (“Monthly Interest Payments”) shall be: (a) due and payable on the fifth calendar day of the following month; provided that if such date falls on a day other than a Saturday, Sunday or other day when banks are authorized or required to be closed in California, Minnesota, North Carolina or New York (a Table of Contents “Banking Day”), interest shall be due and payable on the next Banking Day; or (b) with Lender’s consent, accrued on the fifth calendar day of the following month; provided that if such date falls on a day other than Banking Day, interest shall be accrued beginning on the next Banking Day, and compounded monthly until the principal balance of such Tranche is repaid, at which time such accrued and compounded interest shall be due and payable. The Minimum Advance requirement does not apply to interest accrued.

Appears in 1 contract

Samples: Loan Agreement (Irvine Apartment Communities L P)

Monthly Interest Payments. Interest accrued on each Tranche as of the last day of each calendar month (“Monthly Interest Payments”) shall be: (a) due and payable on the fifth calendar day of the following month; provided that if such date falls on a day other than a Saturday, Sunday or other day when banks are authorized or required Table of Contents to be closed in California, Minnesota, North Carolina or New York (a Table of Contents “Banking Day”), interest shall be due and payable on the next Banking Day; or (b) with Lender’s consent, accrued on the fifth calendar day of the following month; provided that if such date falls on a day other than Banking Day, interest shall be accrued beginning on the next Banking Day, and compounded monthly until the principal balance of such Tranche is repaid, at which time such accrued and compounded interest shall be due and payable. The Minimum Advance requirement does not apply to interest accrued.

Appears in 1 contract

Samples: Loan Agreement (Irvine Apartment Communities L P)

Monthly Interest Payments. Interest accrued on each Tranche as of the last day of each calendar month (“Monthly Interest Payments”) shall be: (a) due and payable on the fifth calendar day of the following month; provided that if such date falls on a day other than a Saturday, Sunday or other day when banks are authorized or required to be closed in California, Minnesota, North Carolina or New York (a Table of Contents “Banking Day”), interest shall be due and payable on the next Banking Day; or (b) with Lender’s consent, accrued on the fifth calendar day of the following month; provided that if such date falls on a day other than Banking Day, interest shall be accrued beginning on the next Banking Day, and compounded monthly until the principal balance of such Tranche is repaid, at which time such accrued and compounded interest shall be due and payable. The Minimum Advance requirement does not apply to interest accrued.

Appears in 1 contract

Samples: Loan Agreement (Irvine Apartment Communities L P)

Monthly Interest Payments. Interest accrued on each Tranche as of the last day of each calendar month (“Monthly month(“Monthly Interest Payments”) shall be: (a) due and payable on the fifth calendar day of the following month; provided that if such date falls on a day other than a Saturday, Sunday or other day when banks are authorized or required to be closed in California, Minnesota, North Carolina or New York (a Table of Contents “Banking Day”), interest shall be due and payable on the next Banking Day; or (b) with Lender’s consent, accrued on the fifth calendar day of the following month; provided that if such date falls on a day other than Banking Day, interest shall be accrued beginning on the next Banking Day, and compounded monthly until the principal balance of such Tranche is repaid, at which time such accrued and compounded interest shall be due and payable. The Minimum Advance requirement does not apply to interest accrued.

Appears in 1 contract

Samples: Loan Agreement (Irvine Apartment Communities L P)