Initial Interest Accrual Period definition
Examples of Initial Interest Accrual Period in a sentence
Anticipated Repayment Date: Class A-2-I Quarterly Payment Date occurring in August 2023 Class A-2-II Quarterly Payment Date occurring in August 2026 Class A-2-III Quarterly Payment Date occurring in August 2029 Series 2019-1 Legal Final Maturity Date: Quarterly Payment Date occurring in August 2049 First Quarterly Payment Date: November 25,2019 Initial Interest Accrual Period: The initial Interest Accrual Period for the Offered Notes will be 137 days, based on a 360-day year of twelve 30-day months.
The Initial Interest Accrual Period for the Series 2007-3 Notes shall commence on the Closing Date and end on January 19, 2008.
The Initial Interest Accrual Period for the Series 2007-1 Notes shall commence on the Closing Date and end on April 19, 2007.
The Initial Interest Accrual Period for the Series 2007-2 Notes shall commence on the Closing Date and end on April 19, 2007.
For some Interest Accrual Periods (including if applicable, the Initial Interest Accrual Period), the Weekly Rate in effect for the last few days of such Interest Accrual Period may not be known on the day the Loan Servicer normally invoices Borrower for monthly payments of Note Interest.
The Indenture provides that the interest rate on the Notes for each Interest Accrual Period after the Initial Interest Accrual Period shall, except as otherwise provided in the Indenture, equal the Auction Rate that the Auction Agent advises has resulted on the Auction Date from the implementation of the Auction Procedures.
Interest will accrue from and including the Original Issue Date, for the Initial Interest Accrual Period (as defined below), or the most recent Interest Payment Date, to but excluding the next succeeding Interest Payment Date or the Stated Maturity Date, as the case may be (each quarterly accrual period, an “Interest Accrual Period”).