Interest Accrual definition

Interest Accrual means for any period the amount of interest that would accrue during such period if such interest accrued ratably on the basis of a year consisting of twelve (12) thirty-day months. Unless otherwise provided by the Authority, the monthly accrual in respect of interest on the bonds shall commence on the later to occur of the date of issue of the bonds of such Series and the date that is six months prior to the due date of such interest and shall end on the first day of the month following the relevant Deposit Day. In the case of Variable Rate Bonds, the amount deposited shall be based on the sum of the interest accrued through the business day preceding the relevant Deposit Day and the interest (calculated at the maximum rate of interest on such bonds, or if there is no such maximum rate, then at the rate on such bonds on the business day preceding the Deposit Day plus one percent (1%)) that would accrue on such Bonds from the Deposit Day to the later to occur of the first day of the next calendar month and any interest payment date on such Bonds occurring prior to the next Deposit Day.

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Interest Accrual has the meaning given to such term in Section 2(b)(ii).

Interest Accrual. Interest shall accrue during the period and shall not compound, commencing with the day of receipt of the funds. Interest shall be calculated daily and accrued monthly if not paid. At the end of the period all principal and interest shall become due and payable. If interest is not paid then compounding will commence. CURRENCY EXCHANGE: Borrower shall be held responsible for paying the interest and repaying the principal in the Lender's currency.

Examples of Interest Accrual in a sentence

• Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the Pass-Through Rate on the Certificate Balance of this Certificate immediately prior to each Distribution Date.

• In the event that the National Cost of Funds Index for neither the third nor fourth calendar months preceding an Interest Accrual Period has been published on or before the related Outside Reference Date, then for such Interest Accrual Period and for each succeeding Interest Accrual Period, the Index shall be LIBOR, determined in the manner set forth below.

• The Pass-Through Rate for each Class of COFI Certificates for each Interest Accrual Period after the initial Interest Accrual Period shall be determined by the Trustee as provided below on the basis of the Index and the applicable formulae appearing in footnotes corresponding to the COFI Certificates in the table relating to the Certificates in the Preliminary Statement.

• The Record Date for each Distribution Date is the last Business Day of the applicable Interest Accrual Period for the related Distribution Date; provided, however, that for any Definitive Certificates, the Record Date shall be the last Business Day of the month immediately preceding the month of such Distribution Date (or if such day is not a Business Day, on the immediately preceding Business Day).

• Interest on this Certificate will accrue (computed as if each year consisted of 360 days and each month consisted of 30 days) during the Interest Accrual Period relating to such Distribution Date at the related Pass-Through Rate on the Certificate Balance of this Certificate immediately prior to each Distribution Date.

More Definitions of Interest Accrual

Interest Accrual means for any period the amount of interest on Indebtedness that would accrue during such period if such interest accrued ratably on the basis of a year consisting of twelve (12) thirty-day months. Unless otherwise provided by resolution of the Authority or a Supplemental Agreement, the monthly accrual in respect of interest on Indebtedness shall commence on the later to occur of the date of issue of the applicable Indebtedness and the date that is six months prior to the due date of such interest and shall end on the first day of the month following the relevant Deposit Date. In the case of Variable Rate Indebtedness (i) other than the Term Loan, the Interest Accrual shall be calculated based on the sum of the interest accrued through the Business Day preceding the relevant Deposit Date and the interest (calculated at the rate on such Indebtedness on the Business Day preceding the Deposit Date plus one percent (1%)) that would accrue on such Indebtedness from the Deposit Date to the later to occur of the first day of the next calendar month and any interest payment date on such Indebtedness occurring prior to the next Deposit Date and (ii) with respect to the Term Loan, the amount accrued during such period as calculated thereunder.

Interest Accrual shall have the meaning specified in subsection 4.6(a)(i).

Interest Accrual shall have the meaning provided in Section 1.09(j).”

Interest Accrual. With respect to each Payment Date, interest will accrue daily on

Interest Accrual. Interest on all transaction begins to accrue no later than the business day the deposit is applied to your Account and the funds are made available to you. Bank may accrue interest on your Account more frequently than it is paid or credited. The interest that has been calculated but not paid to the Account is called accrued unpaid interest.

Interest Accrual means that aggregate amount of simple interest that would accrue on $50,000,000 from and including the date of this Agreement through but not including the Closing Date, assuming an annual interest rate of 5% per annum based on a year of 365 days.

Interest Accrual has the meaning set forth in §14(b)(iv)(A).