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.

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

Examples of Interest Accrual in a sentence

Where any Interest Period comprises two or more Interest Accrual Periods, the amount of interest payable per Calculation Amount in respect of such Interest Period shall be the sum of the Interest Amounts payable in respect of each of those Interest Accrual Periods.
The Rate of Interest in respect of Floating Rate Notes for each Interest Accrual Period shall be determined in the manner specified hereon and the provisions below relating to either ISDA Determination or Screen Rate Determination shall apply, depending upon which is specified hereon.
Where any Interest Period comprises two or more Interest Accrual Periods, the amount of interest payable in respect of such Interest Period shall be the sum of the amounts of interest payable in respect of each of those Interest Accrual Periods.
Where ISDA Determination is specified hereon as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Accrual Period shall be determined by the Calculation Agent as a rate equal to the relevant ISDA Rate.
ISDA Determination for Floating Rate NotesWhere ISDA Determination is specified hereon as the manner in which the Rate of Interest is to be determined, the Rate of Interest for each Interest Accrual Period shall be determined by the Calculation Agent as a rate equal to the relevant ISDA Rate.

More Definitions of Interest Accrual

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

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.

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

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. The interest accrual period with respect to the Offered Period: Certificates for a given Distribution Date will be the calendar month preceding the month in which such Distribution Date occurs (with interest accruing on a 30/360 basis). Registration: The Offered Certificates will be made available in book-entry form through DTC. Federal Tax Treatment: It is anticipated that the Offered Certificates (other than the Class R Certificates) will be treated as REMIC regular interests for federal tax income purposes. The Class R Certificates will be treated as a REMIC residual interest for tax purposes. --------------------------------------------------------------------------------

Interest Accrual. On a 30/360 basis; the accrual period is from the 15th of the month preceding the payment date (or from the closing date, in the case of the first interest accrual period) to, but not including the 15th of the month of such payment date Servicer Advances: Yes, monthly as to delinquent interest, subject to recoverability Optional Call: The notes will have a 10% optional redemption provision Rating Agencies: The notes are being rated by Moody's and S&P ERISA Eligibility: The offered nxxxx xxe generally eligible for purchase by employee benefit plans, however, prospective purchasers should consult their own counsel Tax Status: Sidley Austin Brown & Wood LLP will deliver xxx xpinxxx that the class A, class B and class C notes [will] be treated as debt for U.S. federal income tax purposes. The seller, the depositor and the issuer will agree, and the holders of the class A, class B and class C notes will agree by their purchase of such notes, to treat the class A, class B and class C notes as debt for U.S. federal income tax purposes.