Common use of Beginning of Term Clause in Contracts

Beginning of Term. The term of the loan begins on the first day of ( Two Thousand ( (20(), which is called the "interest adjustment date" in this Agreement End of Term The term of the loan ends on the first day of ( Two thousand ( (20(), which is ( (() months after the interest adjustment date. Benefit of Term The parties acknowledge that the term of this loan is for the benefit of both the Lender and the Borrower Calculation of Interest before the Interest Adjustment Date Where the Lender makes one or more advances of capital before the interest adjustment date, interest on the advances made before the interest adjustment date shall be due and payable on the interest adjustment date and shall be calculated from the date of each advance. However, the Lender may either deduct from an advance the interest calculated on the preceding advance or collect the interest on a monthly basis. Calculation of Interest after the Interest Adjustment Date Interest on each advance of capital made after the interest adjustment date shall be calculated from the date of each advance, at the rate and in the manner set out in Section . No Assignment or Hypothecation of the Right to Receive an Advance The Borrower shall not assign or hypothecate to a third party the right to receive an advance without the prior written consent of the Lender. Repayment