Common use of Monthly Interest Payments Clause in Contracts

Monthly Interest Payments. On the Closing Date, Borrower shall make a payment to Lender equal to the sum of (i) interest accrued during the First Interest Period. Thereafter, commencing on April 1, 2016 ("First Payment Due Date") and on the first (1st) day of each month thereafter (each a "Payment Due Date") until all principal and interest and other amounts due under the Loan Documents are paid in full, Borrower shall pay to Lender monthly payments of interest only in an amount equal to the monthly interest accrued on the Loan for the preceding Interest Period at the applicable Interest Rate (each a "Monthly Interest Payment"). Borrower agrees that if Loan proceeds are wired for the Loan closing, interest begins accruing from the date Loan proceeds are wired into escrow or funded into one or more of the reserve or impound accounts, regardless of whether the Closing Date occurs on the same date or a later date. For the avoidance of doubt, any Loan proceeds deposited in a reserve or impound pursuant to this Agreement shall begin accruing interest from the date such proceeds are disbursed into such reserve or impound.