Period of Accrual Sample Clauses
The "Period of Accrual" clause defines the specific timeframe during which certain rights, obligations, or liabilities accumulate or become effective under an agreement. In practice, this clause might specify when interest on overdue payments begins to accrue, or when benefits such as vacation time or bonuses start to accumulate for an employee. By clearly establishing the start and end points for accrual, this clause ensures both parties understand when entitlements or responsibilities arise, thereby preventing disputes and promoting clarity in the administration of the contract.
Period of Accrual. Each First Issuer Note bears interest on its Principal Amount Outstanding from (and including) the Closing Date. Each First Issuer Note (or, in the case of redemption in part only of a First Issuer Note, that part only of such First Issuer Note) shall cease to bear interest from its due date for redemption unless payment of the relevant amount of principal or any part thereof is improperly withheld or refused. In such event, interest will continue to accrue on such unpaid amount (before as well as after any judgment) at the rate applicable to such First Issuer Note up to (but excluding) the date on which payment in full of the relevant amount of principal is made, or (if earlier) the seventh day after notice is duly given by the Principal Paying Agent or the US Paying Agent, as the case may be, to the holder thereof (either in accordance with Condition 14 or individually) that such payment will be made, provided that, subsequently, payment is in fact made. Whenever it is necessary to compute an amount of interest in respect of the First Issuer Notes for any period (including any Interest Period (as defined below)), such interest shall be calculated:
(i) in respect of the Series 1 First Issuer Notes, the Series 2 First Issuer Notes (other than the Series 2 Class A First Issuer Notes) and the Series 3 Class C First Issuer Notes, on the basis of actual days elapsed in a 360-day year;
(ii) in respect of the Series 2 Class A First Issuer Notes, on the basis of the number of days in that Interest Period (such number of days being calculated on the basis of a year of 360 days with 12 months of 30 days each) divided by 360 up to and including the Interest Payment Date falling in June 2005 and thereafter on the basis of actual days elapsed in a 360-day year;
(iii) in respect of the Series 4 Class A1 First Issuer Notes, up to and including the Interest Payment Date falling in June 2007 on the basis of Rule 251 of the statutes, by-laws, rules and recommendations of the International Securities Market Association (“ISMA”), as published in April 1999 (actual/actual), and thereafter on the basis of actual days elapsed in a 360-day year; and
(iv) in respect of the Series 4 First Issuer Notes (other than the Series 4 Class A1 First Issuer Notes), on the basis of actual days elapsed in a 365-day year.
Period of Accrual. The Class A Notes, the Class B Notes, the Class C Notes and the Class D Notes shall bear interest on their Principal Amount Outstanding from and including the Closing Date. Each Class A Note, Class B Note, Class C Note and Class D Note (or in the case of the redemption of part only of a Class A Note, a Class B Note, a Class C Note or a Class D Note, that part only of such Class A Note, Class B Note, Class C Note or Class D Note) shall cease to bear interest from its due date for redemption unless, upon due presentation, payment of the relevant amount of principal or any part thereof is improperly withheld or refused. In such event, interest will continue to accrue thereon (before and after any judgment) at the rate applicable to such Note up to but excluding the date on which, on presentation of such Note, payment in full of the relevant amount of principal is made or (if earlier) the seventh day after notice is duly given by the Paying Agent to the holder thereof (in accordance with Condition 13) that upon presentation thereof, such payments will be made, provided that upon such presentation payment thereof, is in fact made. Whenever it is necessary to compute an amount of interest or the Step-up Consideration in respect of any Class A Note, Class B Note, Class C Note or Class D Note for any period (including any Interest Period), such interest or Step-up Consideration shall be calculated in respect of the Principal Amount Outstanding of the relevant Class of Notes and on the basis of the actual days elapsed in such period and a 360 day year. The Class E Notes and the Class S Notes will not carry interest.
Period of Accrual. Each Note bears interest on its Principal Amount Outstanding from (and including) the Closing Date. Each Note (or, in the case of redemption in part only of a Note, that part only of such Note) shall cease to bear interest from its due date for redemption unless, upon due presentation, payment of the relevant amount of principal or any part thereof is improperly withheld or refused. In such event, interest will continue to accrue on such unpaid amount (before as well as after any judgment) at the rate applicable to such Note up to (but excluding) the date on which, on presentation of such Note, payment in full of the relevant amount of principal is made, or (if earlier) the seventh day after notice is duly given by the Principal Paying Agent or the US Paying Agent, as the case may be, to the Holder thereof (either in accordance with Condition 14 or individually) that upon presentation thereof being duly made, such payment will be made, provided that upon presentation thereof being duly made, payment is in fact made. Whenever it is necessary to compute an amount of interest in respect of the Notes for any period (including any Interest Period), such interest shall be calculated:
(i) in respect of the Dollar Notes and the Euro Notes on the basis of actual days elapsed in a 360-day year; and
(ii) in respect of the Series 3 Notes, on the basis of actual days elapsed in a 365- day year (or, in the case of an Interest Period ending in a leap year, a 366-day year).
Period of Accrual. [Insert methodology re calculation of period of accrual] Interest Periods [Insert methodology re calculation of Interest Periods]
Period of Accrual. Subject to Section 2.05(a)(iii), interest will accrue from and including the last date in respect of which interest has been paid or duly provided for to but excluding the Interest Payment Date on which the interest is actually paid or the Stated Maturity, as the case may be.
Period of Accrual. Interest will accrue and compound semi-annually at the Interest Rate from and including the date of initial issuance or the last Interest Payment Date in respect of which interest has been paid or duly provided for, as applicable, to but excluding the next succeeding Interest Payment Date on which the interest is actually paid, or the Maturity, as the case may be.
Period of Accrual. Interest will accrue and compound semi-annually at the Fixed Rate during the Fixed Rate Period and quarterly at the Floating Rate during the Floating Rate Period from and including the date of initial issuance or the last Interest Payment Date in respect of which interest has been paid or duly provided for, as applicable, to but excluding the next succeeding Interest Payment Date on which the interest is actually paid, or the Stated Maturity or (if the maturity of the Debentures is extended pursuant to Section 2.2) the Final Maturity, as the case may be.
Period of Accrual. Each Class A Note accrues interest from (and including) June 4, 2001 ("CLOSING DATE") and ceases to accrue interest on (but excluding) the earliest of:
(a) the date on which the Stated Amount (as hereinafter defined) of the Class A Note is reduced to zero and all accrued but previously unpaid interest is paid in full (including but not limited to the circumstances described in CONDITIONS 7.3 and 7.4);
(b) the date on which the Class A Note is redeemed or repaid in full in accordance with CONDITION 7 (other than CONDITION 7.6), unless upon such date, payment is improperly withheld or refused, in which case the Class A Note will continue to bear interest in accordance with this CONDITION 6 (both before and after judgment) until (but excluding) whichever is the earlier of:
(i) the day on which all sums due in respect of the Class A Note up to that day are received by or on behalf of the Class A Note Holder; and
(ii) the seventh day after notice is given to the Class A Note Holder (either in accordance with CONDITION 11.1 or individually) that, where required by CONDITION 8.2, such payment will be made, provided that upon such presentation payment is in fact made;
(c) the date on which the Class A Note is deemed to be redeemed in accordance with CONDITION 7.6;
(d) the date on which the Class A Note Holder renounces all of its rights to any amounts payable under or in respect of that Class A Note; and
(e) the Final Maturity Date (as defined in CONDITION 7.1).