Short Month Interest. If the date the proceeds of an Advance are disbursed is any day other than the first day of the month, interest for the period beginning on the disbursement date and ending on and including the last day of the month in which the disbursement occurs shall be payable by Borrower on the date the Advance proceeds are disbursed. In the event that the disbursement date is not the same as the Effective Date, then: (A) the disbursement date and the Effective Date must be in the same month, and (B) the Effective Date shall not be the first day of the month.
Appears in 2 contracts
Sources: Master Credit Facility Agreement (Steadfast Apartment REIT, Inc.), Master Credit Facility Agreement (Brookdale Senior Living Inc.)