Stub Interest definition

Stub Interest. As defined in the Note

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Stub Interest means (x) with respect to the A Note, the amount of interest accruing on the outstanding principal balance at the Initial A Note Interest Rate for the period from the Closing Date through and including the next succeeding tenth (10th) day of a calendar month, whether such tenth (10th) day shall occur in the calendar month in which the Closing Date occurs or in the month immediately succeeding the month in which the Closing Date occurs, and (y) with respect to any Future Advance made under the B Note, the amount of interest accruing on the outstanding balance advanced from the date of such advance through and including the last day of the current Interest Period, at a rate equal to the lesser of (a) LIBOR plus the LIBOR Spread (assuming for such purpose that a LIBOR Loan had then been in effect), or (b) the Maximum Legal Rate.

Stub Interest means $[___________].

Examples of Stub Interest in a sentence

Borrower shall make a payment to Lender (a) on the date hereof of the Stub Interest and (b) on the First Payment Date and on each Payment Date thereafter up to and including the Maturity Date, of the monthly Debt Service amount, which payments shall be applied first to accrued and unpaid interest and the balance to principal.
Notwithstanding the foregoing, Lender will waive the requirement of payment of the Stub Interest Payment on the Closing Date and the Borrowers hereby agree and covenant to pay the Stub Interest Payment on November 15, 2002.
The parties hereto acknowledge that, on the Closing Date, Borrower received the proceeds of the Loan in an aggregate principal amount equal to the Loan Amount, subject to payment from Loan proceeds of the Lender Expenses and subject to funding from Loan proceeds of Stub Interest (covering the period ending April 14, 2005), which have been escrowed with Lender, all in accordance with the provisions of this Agreement.
On the Closing Date, Borrowers paid an installment of interest in an amount equal to Stub Interest as provided in Section 2.1.2.
Borrowers shall make a payment to Lender of interest only on the Closing Date for the period from the Closing Date through the last day of the Interest Accrual Period in which the Closing Date occurs (unless the Closing Date is the fifteenth (15th) day of a calendar month, in which case no such separate payment of interest shall be due) (the "Stub Interest Payment").

Stub Interest means $1,200,000.00.

Stub Interest means $644,874.85.

Stub Interest means $71,726.67.

Stub Interest means $196,614.44.

Stub Interest means $181,133.33.

Stub Interest means $93,800.00.

Stub Interest means $1,205,744.62.