I/O Payment Amount

I/O Payment Amount. An amount equal to the amount of interest accrued on the Loan at the Note Rate calculated on an Actual/360 Basis for (i) with respect to the First Due Date, the period beginning on and including the Disbursement Date through and including the last day of the calendar month in which the Disbursement Date occurs (provided, that, if the Disbursement Date is the first day of a calendar month, no such payment shall be required on the First Due Date) and (ii) with respect to each Due Date thereafter,... the calendar month immediately preceding the applicable Due Date View More