Advance Interest and Payments Clause Samples

The "Advance, Interest and Payments" clause defines the terms under which funds are advanced, how interest is calculated on those advances, and the schedule or method for making payments. Typically, this clause outlines when and how the lender will provide funds to the borrower, the applicable interest rate or calculation method, and the timing and manner of repayment. For example, it may specify that advances are made upon request, interest accrues daily, and payments are due monthly. The core function of this clause is to ensure both parties clearly understand their financial obligations, reducing the risk of disputes over payment terms and interest calculations.
Advance Interest and Payments. 2.1 Revenue Loan Advance. Upon the terms and subject to the conditions of this Agreement:
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Advance Interest and Payments. (i) Except as otherwise provided in this Section 2.1(b), the principal amount of the Advances outstanding from time to time shall bear interest at the Interest Rate. Interest on each Advance shall accrue from the date such Advance is made, and accrued and unpaid interest on the unpaid principal balance of all Advances outstanding from time to time, shall be due and payable on the Maturity Date. Any amount of interest on the principal amount of the Advances which is not paid when due shall be added to the principal balance of the Loan. Any principal amount of the Loan which is not paid when due, whether at stated maturity, by acceleration or otherwise, shall bear interest payable on demand at the Default Rate. (ii) Each prepayment of the Loans shall be applied to the Advance then outstanding for the longest period of time as follows: first, to any accrued and unpaid costs and expenses incurred by the Lenders hereunder which are payable by the Borrower hereunder; second, to the remaining outstanding principal amount of the Loan; and third, to accrued and unpaid interest on the principal amount of the Loans. Payments on the Loans shall be made in the order of the Advances so that the Loan with respect to an Advance that is outstanding for the longest period of time is paid in full prior to the Loan with respect to any other Advance then outstanding.
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Advance Interest and Payments 
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Related to Advance Interest and Payments

  • Interest and Payments (1) Every Note, whether issued originally or in exchange for other previously issued Notes, shall bear interest from and including the later of (i) the Issue Date; and (ii) the last Interest Payment Date with respect to which interest shall have been paid or made available for payment on the Notes, to, but not including, the subsequent Interest Payment Date. Interest shall be paid monthly in arrears on the first Business Day of each month for interest accrued in the previous month, provided that interest with respect to the first twelve month period that the Notes are outstanding shall be paid in advance on the applicable Closing Date for such Notes. (2) Interest shall be computed on the basis of a year of 365 days for payments. For the purposes of this Agreement, whenever interest is computed on the basis of a year (a "Deemed Year") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing such product by the number of days of the Deemed Year. (3) Wherever in this Agreement or the Notes there is mention, in any context, of the payment of interest, such mention shall be deemed to include the payment of interest on amounts in default to the extent that in such context such interest is, was or would be payable pursuant to this Agreement or such Notes and express mention of interest on amounts in default in any of the provisions hereof shall not be construed as excluding such interest in those provisions hereof where such express mention is not made. (4) All payments of principal or interest under the Notes shall be made to the Administrative Agent for the benefit of the Noteholders by wire transfer of immediately available funds to such location as may from time to time be specified by the Administrative Agent.

  • Advances and Payments (a) On the date requested by the Borrower for the funding of each Loan, the Agent shall be authorized (but not obligated) to advance, for the account of each of the Lenders, the amount of the Loan to be made by it in accordance with provisions of Article 2 hereof. Each of the Lenders hereby authorizes and requests the Agent to advance for its account, pursuant to the terms hereof, the amount of the Loan to be made by it, and each of the Lenders agrees forthwith to reimburse the Agent in immediately available funds for the amount so advanced on its behalf by the Agent. If any such reimbursement is not made in immediately available funds on the same day on which the Agent shall have made any such amount available on behalf of any Lender, such Lender shall pay interest to the Agent at a rate per annum equal to the Agent's cost of obtaining overnight funds in the New York Federal Funds Market for the first day following the time when such Lender fails to make the required reimbursement, and thereafter at a rate per annum equal to the Alternate Rate. (b) Any amounts received by the Agent in connection with this Agreement or the Notes the application of which is not otherwise provided for, shall be applied, first, to pay accrued but unpaid Commitment Fees in accordance with the Lenders' unused Commitments, second, to pay accrued but unpaid interest on the Notes in proportion to the amounts owed to each Lender, third, to repay the principal balance outstanding on the Notes (allocated in accordance with the outstanding amounts thereof owing to each Lender as set forth on the Schedule of Commitments attached as Schedule 1.1 hereto) and fourth, to pay other amounts payable to the Agent. All amounts to be paid to any of the Lenders by the Agent shall be credited to the Lenders, after collection by the Agent, in immediately available funds either by wire transfer or deposit in such Lender's correspondent account with the Agent, or as such Lender and the Agent shall from time to time agree.

  • Yield Payments On the Settlement Date for each Purchaser Interest of the Financial Institutions, Seller shall pay to the Agent (for the benefit of the Financial Institutions) an aggregate amount equal to the accrued and unpaid Yield for the entire Tranche Period of each such Purchaser Interest in accordance with Article II.

  • Interest and Principal Payments Holders shall be entitled to receive, and Borrower shall pay, simple interest on the outstanding principal amount of this Note at the annual rate of eight percent (8%) (as subject to increase as set forth in this Note) from the Original Issue Date through the Maturity Date. Principal and interest shall be due and payable on the Maturity Date.

  • Deposits and Payments A $350 per person deposit is required with your reservation. A second deposit in the amount of $1,200 is due 3/28/24. Final payment is due 5/27/24. All payments can be made by credit card or check.