Interest or Principal Sample Clauses
The 'Interest or Principal' clause defines how payments made under an agreement are allocated between interest and principal amounts. Typically, this clause specifies the order in which payments are applied, such as first to accrued interest and then to the outstanding principal balance, or vice versa. For example, in a loan agreement, regular payments may be directed to cover any unpaid interest before reducing the principal owed. This clause ensures clarity in the repayment process, preventing disputes over how payments are credited and helping both parties track the reduction of debt accurately.
Interest or Principal. Failure by the Borrowers to pay (i) when due and payable, all or any portion of the principal of Obligations (other than with respect to Bank Product Obligations) owing to Agent or any Lender under this Agreement and the other Loan Documents or (ii) within three (3) Business Days after the same shall become due and payable, all or any portion of any other Obligations;
Interest or Principal. Failure to pay when due or when declared due and payable, the principal of or interest due on the Obligations.
Interest or Principal. Failure to pay when due or when declared --------------------- due and payable, the principal of or interest on the Obligations within one Business Day following the payment due date therefor except no such grace period shall apply with respect to the payment of the Loan on the Maturity Date.