New Principal Balance Clause Samples
The "New Principal Balance" clause defines the updated amount of principal owed under a loan or financial agreement after certain adjustments or events, such as additional advances, payments, or modifications. In practice, this clause specifies how the principal balance is recalculated, for example, by adding new loan disbursements or subtracting repayments made by the borrower. Its core function is to ensure both parties have a clear and accurate understanding of the current outstanding principal, thereby preventing disputes and maintaining transparency in the financial relationship.
New Principal Balance. Any past due amounts as of the end of the trial period, including unpaid interest, real estate taxes, INTEREST RATE. The interest rate on your modified loan will be adjusted as noted in the attached Modification Agreement.
New Principal Balance. The Unpaid Principal Balance of your mortgage reduced by the amount of the HFA Funds is the New Principal Balance. If you fulfill the terms of the trial period including, but not limited to, making any remaining trial period payments, we will waive ALL late charges that have accrued and remain unpaid at the end of the trial period.]
New Principal Balance