Payment of Interest and Principal Clause Samples

Payment of Interest and Principal. The principal of and interest on this Revolving Credit Note shall be due and payable as provided in the Loan Agreement. Subject to the terms of the Loan Agreement, the principal and interest due hereunder shall be evidenced by the Administrative Agent’s and the Lender’s records which, absent manifest error, shall be conclusive evidence of the computation of principal and interest balances owed by the Borrowers to the Lender.

Payment of Interest and Principal. Payments of principal and interest due under the Notes, if not sooner declared to be due in accordance with the provisions of the Notes or this Agreement, shall be made as follows: (a) Commencing on the first Business Day of the calendar month following the Initial Advance and on the first Business Day of each calendar month thereafter through and including the calendar month in which the Maturity Date occurs, accrued and unpaid interest only on the Principal Balance shall be due and payable; (b) Upon the consummation of each sale of a Unit, a payment equal to 100% of the Net Sales Proceeds with respect to such Unit; (c) The principal balance of the Mortgage Note, if not sooner declared to be due in accordance with the terms of the Mortgage Note or this Agreement, together with all accrued and unpaid interest thereon, shall be due and payable in full on the Maturity Date. Borrower hereby authorizes Lender on the first day of each month during the term of the Construction Loan (and on any other date on which interest is due under the Mortgage Note) to disburse to itself from the undisbursed proceeds of the Construction Loan all then accrued and unpaid interest on the Construction Loan, and Lender agrees to disburse Construction Loan proceeds to itself to pay such interest, provided all conditions precedent to such disbursement as set forth in this Agreement are satisfied; provided, however, that neither such authorization nor agreement shall be deemed to limit, reduce or otherwise affect Borrower's obligation to pay interest if (a) there are no remaining amounts in the Budget allocated for the payment of interest (including Reserves specifically allocated to pay interest), or (b) Lender is entitled to withhold disbursement of the Construction Loan for any reason. Any amounts disbursed from the interest reserve shall become part of the outstanding principal balance and interest thereon shall accrue and be payable as provided in the Mortgage Note.

Payment of Interest and Principal. Amounts to be paid by the Borrowers to the Lender under this Agreement will be paid by deposit in an account designated by the Lender on each Payment Date.

Payment of Interest and Principal. All payments with respect to this Note shall be made in lawful money of the United States of America at such place as the Holder hereof may designate in writing to the Company. Payment shall be credited first to the accrued interest then due and payable and the remainder applied to principal. Subject to the limitations imposed by the Subordination Agreement, the Company may, at its option, on ten (10) days written notice to the Holder, repay the outstanding principal amount of this Note without penalty or premium, in whole or in part, together with interest on the principal amount so repaid accrued to the repayment date.

Payment of Interest and Principal. The Person in whose name any Note is registered at the close of business on any Record Date with respect to the immediately succeeding Installment Payment Date or Interest Payment Date of such Note shall be entitled to receive the Installment Payment Amount, if any, or interest payable on such Installment Payment Date or Interest Payment Date notwithstanding any registration of transfer or exchange of such Note subsequent to such Record Date and on or prior to such Installment Payment Date or Interest Payment Date, except if and to the extent the Lessor shall default in the payment of such Installment Payment Amount or the interest due on such Installment Payment Date or Interest Payment Date, in which case such defaulted installment ("Defaulted Installment") or defaulted interest (the "Defaulted Interest") shall be paid to the Persons in whose names Outstanding Notes of the applicable series are registered at the close of business on a subsequent Record Date (which shall be not less than 10 Business Days prior to the date for payment of such Defaulted Installment or Defaulted Interest) established by notice given by mail by the Indenture Trustee to the Noteholders of such series not less than 15 days preceding such subsequent Record Date after receipt of an amount of money at least equal to the aggregate amount proposed to be paid in respect of such Defaulted Installment or Defaulted Interest or arrangements satisfactory to the Indenture Trustee have been made for such payment. The term "Record Date" as used with respect to any Installment Payment Date or Interest Payment Date (except a date for payment of Defaulted Installment or Defaulted Interest) or any redemption pursuant to Section 6.1(a)(iii) shall mean the date specified as such in the Supplemental Indenture providing for the creation of such series. Except as may be provided otherwise in any Supplemental Indenture or Note, any Defaulted Installment, Defaulted Interest or any other amounts payable under this Indenture or the Notes not paid in full when due (whether at Stated Maturity, by acceleration or otherwise) shall, for the period from and including the date such amount was due and payable until such amount shall have been paid in full, accrue interest at the applicable Late Rate. Unless otherwise provided with respect to a particular series of Notes, interest on the Notes shall be calculated on the basis of a 360-day year consisting of twelve 30-day months. Subject to Article 6 hereof, the p...

Payment of Interest and Principal. (a) The Company may prepay all or a portion of the Senior Note without penalty at any time, in the discretion of the Company. (b) Without limiting the provisions of Section 1.4(a) above, in the sole and absolute discretion of the Manager, the Company may prepay without penalty all or any portion of principal or interest of any one or more Senior Notes: (i) of ERISA Plan Senior Noteholders who have submitted prepayment requests for the purpose of meeting ERISA plan distribution requirements; (ii) to ensure that the Company remains exempt from the ERISA “Plan Asset” Regulations under Title 29 of the U.S. Code of Federal Regulations; or (iii) to meet any regulatory compliance requirement for a Senior Noteholder or the Company. (c) Subject to the provisions of Sections 1.4 and 1.5, all payments of the Senior Notes will be made pro rata among Senior Noteholders according to the relative principal amounts of outstanding Senior Notes, and all payments to a Senior Noteholder shall be allocated first to accrued but unpaid interest and then to principal.

Payment of Interest and Principal. Except as otherwise provided herein (including, without limitation, Section 5 hereof), and subject to any default hereunder, the principal and interest hereof is payable as follows: (a) Interest shall be paid in kind and shall accrete as additional principal on this Note on the applicable interest payment date; provided that, following January 31, 2009, if the Current Market Price at the date of election (which shall be on or following January 31, 2009) is at least 200% of the Conversion Price (as defined in Section 3(b)), interest on the then outstanding principal balance of this Note may be paid in cash at the election of Maker; provided further that, if such election to pay cash interest is made, the interest rate set forth in Section 1 hereof shall be increased to the lesser of (a) eight percent (8%) or (b) the highest lawful interest rate permitted by applicable law; and provided further that any accrued interest as of the date of such election shall accrete as additional principal on this Note as of such election date. Interest shall be payable in arrears on December 31, March 31, June 30 and September 30 of each year. All references herein to the “principal” of this Note shall include all interest accreted thereon as additional principal pursuant to the foregoing sentence. (b) The entire outstanding principal amount of the Note together with all accrued but unpaid interest shall be due in cash on January 31, 2017 (the “Maturity Date”) from the Obligors. (c) On and following January 31, 2010, so long as the Current Market Price (determined on the date of prepayment) is greater than 200% of the Conversion Price, the Maker will have right of early prepayment of this Note at an amount equal to 105% of the aggregate outstanding principal on this Note. For the purposes of this Note, the “Current Market Price” on any date means the average of the daily Closing Prices per share of Common Stock for all Trading Days included in 90 consecutive calendar days preceding the date in question. For purposes of the foregoing, (i) the “Closing Price” shall be the last reported sales price or, if no such reported sale takes place on any particular date, the average of the reported closing bid and asked prices on the principal exchange on which the Common Stock is listed (or if the Common Stock is not so listed, the average of the closing bid and asked prices furnished by any two members of the Financial Industry Regulatory Authority (FINRA) as selected by Payee for suc...

Payment of Interest and Principal. Subject to the receipt of Regulatory Approval, the Issuer shall duly and punctually pay the interest and principal on the Surplus Notes, in accordance with the terms hereof.

Payment of Interest and Principal. Pursuant to Section 5.11(c)(iv), the Trustee shall pay interest and principal due on the Notes from the funds on deposit in the Note Payment Account. Such payments shall be made on the date due to the registered Noteholder on the applicable Record Date. Each payment of interest and principal on any Note shall be paid in immediately available funds to each Noteholder's address located inside the United States as provided to the Trustee in writing. Each registered Noteholder shall be responsible for the proper calculation and payment of principal and interest to the holders of beneficial interests in the related Note and the Trustee shall have no responsibility therefor.