Payment of Principal Amount and Interest Clause Samples

The 'Payment of Principal Amount and Interest' clause sets out the borrower's obligation to repay the original loan amount along with any accrued interest. Typically, this clause details the schedule and method of payments, specifying due dates, interest calculation methods, and acceptable payment forms. Its core function is to ensure both parties clearly understand the financial terms of the agreement, reducing the risk of disputes over payment expectations.
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Payment of Principal Amount and Interest a) For the purposes of clause 1(1) of the implied covenants, the “principal amount” secured by the mortgage means and includes
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Payment of Principal Amount and Interest. Accrued Interest shall be due and payable ▇▇ ▇ monthly basis. Such payments shall be made either by wire transfer or by delivery to the Holder of a check payable to the Holder.
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Payment of Principal Amount and Interest. The Principal Amount shall be due and payable as follows: (a) $1,000,000 (One Million Dollars) shall be due payable on [Second anniversary of Closing], 2008; and (b) $1,000,000 (One Million Dollars) shall be due payable on [Third anniversary of Closing], 2009 (“Final Principal Maturity Date”). Interest on the unpaid Principal Amount shall be due and payable monthly at the Interest Rate (as defined below) commencing on , 2006 and on the ___ day of each and every consecutive month thereafter until the Final Principal Maturity Date (each of such months, an “Interest Period”). All payments under this Note shall be made in immediately available funds on the date such payment is due and payable not later than 11 A.M. (California time), without setoff or counterclaim and free and clear of and without deduction for any present or future taxes, levies, imposts, withholding, deductions, duties, surcharges, charges, penalties and all other similar charges of whatever nature, present or future, or any other tax liabilities due in any jurisdiction with respect to this Note or any payment hereunder (“Taxes”); provided Taxes shall not include taxes imposed upon or measured by Holder’s income. If any installment of the Principal Amount or interest thereon shall be payable on a day other than a business day, such payment shall be extended to the next succeeding business day and interest shall be payable at the Interest Rate during such extension.
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Payment of Principal Amount and Interest. The parties agree that repayment of the Principal Amount and Interest shall be deferred (i) for the first twenty-four (24) months subsequent to the Effective Date hereof (the "Second Year Anniversary").
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Payment of Principal Amount and Interest. Section A.1 of the Note is hereby deleted in its entirety and the following is substituted in lieu thereof:
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Payment of Principal Amount and Interest. The unpaid Principal ▇▇▇▇▇▇, plus accrued but unpaid interest and other amounts payable hereunder, shall be due and payable in cash on the Maturity Date.
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Payment of Principal Amount and Interest. 2.1 For value received, the Agency hereby agrees to pay the Principal Amount to the Participant in three increments, as follows: (a) Concurrent with the execution of this Agreement, a first payment of Nine Hundred Thousand Dollars ($900,000), derived from the Previously Collected Net Tax Increment; (b) On or before January 31, 2013, a second payment of Seven Hundred Fifty Thousand Dollars ($750,000); and (c) On or before January 31, 2014, a third payment of Seven Hundred Fifty Thousand Dollars ($750,000). 2.2 The Agency warrants that sufficient Previously Collected Net Tax Increment is available to make the payment required by paragraph (a) of Section 2.1 hereof. The Agency further warrants that, according to its financial projections, sufficient Net Tax Increment will exist to timely make the payments required by paragraphs (b) and (c) of Section 2.1 hereof. In the event that a payment of the Principal Amount is not made by the dates provided for in Section 2.1 hereof, the Agency shall be in default and the difference between the amounts actually paid to the Participant and the applicable portion of the Principal Amount then owed to the Participant shall earn interest at the annual rate of eight percent (8%). 2.3 The Agency shall comply with all requirements of the Community Redevelopment Law, and other applicable laws, in an effort to ensure the timely allocation and payment to the Agency of the funds required by this Agreement. 2.4 If the Agency timely makes the three incremental payments of the Principal Amount described in Section 2.1 hereof, then (i) no interest shall accrue on the Principal Amount from and after the date of this Agreement, and (ii) the Principal Amount shall be deemed paid in full upon the Participant’s receipt of the third incremental payment and shall constitute the full amount of money owed by the Agency with respect to the Participant’s earlier loan of funds in connection with the construction of the Agency Public Improvements. The Parties further agree that, subject to Agency’s compliance with the terms of this Agreement, the Agency does not presently owe any monetary amounts to the Participant under the Amended OPA other than as described in this Agreement.
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Payment of Principal Amount and Interest 
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Related to Payment of Principal Amount and Interest

  • Payment of Principal and Interest The Company covenants and agrees that it will cause to be paid the principal (including the Redemption Price and the Fundamental Change Repurchase Price, if applicable) of, and accrued and unpaid interest on, each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.

  • Calculation of Principal Amount of Notes The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the holders of which have so consented, by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence, and Section 13.06 of this Indenture. Any calculation of the Applicable Premium made pursuant to this Section 2.13 shall be made by the Company and delivered to the Trustee pursuant to an Officers’ Certificate.

  • Payments of Principal and Interest Prepayments Fees Section 3.01 Repayment of Loans 33 Section 3.02 Interest 33 Section 3.03 Alternate Rate of Interest 34 Section 3.04 Prepayments 35 Section 3.05 Fees 36

  • Payments of Principal and Interest (a) The Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4 Notes and the Class B Notes shall accrue interest during each Interest Period at the Class A-1 Rate, the Class A-2 Rate, the Class A-3 Rate, the Class A-4 Rate and the Class B Rate, respectively, and such interest shall be payable on each related Payment Date as specified in such Notes, pursuant to Section 5.06 of the Sale and Servicing Agreement and Section 3.01 hereof. Any installment of interest or principal payable on any Note that is punctually paid or duly provided for by the Issuer on the applicable Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered on the Record Date by wire transfer in immediately available funds to the account designated by such Person. (b) The principal of each Note shall be payable in installments on each Payment Date pursuant to Section 5.06 of the Sale and Servicing Agreement and subject to the availability of funds therefor. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. In accordance with Section 10.01, the Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business on the Record Date preceding the Payment Date on which the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile not less than 15 nor more than 30 days prior to such final Payment Date, shall specify that such final installment will be payable only upon presentation and surrender of such Note and shall specify the place where such Note may be presented and surrendered for payment of such installment. (c) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to the Noteholders, such tax shall reduce the amount otherwise distributable to the Noteholders in accordance with this Section. The Issuer will instruct the Indenture Trustee regarding the imposition of such withholding tax and, upon receiving such instruction, the Indenture Trustee is hereby authorized and directed to retain from amounts otherwise distributable to the Noteholders sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Indenture Trustee from contesting any such tax in appropriate proceedings, and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Noteholders shall be treated as cash distributed to the Noteholders at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to any distribution (such as any distribution to a Non-U.S. Person), the Indenture Trustee may in its sole discretion withhold such amounts in accordance with this paragraph (c). In the event that any Noteholder wishes to apply for a refund of any such withholding tax, the Indenture Trustee shall reasonably cooperate with the Noteholder in making such claim so long as the Noteholder agrees to reimburse the Indenture Trustee for any out-of-pocket expenses incurred.

  • Repayment of Principal Except as otherwise provided herein, the Company will repay the outstanding principal amount of this Note within fourteen (14) Business Days of the Offering Funding Date (the “Maturity Date”). This Note does not bear interest. At the option of the Lender, funds available for repayment of the loan may be held in a Company account, interest free, after the Maturity Date. Such funds shall not be used or otherwise pledged until such time as the Company and Lender have entered into another note.