Common use of Payment of Principal and Accrued Interest Clause in Contracts

Payment of Principal and Accrued Interest. (a) Unless prepaid pursuant to Section 4 or accelerated pursuant to Section 5, the Amount Owed, subject to the adjustment described in Section 1, shall be due and payable to the Lender according to the following schedule (the “Payment Schedule”): (i) Any accrued but unpaid Interest is due every successive calendar quarter after the Accrual Day until the principal is paid in full, and (ii) The principal, along with any Interest accrued but unpaid pursuant to Section 3(a)(i) shall be due sixty (60) months after the Accrual Date (the “Maturity Date”); provided, however, that, there shall be no penalty for payment by the Borrower of the Amount Owed within ten (10) business days after the Maturity Date for purposes of effecting a transfer or delivery of money to the bank account designated by the Lender. (b) All U.S. dollar amounts used in or resulting from the calculation of the Amount Owed shall be rounded to the nearest cent (with one-half cent being rounded upward).

Payment of Principal and Accrued Interest. (a) Unless prepaid pursuant to Section 4 or accelerated pursuant to Section 5, the Amount Owed, subject to the adjustment described in Section 1, shall be due and payable to the Lender according to the following schedule (the “Payment Schedule”): (i) Any accrued but unpaid Interest is due every successive calendar quarter after the Accrual Day until the principal Principal is paid in full, and (ii) The principalPrincipal, along with any Interest accrued but unpaid pursuant to Section 3(a)(i) shall be due sixty (60) months after the Accrual Date (the “Maturity Date”); provided, however, that, there shall be no penalty for payment by the Borrower of the Amount Owed within ten (10) business days after the Maturity Date for purposes of effecting a transfer or delivery of money to the bank account designated by the Lender. (b) All U.S. dollar amounts used in or resulting from the calculation of the Amount Owed shall be rounded to the nearest cent (with one-half cent being rounded upward).