Prepayment of Installment Payments Clause Samples
The "Prepayment of Installment Payments" clause allows a party to pay off all or part of their remaining installment payments before the scheduled due dates. In practice, this means that if a borrower or buyer is making payments over time, they can choose to pay ahead of schedule, either partially or in full, without waiting for each installment's due date. This clause provides flexibility for the paying party and can help them reduce interest costs or fulfill obligations sooner, ultimately offering a way to manage financial commitments more efficiently.
Prepayment of Installment Payments. Upon at least thirty (30) business days’ prior written notice to the Bank, the Town has the right to prepay all or part of the Loan Amount. Notwithstanding anything contained herein to the contrary, upon any prepayment by the Town (whether voluntary, on default or otherwise), the Bank may, if it so elects, require the Town to pay the Bank as compensation for the costs of being prepaid an amount equal to the Cost of Prepayment. “Cost of Prepayment” means an amount equal to the present value, if positive, of the product of (a) the difference between (i) the yield, on the beginning date of the applicable interest period, of a U.S. Treasury obligation with a maturity similar to the applicable interest period, minus (ii) the yield on the prepayment date, of a U.S. Treasury obligation with a maturity similar to the remaining maturity of the applicable interest period, and (b) the Loan Amount to be prepaid, and (c) the number of years, including fractional years, from the prepayment date to the end of the applicable interest period. The yield on any U.S. Treasury obligation shall be determined by reference to Federal Reserve Statistical Release H.15 (519) “Selected Interest Rates.” For purposes of making present value calculations, the yield to maturity of a similar maturity U.S. Treasury obligation on the prepayment date shall be deemed the discount rate. Costs of Prepayment shall also apply to any payments made after acceleration of payment of all Installment Payments under the Contract following an Event of Default under Section 11 hereof.”
Prepayment of Installment Payments. (a) On at least 30 days’ prior written notice to the Lender (unless otherwise waived by the Lender), the City may prepay on any date, in whole or in part, the outstanding principal component of the Installment Payments at a prepayment price equal to 100% of the outstanding principal component of the Installment Payments to be prepaid, plus accrued interest to the prepayment date.
(b) If the City has received Net Proceeds and elected pursuant to Section 6.2 not to apply such Net Proceeds to the repair, replacement or restoration of the Project, the City may prepay, in whole or in part up to the amount of the Net Proceeds received, the outstanding principal component of the Installment Payments at any time, on at least 30 days’ prior written notice to the Lender (unless otherwise waive by the Lender), at a prepayment price equal to 100% of the principal component of the Installment Payments to be prepaid, plus accrued interest to the date of prepayment.
(c) On any prepayment in part, such prepayment is to be applied as directed by the City in writing to the Lender. [END OF ARTICLE X]
Prepayment of Installment Payments. Effective May 17, 2016, Section 3.5 of the Contract is hereby deleted in its entirety and replaced with the following:
Prepayment of Installment Payments. Section 9.1. Security Deposit 29 Section 9.2. Optional Prepayment 30 Section 9.3. Mandatory Prepayment from Net Proceeds 30 Section 9.4. Credit for Amounts on Deposit 30
Prepayment of Installment Payments. Section 9.1. Security Deposit 30 Section 9.2. Optional Prepayment 31 Section 9.4. Credit for Amounts on Deposit 31 Section 10.1. Further Assurances 31 Section 10.2. Amendment of Indenture 31 Section 10.3. Notices 31 Section 10.4. Third Party Beneficiary 32 Section 10.5. Governing Law 32 Section 10.6. Binding Effect 32 Section 10.7. Severability of Invalid Provisions 32 Section 10.8. Article and Section Headings and References 32 Section 10.9. Execution of Counterparts 33 Section 10.10. Waiver of Personal Liability 33 THIS INSTALLMENT SALE AGREEMENT, dated as of August 1, 2012, is by and between the DISCOVERY BAY PUBLIC FINANCING AUTHORITY, a joint powers authority duly organized and existing under the laws of the State of California (the “Authority”), and the DISCOVERY BAY COMMUNITY SERVICES DISTRICT, a community services district duly organized and existing under and by virtue of the Constitution and the laws of the State of California (the “District”);
Prepayment of Installment Payments. (a) Installment Payments shall be subject to prepayment prior to their respective Installment Payment Dates, at the option of, and in the amounts directed by, the District, from any source of available funds, in whole or in part (in an amount equal to $5,000 or an integral multiple thereof) on any date on or after August 1, 20 , at the principal amount thereof and accrued interest thereon to the date fixed for prepayment, without premium.
(b) The District may prepay, from any source of available funds, all or any portion of the Installment Payments by depositing with the Trustee moneys or securities as provided, and subject to the terms and conditions set forth, in Article 9.01 of the Trust Agreement sufficient to pay such Installment Payments, and the interest thereon, when due or to pay such Installment Payments, and the interest thereon, through a specified date on which the District bas a right to prepay such Installment Payments pursuant to subsection (a) of this Section, and to prepay such Installment Payments on such prepayment date, at a prepayment price determined in accordance with subsection (a) of this Section.
(c) If less than all of the Installment Payments are prepaid pursuant to this Section then, as of the date of such prepayment pursuant to subsection (a) of this Section, or the date of a deposit pursuant to subsection (b) of this Section, the schedule of Installment Payments shall be recalculated in order to take such prepayment into account.
(d) Prepayments of Installment Payments made pursuant to this Section shall be applied to the prepayment of Certificates as provided in Section 4.01(a) of the Trust Agreement.
Prepayment of Installment Payments. Upon at least fifteen (15) days’ prior written notice to the Bank, the Town has the right to prepay the Loan Amount in whole or in part, at any time upon payment of (i) the principal component to be prepaid, plus (ii) the interest component of the Installment Payments being prepaid, that have accrued but not been paid, plus (iii) an amount equal to the Cost of Prepayment.
Prepayment of Installment Payments. The School District may prepay Installment Payments in whole or in part as provided in, and under the conditions prescribed under, Sections 7.3 and 9.1 hereof, or at any time that the School District so determines for the purpose of providing for the redemption of Series 2013 Bonds as provided in Section 4.1(a) of the 2013 Trust Agreement. The School District shall notify the Trustee in writing of the dates on which the Series 2013 Bonds corresponding to any prepayment hereunder are to be redeemed and the amount to be redeemed on each such date, all in accordance with the provisions of the 2013 Trust Agreement. The Trustee may request such reasonable information and reports as may be necessary to establish the sufficiency of the payments to be made at the time of such prepayment.
Prepayment of Installment Payments. The Loan Amount is not subject to prepayment before maturity.
Prepayment of Installment Payments. Section 7.1.