Scheduled Principal and Interest Payments Clause Samples

The Scheduled Principal and Interest Payments clause defines the timing and amounts of regular payments that a borrower must make to a lender, covering both the repayment of the loan's principal and the interest accrued. Typically, this clause outlines a payment schedule—such as monthly or quarterly installments—detailing how much of each payment goes toward reducing the principal balance and how much covers interest charges. By clearly specifying these payment obligations, the clause ensures predictability for both parties and helps prevent disputes over payment timing or amounts.
Scheduled Principal and Interest Payments. Section 2.7 of the Original Agreement is hereby amended in its entirety to read as follows:
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Scheduled Principal and Interest Payments. Payments of accrued interest on the outstanding principal balance of the Note shall be due and payable monthly, beginning on December 1, 2000, and continuing thereafter on the first (1st) day of each and every month thereafter and on the Maturity Date. If the Loan Balance exceeds the Commitment Amount as a result of a Monthly Commitment Reduction with respect to the Loan on the first (1st) day of any month, the Borrowers shall immediately make such principal payments as may be necessary to reduce the Loan Balance of the Note to an amount less than or equal to the Commitment Amount then in effect. The entire outstanding principal balance of the Note and all unpaid interest accrued thereon shall be due and payable on the Maturity Date. If any Letter of Credit is called for funding, repayment thereof shall be due and payable ON DEMAND from Lender but if no demand is made, it shall be treated as an Advance under the Note.
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Scheduled Principal and Interest Payments. Principal on the Substitute Term Note shall be due and payable as follows: (i) four (4) equal consecutive quarterly installments each in the amount of $600,000.00 shall be due and payable commencing on March 15, 2003 and continuing on June 15, 2003, September 15, 2003 and December 15, 2003; (ii) four (4) equal consecutive quarterly installments each in the amount of $732,000.00 shall be due and payable commencing on March 15, 2004 and continuing on June 15, 2004, September 15, 2004 and December 15, 2004; and (iii) one final payment in the amount of the unpaid principal balance (if any) of the Substitute Term Note and accrued, unpaid interest thereon shall be due and payable on December 31, 2004. Interest on the Substitute Term Note shall be due and payable as follows:
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Scheduled Principal and Interest Payments. Beginning on the tenth (10th) day of the calendar month following the date of the first Advance under the Note and continuing on the tenth (10th) day of each month thereafter through July 10, 2002, Borrowers shall, at a minimum make a payment of all accrued but unpaid interest on the Note. In the event the Loan Balance is, at any time, greater than the Borrowing Base minus the sum of all Monthly Commitment Reductions with respect to the Loan which have occurred subsequent to the immediately preceding Borrowing Base Determination, Borrowers shall prepay, without penalty, an amount sufficient to reduce the Loan Balance by the difference set forth above. The entire outstanding principal balance of the Note and all unpaid interest accrued thereon shall be due and payable on the Maturity Date. If any Letter of Credit is called for funding, repayment thereof shall be due and payable on demand from Lender but if no demand is made, it shall be treated as an Advance under the Note.
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Scheduled Principal and Interest Payments. The principal amount of the Loans shall be due and payable as follows: (i) $250,000 of the principal amount of Eurodollar Loan 2 shall be due and payable on or before July 14, 2000, and (ii) the remainder of the principal amount of the Loans shall be due and payable in quarterly installments (subject to the proviso at
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Scheduled Principal and Interest Payments. The principal amount of the Base Rate Loan shall be payable in monthly installments of $25,000.00 each and shall be due and payable beginning on July 15, 2001 (the "Monthly Payment") and continuing on the fifteenth (15th) day of every month thereafter until the Maturity Date, on which date the entire unpaid principal balance of the Base Rate Loan and all accrued and unpaid interest thereon shall be due and payable. In addition to the monthly principal installments described above, interest shall be payable monthly as it accrues through the fifteenth (15th) day of each month, said installments of interest becoming due and payable beginning July 15, 2001 and continuing on the fifteenth (15th) day of each month thereafter until the Maturity Date."
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Scheduled Principal and Interest Payments. Section 2.7 of the Credit Agreement is hereby amended in its entirety to read as follows:
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Scheduled Principal and Interest Payments 
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Related to Scheduled Principal and Interest Payments

  • Principal and Interest Payments The Borrower shall pay to the Lender the principal amount of the Loan plus accrued interest in accordance with Section 2.07 hereof, or the Borrower may make prepayments in accordance with Section 2.05 hereof (a “Prepayment Date”).

  • Interest and Interest Payment Dates In lieu of having interest charged at the rate based upon the Base Rate, Borrowers shall have the option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three months in duration, interest shall be payable at three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrowers have properly exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.

  • 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

  • Principal and Interest This Note will bear interest in the same manner as set forth in Section 3(a) above, and payments of principal and interest shall be made as set forth on the face hereof. Discount Notes may not bear any interest currently or may bear interest at a rate that is below market rates at the time of issuance. The difference between the Issue Price of a Discount Note and par is referred to as the “Discount”.

  • Interest Payments Unless otherwise specified on the face hereof, the Interest Payment Dates will be, in the case of a Floating Rate Note which resets: (1) daily, weekly or monthly—the fifteenth day of each calendar month or on the fifteenth day of March, June, September and December of each year, as specified on the face hereof; (2) quarterly—the fifteenth day of March, June, September and December of each year; (3) semi-annually—the fifteenth day of the two months of each year specified on the face hereof; and (4) annually—the fifteenth day of the month of each year as specified on the face hereof. In addition, the Maturity Date will also be an Interest Payment Date. If any Interest Payment Date other than the Maturity Date for this Floating Rate Note would otherwise be a day that is not a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day, except that in the case of a Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and that Business Day falls in the next succeeding calendar month, the particular Interest Payment Date will be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the Trust will make the required payment of principal, premium, if any, and interest or other amounts on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.