Installments of Principal and Interest Sample Clauses

Installments of Principal and Interest. There shall be no requirement of repayment of this Loan so long as the Borrower shall faithfully perform its obligations hereunder to construct an industrial facility on the Property. Upon the Borrower's completion of the building and its receipt of a bona fide certificate of occupancy from each governmental authority having jurisdiction thereof, the Loan shall be deemed satisfied and paid in full. Upon the occurrence of any Event of Default, and provided such Event of Default shall not thereafter be timely cured as provided herein, then this Loan shall become immediately due and payable with interest as herein provided.
Sample 1Sample 2
AutoNDA by SimpleDocs
Installments of Principal and Interest. (a) On the first day of the first calendar month after the date hereof (the "Initial Date"), Borrower shall pay to Lender an installment of interest equal to the amount of interest that has accrued on and from the date hereof up to and including the final day of the month prior to the Initial Date. (b) Commencing on the Initial Date and continuing thereafter on the first day of each of the following months for a total of ninety (90) calendar months, Borrower shall pay to Lender installments of principal and interest each in the amounts and on the dates specified in Schedule A attached hereto, subject to adjustment pursuant to Paragraph 13(b). The amount of each such constant monthly installment specified in Schedule A is based on amortization of the initial principal amount of the Loan specified above and accrued interest on unpaid principal at the rate of seven percent (7%) per annum in 360 monthly installments and based on payment in advance (i.e., not in arrears). (c) The entire unpaid principal balance of this Note and all accrued but unpaid interest under this Note and all other sums payable under this Note and the Loan Documents (as defined in Paragraph 2 hereof) shall be due and payable in full on April 1, 2010 or such earlier date as same may become due and payable pursuant to the terms hereof (the "Maturity Date"). (d) All payments by Borrower on account of principal and interest and any fees and charges payable hereunder or under any other Loan Document shall be made to Lender unconditionally and without deduction, setoff or counterclaim of any kind. If any payment hereunder becomes due and payable on a day which is not a Business Day (as hereinafter defined), the maturity thereof shall be extended to the next succeeding Business Day. As used herein, "Business Day" shall mean a day other than a Saturday, Sunday or day on which banks are authorized to be closed in Tulsa, Oklahoma. (e) Payments in federal funds immediately available in the place designated for payment received by Lender prior to 2:00 p.m. local time at the place of payment on a day in which Lender is open for business shall be credited prior to the close of business. Any payment received after 2:00 p.m. local time at said place of payment on a day on which Lender is open for business shall be deemed to be received on the next succeeding Business Day. (f) Except as provided in Paragraph 13 hereof, each monthly installment paid pursuant to Paragraph 1.1(b) hereof shall be applied fir...
Sample 1
Installments of Principal and Interest. The form of repayment of the Loan and accrued interest thereon shall be dependent on Borrower’s level of compliance with the Jobs Requirement set forth in Section 4.13 hereinbelow. So long as Borrower remains in compliance with the Jobs Requirement, payments shall be due annually on the date and in the amounts set forth on the schedule attached to the Note as Exhibit 1, with the 15th and final payment thereon, in the amount of any remaining outstanding principal and all accrued but unpaid interest, to be due and payable on November 13, 2017 (the “Maturity Date”). If the Borrower should at any point subsequent to the first three years of the Loan cease to be in compliance with the Jobs Requirement, then from that point forward payments shall be due annually on the date and in the amounts set forth on the schedule attached to the Note as Exhibit 2, which payment represents amortization of the original principal over fifteen (15) years at two percent (2.00%) interest, with the final payment being due on the Maturity Date in the amount of any remaining outstanding principal balance and all accrued but unpaid interest. Any payments made on the Note, whether from Exhibit 1 or Exhibit 2, shall be applied first to accrued interest and then to principal.
Sample 1
Installments of Principal and Interest. Under the Note This loan provides a commercial loan in the amount of ONE MILLION EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS ($1,800,000.00) for a term of one year, which term shall expire on the 31st day of July, 1997, if not renewed or extended by the Bank, at the Bank's sole option. Interest on this Loan of ONE MILLION EIGHT HUNDRED THOUSAND AND NO/100 ($1,800,000.00), shall be paid to the Bank in quarterly payments. The term of the Loan shall be a one (1) year period, requiring quarterly payments of interest on the outstanding balance of the principal borrowed and one final payment of the outstanding balance of accrued interest and principal borrowed due on the 31st day of July, 1997. This is a variable interest rate Note. The interest rate charged on the outstanding balance is a floating rate of one percent (1%) per annum in excess of the New York prime rate as quoted in the Wall Street Journal. On this date, the interest rate is nine and one quarter percent (9.25%) per annum. This interest rate may fluctuate on a daily basis. Any increase in the interest rate will result in higher quarterly interest payments. Notice by the Bank to the Borrower of any increase, decrease or no change, in the interest rate being charged shall be given prior to a payment of interest being due. In addition to the quarterly interest payments, Borrower will also make quarterly principal payments of FIFTY THOUSAND DOLLARS AND NO/100 ($50,000.00) each to be applied to the outstanding principal balance. The Loan may be renewed or extended at the sole discretion of the Bank.
Sample 1
Installments of Principal and Interest. Under the Note. This loan provides a loan in the amount of ONE MILLION EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS ($1,800,000.00) for a term of one year, which term shall expire on the 31st day of July, 1997, if not renewed or extended by the Bank, at the Bank's sole option. The Borrower shall use the funds from this loan to refinance the existing line of credit with the Bank and may use any remaining proceeds as its operating capital pursuant to and in accordance with corporate resolutions passed and adopted by its Board of Directors. Interest on this Loan of ONE MILLION EIGHT HUNDRED THOUSAND AND NO/100 ($1,800,000.00), shall be paid to the Bank in quarterly payments. The term of the Loan shall be a one (1) year period, requiring quarterly payments of interest on the outstanding balance of the principal borrowed and one final payment of the outstanding balance of accrued interest and principal borrowed due on the 31st day of July, 1997. The amount of the quarterly interest payments shall be as stated in the Note and may change according to the Note terms. This is a variable interest rate Note. The interest rate charged on the outstanding balance is a floating rate of one (1%) percent in excess of the New York prime rate as quoted in the Wall Street Journal. On this date, the interest rate is nine and one-quarter percent (9.25%) per annum. This interest rate may fluctuate on a daily basis. Any increase in the interest rate will result in higher quarterly interest payments. Notice by the Bank to the Borrower of any increase, decrease or no change, in the interest rate being charged shall be given prior to a payment of interest being due. In addition to the quarterly interest payments, Borrower will also make quarterly principal payments of FIFTY THOUSAND DOLLARS AND NO/100 ($50,000.00) each to be applied to the outstanding principal balance. The Loan may be renewed or extended at the sole discretion of the Bank.
Sample 1

Related to Installments of Principal and Interest

  • 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.

  • 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.

  • Repayment of Principal and Interest (a) The entire outstanding principal balance of the Loans shall be due and payable by no later than 5:00 p.m. (Eastern time) on the Business Day on which the Loan is due, together with all remaining accrued and unpaid interest thereon, unless an extension of no more than three additional days is authorized by the Lending Company. (b) Any of the Loans may be prepaid in whole or in part at any time without premium or penalty. Any such prepayment made on any Loan shall be applied, first, to interest accrued thereon through the date thereof and then to the principal balance thereof. (c) Each payment and prepayment of principal of any Loan and each payment of interest on any Loan shall be made to the Lending Company and applied to outstanding Loan balances in the following order; first, toward any Loan or Loans then due and payable; and, second, towards the Loan or Loans which are next due and payable at the time of such prepayment.

  • Payments of Principal and Interest Prepayments Fees Section 3.01 Repayment of Loans 35 Section 3.02 Interest 35 Section 3.03 Alternate Rate of Interest 36 Section 3.04 Prepayments 37 Section 3.05 Fees 38

  • Payments of Principal If an Early Amortization Period has not begun, on the Expected Final Payment Date, or on each Payment Date for an Early Amortization Period, and if the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee (based on the information in the Monthly Investor Report) will withdraw an amount up to the aggregate Note Balance of Series 20 - from the Series 20 - Principal Funding Account for payment in the following order of priority: (i) to the Noteholders of [the][each Class of] Class A Notes, [pro rata based on the principal amount of each Class of Class A Notes,] until the Note Balance of [the][each Class of] Class A Notes is reduced to zero, (ii) to the Noteholders of Class B Notes, until the Note Balance of the Class B Notes is reduced to zero, (iii) to the Noteholders of the Class C Notes, until the Note Balance of the Class C Notes is reduced to zero and (iv) to the Noteholders of the Class D Notes, until the Note Balance of the Class D Notes is reduced to zero.

  • Payment of Principal and Interest; Defaulted Interest (a) Each Class of Notes shall accrue interest at the related Interest Rate, and such interest shall be due and payable on each Payment Date as specified therein, subject to Sections 3.01 and 11.12 hereof. Any installment of interest or principal, if any, 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 check mailed first-class postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that, unless Definitive Notes have been issued pursuant to Section 2.11, with respect to Notes registered on the Record Date in the name of the nominee of the Clearing Agency (initially, such nominee to be Cede & Co.), payment will be made by wire transfer in immediately available funds to the account designated by such nominee and except for the final installment of principal payable with respect to such Note on a Payment Date, a Redemption Date or on the related Final Scheduled Payment Date, as the case may be (and except for the Redemption Price for any Note called for redemption pursuant to Section 10.01), which shall be payable as provided below. The funds represented by any such checks returned undelivered shall be held in accordance with Section 3.03. (b) The principal of each Note shall be payable as provided in Section 8.02(d) hereof. Notwithstanding the foregoing, the entire unpaid principal amount of the Notes shall be due and payable, if not previously paid, on the related Final Payment Date or the date on which an Event of Default shall have occurred and be continuing, if the Indenture Trustee or Holders of the Notes representing not less than a majority of the Outstanding Amount have declared the Notes to be immediately due and payable in the manner provided in Section 5.02. All principal payments on each Class of Notes shall be made pro rata to the Noteholders of such Class entitled thereto. The Indenture Trustee shall notify the Person in whose name a Note is registered at the close of business 5 Business Days preceding the Payment Date on which the Issuer expects that the final installment of principal of and interest on such Note will be paid. Such notice shall be mailed or transmitted by facsimile prior to such final Payment Date and 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. Notices in connection with redemptions of Notes shall be mailed to Noteholders as provided in Section 10.02. In addition, the Administrator shall notify each Rating Agency upon the final payment of interest and principal of each Class of Notes, and upon the termination of the Trust, in each case pursuant to Section 1.02(a)(iii) of the Administration Agreement. (c) If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) at the applicable Interest Rate in any lawful manner. The Issuer may pay such defaulted interest to the Persons who are Noteholders on a subsequent special record date, which date shall be at least 5 Business Days prior to the next payment date. The Issuer shall fix or cause to be fixed any such special record date and related payment date, and, at least 15 days before any such special record date, the Issuer shall mail to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.

  • 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”.

  • Payment of Principal, Premium, if any, and Interest The Company covenants and agrees for the benefit of the Holders of the Securities that it will duly and punctually pay the principal of and any premium and interest (including any Additional Interest) on the Securities in accordance with the terms of the Securities and this Indenture.

  • Payment of Principal, Premium and Interest The Company covenants and agrees for the benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the Securities of that series in accordance with the terms of the Securities and this Indenture.

  • 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”).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!