Common use of Payment of principal amount and interest a) For the Clause in Contracts

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 i. all moneys which are now or at any time in the future owing by the borrower or the guarantor under each loan agreement, credit sale agreement, or guarantee (each a “secured agreement”) between each borrower and each guarantor both existing at the time of the registration of the mortgage or at any time thereafter; ii. all advances, reasonable costs incurred and expenditure made for the protection, maintenance, preservation or repair of any charged property or for the enforcement of any security interest under this mortgage and any other amounts contemplated by section 87 of the Property Law Xxx 0000; and iii. each payment or performance of an obligation: 1. by a party giving this mortgage or, if there is more than one, any one or more of them; 2. by any accommodated person, in respect of any secured agreement. b) Despite the provisions of clause 1(a), moneys may be excluded from the expression “principal amount” if, and only if the secured agreement indicates that the moneys owing under that agreement are to be unsecured. c) In this mortgage the following expressions have the following meaning: i. The expression "party giving this mortgage" includes each borrower or guarantor who owns the land the subject of this mortgage regardless of how they may be described in the mortgage or any other instrument and any person who accepts, subject to this mortgage, a transfer, assignment, or transmission of the land the subject of this mortgage and the covenants contained and implied in this mortgage will bind all such persons jointly and severally as the principal party giving this mortgage. ii. an “accommodated person” means each person who acquires a benefit under a secured agreement being a person who has received financial accommodation from the mortgagee at the request of, at the direction of or on account of the party giving this mortgage. iii. "land proceeds" means: 1. all moneys payable to the party giving this mortgage arising: a. from the cultivating, harvesting, selling or otherwise utilising of trees, timber, logs or crops to be grown or growing on the land now at any time in the future; b. from any profit à prendre or forestry right; c. out of the ownership, use or occupation of the land or any agreement relating to its ownership use or occupation including any sale proceeds, any rents, any damages and any proceeds of any insurance including insurance in respect of loss of earnings or income; and 2. any resource consent issued in respect of the land pursuant to the Resource Management Xxx 0000. d) Without limiting the generality of the foregoing, includes all moneys owing in respect of: i. loans, credits, advances or other financial services or facilities made or provided to the party giving this mortgage or to any one or more of them or any obligations owing by any one or more of them as guarantors; ii. any bailment, hire purchase instrument, conditional purchase instrument or similar instrument entered into by the mortgagee with the party giving this mortgage or with any one or more of them; iii. any debt assigned (whether absolutely or by way of security) to the mortgagee; iv. any guarantee, indemnity, bond, letter of credit or other obligation provided by the party giving this mortgage to or in favour of the mortgagee or provided by the mortgagee for or on account of the party giving this mortgage or any one or more of them; v. any moneys owing prior to the date of this mortgage for which the mortgagee has agreed to forebear from suing. e) Moneys are to be regarded as being included in "the secured moneys": i. whether the liability for such moneys is matured or not matured, actual or contingent, or liquidated or not liquidated; ii. whether such moneys are also secured by any other security; iii. whether any instrument or arrangement relating to such moneys expressly refers to this mortgage; iv. whether the liability for such moneys arises by instrument (express or implied), by operation of law or otherwise; and v. whether such moneys are owing by any party giving this mortgage jointly with or otherwise in combination with any person who is not a party giving this mortgage. f) For the purposes of clause 1(3) of the implied covenants, the “agreed rate” means the highest rate payable to the mortgagee under all instruments recording any part of the principal amount.

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 i. all moneys which are now or at any time in the future owing by the borrower or the guarantor under each loan agreement, credit sale agreement, or guarantee (each a “secured agreement”) between each borrower and each guarantor both existing at the time of the registration of the mortgage or at any time thereafter; ii. all advances, reasonable costs incurred and expenditure made for the protection, maintenance, preservation or repair of any charged property or for the enforcement of any security interest under this mortgage and any other amounts contemplated by section 87 of the Property Law Xxx 0000Act 2007; and iii. each payment or performance of an obligation: 1. by a party giving this mortgage or, if there is more than one, any one or more of them; 2. by any accommodated person, in respect of any secured agreement. b) Despite the provisions of clause 1(a), moneys may be excluded from the expression “principal amount” if, and only if the secured agreement indicates that the moneys owing under that agreement are to be unsecured. c) In this mortgage the following expressions have the following meaning: i. The expression "party giving this mortgage" includes each borrower or guarantor who owns the land the subject of this mortgage regardless of how they may be described in the mortgage or any other instrument and any person who accepts, subject to this mortgage, a transfer, assignment, or transmission of the land the subject of this mortgage and the covenants contained and implied in this mortgage will bind all such persons jointly and severally as the principal party giving this mortgage. ii. an “accommodated person” means each person who acquires a benefit under a secured agreement being a person who has received financial accommodation from the mortgagee at the request of, at the direction of or on account of the party giving this mortgage. iii. "land proceeds" means: 1. all moneys payable to the party giving this mortgage arising: a. from the cultivating, harvesting, selling or otherwise utilising of trees, timber, logs or crops to be grown or growing on the land now at any time in the future; b. from any profit à prendre or forestry right; c. out of the ownership, use or occupation of the land or any agreement relating to its ownership use or occupation including any sale proceeds, any rents, any damages and any proceeds of any insurance including insurance in respect of loss of earnings or income; and 2. any resource consent issued in respect of the land pursuant to the Resource Management Xxx 0000Act 1991. d) Without limiting the generality of the foregoing, includes all moneys owing in respect of: i. loans, credits, advances or other financial services or facilities made or provided to the party giving this mortgage or to any one or more of them or any obligations owing by any one or more of them as guarantors; ii. any bailment, hire purchase instrument, conditional purchase instrument or similar instrument entered into by the mortgagee with the party giving this mortgage or with any one or more of them; iii. any debt assigned (whether absolutely or by way of security) to the mortgagee; iv. any guarantee, indemnity, bond, letter of credit or other obligation provided by the party giving this mortgage to or in favour of the mortgagee or provided by the mortgagee for or on account of the party giving this mortgage or any one or more of them; v. any moneys owing prior to the date of this mortgage for which the mortgagee has agreed to forebear from suing. e) Moneys are to be regarded as being included in "the secured moneys": i. whether the liability for such moneys is matured or not matured, actual or contingent, or liquidated or not liquidated; ii. whether such moneys are also secured by any other security; iii. whether any instrument or arrangement relating to such moneys expressly refers to this mortgage; iv. whether the liability for such moneys arises by instrument (express or implied), by operation of law or otherwise; and v. whether such moneys are owing by any party giving this mortgage jointly with or otherwise in combination with any person who is not a party giving this mortgage. f) For the purposes of clause 1(3) of the implied covenants, the “agreed rate” means the highest rate payable to the mortgagee under all instruments recording any part of the principal amount.