Common use of Prepayment of Principal Clause in Contracts

Prepayment of Principal. (a) Any portion of the principal balance of this Promissory Note may be repaid from time to time in whole or in part, without penalty, and the amount of the payments of principal and interest set forth in Section 2 will be adjusted accordingly; provided, however, that all payments and prepayments made by the Company under this Promissory Note and the corresponding Ungax Xxxmissory Note shall be proportionate with respect to each such Note. (b) If the principal balance of this Promissory Note is paid in full prior to the final installment date, the entire principal balance of this Promissory Note will be reduced by an amount equal to two percent (2%) for each full twelve-month period that the principal balance is paid in full prior to the final installment date. Such reduction of principal shall not reduce any interest payments made on this Promissory Note. The amount of such principal reduction shall be deducted from the final installment payment to be paid by Maker.

Prepayment of Principal. (a) Any portion of the principal balance of this Promissory Note may be repaid from time to time in whole or in part, without penalty, and the amount of the payments of principal and interest set forth in Section 2 will be adjusted accordingly; provided, however, that all payments and prepayments made by the Company under this Promissory Note and the corresponding Ungax Woodx Xxxmissory Note shall be proportionate with respect to each such Note. (b) If the principal balance of this Promissory Note is paid in full prior to the final installment date, the entire principal balance of this Promissory Note will be reduced by an amount equal to two percent (2%) for each full twelve-month period that the principal balance is paid in full prior to the final installment date. Such reduction of principal shall not reduce any interest payments made on this Promissory Note. The amount of such principal reduction shall be deducted from the final installment payment to be paid by Maker.

Prepayment of Principal. (a) Any portion of the principal balance of this Promissory Note may be repaid from time to time in whole or in part, without penalty, and the amount of the payments of principal and interest set forth in Section 2 will be adjusted accordingly; provided, however, that all payments and prepayments made by the Company under this Promissory Note and the corresponding Ungax Xxxmissory Note shall be proportionate with respect to each such Note. (b) If the principal balance of this Promissory Note is paid in full prior to the final installment date, the entire principal balance of this Promissory Note will be reduced by an amount equal to two percent (2%) for each full twelve-month period that the principal balance is paid in full prior to the final installment date. Such reduction of principal shall not reduce any interest payments made on this Promissory Note. The amount of such principal reduction shall be deducted from the final installment payment to be paid by Maker.of

Prepayment of Principal. (a) Any portion of the principal balance of this Promissory Note may be repaid from time to time in whole or in part, without penalty, and the amount of the payments of principal and interest set forth in Section 2 will be adjusted accordingly; provided, however, that all payments and prepayments made by the Company under this Promissory Note and the corresponding Ungax Woodx Xxxmissory Note shall be proportionate with respect to each such Note. (b) If the principal balance of this Promissory Note is paid in full prior to the final installment date, the entire principal balance of this Promissory Note will be reduced by an amount equal to two percent (2%) for each full twelve-month period that the principal balance is paid in full prior to the final installment date. Such reduction of the principal shall not reduce any interest payments made on this Promissory Note. The amount of such principal reduction shall be deducted from the final installment payment to be paid by Maker.