Reamortization Sample Clauses
The Reamortization clause allows for the recalculation and adjustment of a loan’s payment schedule, typically after a significant event such as a principal prepayment or a change in interest rate. In practice, this means that if a borrower pays down a portion of the loan early, the lender will recalculate the remaining payments so that they are spread evenly over the rest of the loan term, potentially lowering the regular payment amounts. This clause ensures that both parties have a clear and fair method for adjusting payment obligations, preventing confusion or disputes about how early payments affect the loan’s future installments.
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Reamortization. Upon a principal pay down of the outstanding balance of the Loan as a result of a sale of any of the Premises (as defined in the Loan Documents) of Borrower or Affiliates, and at the request of the Borrower, the remaining loan balance shall be reamortized at the interest rate shown in the Note for the purpose of calculating the monthly payments due pursuant to the Note.
Reamortization. Upon the making of a partial Prepayment, Borrower may request to have the amount of future installments reamortized over the remaining term of the Loan, but only if Borrower so notifies Lender at the time Borrower makes the partial Prepayment and only if, upon Lender’s approval of the request, Borrower pays to Lender any fees and costs that Lender may charge for such reamortization.
Reamortization. Reamortization of a loan will occur in the following situations: