Stated Maturity or Payment in Full Clause Samples
The 'Stated Maturity or Payment in Full' clause defines the point at which an obligation, typically a debt or financial instrument, is considered fully satisfied—either upon reaching its scheduled maturity date or when the full amount owed is paid earlier. In practice, this means that the borrower's responsibilities end once the agreed-upon term concludes or if they repay the entire outstanding balance before that date. This clause ensures clarity regarding when contractual obligations are discharged, preventing disputes over whether further payments or actions are required after the maturity date or upon full payment.
Stated Maturity or Payment in Full. On the earlier to occur of the Stated Maturity and the Payment Date on which the Outstanding Note Balance of all Classes of Notes will be reduced to zero, the Indenture Trustee shall withdraw all amounts on deposit in the General Reserve Account and shall deposit such amounts in the Collection Account for distribution in accordance with Section 3.4 or Section 6.6 hereof, as applicable.
Stated Maturity or Payment in Full. On the Stated Maturity, the Indenture Trustee shall withdraw all amounts on deposit in the Reserve Account and shall deposit such amounts to the Collection Account. If, on any Determination Date, the amounts on deposit in the Reserve Account is equal to or greater than the Outstanding Note Balance, all accrued and unpaid interest on the Notes, and any amounts due to the Indenture Trustee, the Servicer, the Backup Servicer and the Custodian pursuant to the Transaction Documents, the Indenture Trustee shall, based on the Monthly Servicer Report, withdraw all amounts on deposit in the Reserve Account and shall deposit such amounts to the Collection Account for distribution on the related Payment Date.
Stated Maturity or Payment in Full. On the earlier to occur of the Stated Maturity and the Payment Date on which the Outstanding Note Balance of the Note will be reduced to zero, or following the expiration or termination of the Reinvestment Period, the Collateral Agent shall withdraw all amounts on deposit in the Reinvestment Account and shall deposit such amounts in the Collection Account for distribution in accordance with Section 3.4 hereof.
Stated Maturity or Payment in Full. Upon the earlier of (1) receipt of a statement furnished by the Manager that no further payments pursuant to Section 2.2(a)(i) will be made or (2) 90 days after the Final Closing Date (or if Timeshare Loans are not sold by the Depositor to the Note Issuer on the Final Closing Date using all of the remaining gross proceeds from the Offering, 90 days after the earlier of the date the Timeshare Loans are sold to the Note Issuer or the Final Loan Date, the Collateral Agent shall withdraw all amounts on deposit in the Fee and Expense Account and shall deposit such amounts in the Collection Account for distribution in accordance with Section 3.4 hereof.