Common use of Terms of Repayment Clause in Contracts

Terms of Repayment. 1. Repayment Period – I will make required monthly payments during the Repayment Period in the amounts and on or before the payment due dates shown on my statements until I have paid all of the principal and interest and any other charges I may owe under this Agreement. My failure to receive or retrieve a statement does not relieve me of my obligation to make my required loan payments in accordance with the terms and conditions of this Agreement. 2. Standard Repayment Terms – Lender will establish a schedule whereby I will repay my loan in monthly payments calculated to equal the amount necessary to amortize the unpaid principal and interest in effect over the number of months remaining in the Repayment Period; provided, however, that my monthly payment will never be less than $50 each month (principal and interest) or the unpaid balance, whichever is less. I understand that this may result in my loan being paid off in less than the number of months in the Repayment Period.

Terms of Repayment. 1. Repayment Period – — I will make required monthly payments during the Repayment Period in the amounts and on or before the payment due dates shown on my statements until I have paid all of the principal and interest and any other charges I may owe under this Agreement. My failure to receive or retrieve a statement does not relieve me of my obligation to make my required loan payments in accordance with the terms and conditions of this Agreement. 2. Standard Repayment Terms – — Lender will establish a schedule whereby I will repay my loan in monthly payments calculated to equal the amount necessary to amortize the unpaid principal and interest in effect over the number of months remaining in the Repayment Period; provided, however, that my monthly payment will never be less than $50 each month (principal and interest) or the unpaid balance, whichever is less. I understand that this may result in my loan being paid off in less than the number of months in the Repayment Period.