Amounts and Times of Installment Payments and Additional Payments Clause Samples

Amounts and Times of Installment Payments and Additional Payments. (a) Subject to the provisions of Article XIII hereof entitled “Limited Obligation of the Town,” the Town will repay the Advance in semi-annual Installment Payments on each March 1 and September 1, commencing March 1, 2024, consisting of an interest component and a principal component as provided in this Agreement and the Payment Schedule. The Town hereby approves the Advance by the Lender to the Town pursuant to this Agreement in the amount of $1,785,000 to be repaid by the Town in Installment Payments at an interest rate per annum equal to the Interest Rate. Notwithstanding the foregoing, upon the occurrence and during the continuation of an Event of Default, all amounts payable under this Agreement shall bear interest at the Default Rate until paid. (b) Each Installment Payment will be paid in the amounts and at the times set forth in the attached Payment Schedule, except as otherwise provided herein. If an Installment Payment is due on any day which is not a Business Day, such Installment Payment will be due on the next succeeding Business Day and the Town will make such Installment Payment on such Business Day with no additional interest due thereon. Installment Payments will be sufficient in the aggregate to repay the principal amount of the Advance, together with interest thereon, as the same will become due and payable. The Town will pay any Additional Payments on a timely basis directly to the person or entity to which such Additional Payments are owed. All payments will be made in lawful currency of the United States.

Amounts and Times of Installment Payments and Additional Payments. (a) The County shall repay the Amount Advanced, together with interest thereon, in installments as provided in this Contract. Each installment is an Installment Payment and is due and payable on its respective Installment Payment Date. (b) The County shall pay interest on the outstanding Amount Advanced at the Interest Rate in arrears on each Installment Payment Date. Interest on the Amount Advanced accrues beginning on the Closing Date until repaid in full. The Bank shall calculate the Interest Rate (1) on the Closing Date, for the period beginning on the Closing Date through and including the next succeeding Installment Payment Date and (2) thereafter, for each succeeding Installment Payment Date. The amount of interest payable on any Installment Payment Date is the amount of interest accrued from the next preceding Installment Payment Date (or the Closing Date if interest has not been previously paid) to, but excluding, the Installment Payment Date on which interest is being paid and on the basis of the outstanding Amount Advanced on each Installment Payment Date. The Bank shall notify the County of the Interest Rate for each interest period, beginning on the Closing Date, within two days of establishing such Interest Rate in writing by facsimile addressed to the Finance Officer of the County. The Bank shall also notify the County not less than two days before each Installment Payment Date of the amount due on such Installment Payment Date, such notice to be given in writing by facsimile, confirmed by first-class mail, postage prepaid, and addressed to the Finance Officer of the County. Unless otherwise instructed by the Bank, the County shall pay to the Bank the Installment Payments and all Additional Payments as they become due and payable by 3:00 P.M. on the respective payment dates. (c) The County shall also pay to the Bank the following fees and expenses: (1) a closing fee, payable on the Closing Date, equal to $7,500; and

Amounts and Times of Installment Payments and Additional Payments. (a) The County shall repay the obligation created by this Contract in annual installment payments consisting of an interest component and a principal component as provided in this Contract and Payment Schedule attached to this Contract. The County hereby approves the Advance by the Bank to the County pursuant to this Contract in the amount of $4,396,129 to be repaid by the County in Installment Payments as provided in this Contract at an interest rate per annum equal to the Interest Rate. (b) The Installment Payments are first payable on January 22 2011 and continue on each July 22 and January 22 thereafter until July 22, 2025, as provided in this Contract and the Payment Schedule attached to this Contract. (c) Each installment shall be deemed to be an Installment Payment and shall be paid in the amounts and at the times set forth in the attached Payment Schedule, except as otherwise provided herein. If an Installment Payment is due on any day which is not a Business Day, such Installment Payment shall be due on the next succeeding Business Day and the County shall make such Installment Payment on such Business Day with no additional interest due thereon. On the date of completion of the Project, the County may direct the Bank to transfer any remaining amounts on deposit in the Project Account and receive a credit against the amount of Installment Payments otherwise owed under the Contract equal to any such amounts transferred from the Project Account to make such Installment Payment. Installment Payments shall be sufficient in the aggregate to repay the principal amount of the Advance, together with interest thereon, as the same shall become due and payable. The County shall pay any Additional Payments on a timely basis directly to the person or entity to which such Additional Payments are owed. All payments shall be made in lawful currency of the United States.

Amounts and Times of Installment Payments and Additional Payments. 7 Section 3.2. Default Rate 7 Section 3.4. Prepayment of Advance 7

Amounts and Times of Installment Payments and Additional Payments. (a) Subject to the provisions of Article XV, the County shall repay the Advance in Installment Payments consisting of an interest component and a principal component, as applicable, on each Installment Payment Date in the amounts set forth in this Contract and the Payment Schedule attached to this Contract. The County hereby approves the Advance by the Bank to the County pursuant to this Contract in the amount of $13,000,000 (less a fee of $5,900 to be paid directly by the Bank to its legal counsel) to be repaid by the County in Installment Payments at an interest rate per annum equal to the Interest Rate. (b) The County shall pay each Installment Payment in the amounts and at the times set forth in the attached Payment Schedule, except as otherwise provided in this Contract. If an Installment Payment is due on any day which is not a Business Day, such Installment Payment is due on the next succeeding Business Day and the County shall make such Installment Payment on such Business Day with no additional interest due thereon. Installment Payments will be sufficient in the aggregate to repay the principal amount of the Advance, together with interest thereon, as the same become due and payable. The County shall pay any Additional Payments on a timely basis directly to the person or entity to which such Additional Payments are owed. All payments must be made in lawful currency of the United States.

Amounts and Times of Installment Payments and Additional Payments. As consideration for the Corporation’s advance of the Purchase Price to the County, the County shall repay to the Trustee, as assignee of the Corporation, the Purchase Price in installments with interest as provided in this Contract and the Payment Schedule attached hereto (each an “Installment Payment”). Each installment shall be deemed to be an Installment Payment and shall be paid in the amounts and at the times set forth on the Payment Schedule except as provided herein. There shall be credited against the amount of Installment Payments otherwise payable hereunder amounts equal to (1) earnings derived from the investment of the Bond Fund and the Prepayment Fund and (2) any other money not constituting Installment Payments required to be deposited in the Bond Fund. Installment Payments shall be sufficient in the aggregate to repay the Purchase Price together with interest thereon. As further consideration for the Corporation’s advance of the Purchase Price to the County, the County shall also pay the Additional Payments, as required herein, on a timely basis directly to the person or entity to which such Additional Payments are owed.

Amounts and Times of Installment Payments and Additional Payments. (a) Subject to the provisions of Article XV, the County shall repay the Advance in Installment Payments consisting of an interest component and a principal component, as applicable, on each Installment Payment Date in the amounts set forth in this Contract and the Payment Schedule attached to this Contract. The County hereby approves the Advance by the Bank to the County pursuant to this Contract in the amount of $13,000,000 (less a fee of $5,900 to be paid directly by the Bank to its legal counsel) to be repaid by the County in Installment Payments at an interest rate per annum equal to the Interest Rate. (b) The County shall pay each Installment Payment in the amounts and at the times set forth in the attached Payment Schedule, except as otherwise provided in this Contract. If an Installment Payment is due on any day which is not a Business Day, such Installment Payment is due on the next succeeding Business Day and the County shall make such Installment Payment on such Business Day with no additional interest due thereon. Installment Payments will be sufficient in the aggregate to repay the principal amount of the Advance, together with interest thereon, as the same become due and payable. The County shall pay any Additional Payments on a timely basis directly to the person or entity to which such Additional Payments are owed. All payments must be made in lawful currency of the United States.