Common use of Amounts and Times of Installment Payments and Additional Payments Clause in Contracts

Amounts and Times of Installment Payments and Additional Payments. The City shall repay the Purchase Price in semi-annual payments of the interest components of the Installment Payments beginning on June 1, 2016 and continuing each December 1 and June 1 (each a “Payment Date”) thereafter and annual payment of the principal components of the Installment Payments beginning of June 1, 2016 and each June 1 thereafter until June 1, 2021, as provided in this Contract and the attached Payment Schedule. The City hereby approves the advance of the Purchase Price by the Lender to the City pursuant to this Contract in the amount of not to exceed $[9,500,000] to be repaid by the City in the Installment Payments as provided in this Contract at an interest rate per annum of 1.575%. 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 attached Payment Schedule except as provided herein. If an Installment Payment is due on a day which is not a Business Day, such Installment Payment shall be due on the next succeeding Business Day and the City shall make such Installment Payment on such Business Day with no additional interest due thereon. Installment Payments shall be sufficient in the aggregate to pay the principal and interest components of the Purchase Price as the same become due and payable. The City shall pay Additional Payments on a timely basis directly to the person or entity to which such Additional Payments are owed.