Deferment Period Clause Samples
The Deferment Period clause defines a specific timeframe during which certain obligations or actions under a contract are postponed or delayed. Typically, this period applies to the commencement of payments, the start of services, or the enforcement of rights, and is often triggered by a particular event or condition, such as the occurrence of a loss in insurance contracts. By establishing a clear window of delay, the clause helps manage expectations between parties and provides a buffer to address contingencies, ultimately ensuring clarity and reducing disputes over timing.
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Deferment Period. The initial period of Temporary Total Disablement or Temporary Partial Disablement during which the Sum Insured under items 5 or 6 of section A shown on the Schedule is not payable.
Deferment Period. If a student remains below the minimum income after the grace period, the ISA is considered to be in deferment status, meaning students don’t make payments and the term of the ISA doesn’t yet start. Typically ISAs come with maximum deferment periods of 1 to 3 years. During any deferment period, students make no payments, but the remaining number of monthly payments do not get shorter. If a student remains below the minimum income threshold for the maximum deferment period, then the remaining term begins to get shorter. For example, a student completes a program paid for using an ISA with a 2-year term and a 2-year deferment period. If that student then has an income below the minimum threshold, first the 2-year deferment period will pass, and then the 2- year term itself would pass, at which point the ISA contract would be considered completed. Sources:-▇▇▇▇▇://▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇/financial-aid/ignite-income-share-agreement/income-share-agreement/
Deferment Period. Deferment period means the number of consecutive days as stated in the schedule from the date the insured person suffers temporary total disablement or temporary partial disablement during which no benefits are payable. The sum of money represented by such periods shall not contribute towards any claim for benefits or other indemnification under this insurance.
Deferment Period. In the event that there is no such position vacant at the time of severance, the employee can elect to defer claiming severance pay for a period not to exceed three
Deferment Period. A period at the beginning of a period of Temporary Total Disablement or Temporary Partial Disablement during which benefits are not payable.
Deferment Period. The Deferment Period shall be the earlier of (i) the date on which the amount of forgiveness determined under section 1106 of the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) is remitted to Lender (or, if earlier, the date the [SBA] determines that the loan is not eligible for forgiveness in the full amount requested), or (ii) if Borrower fails to apply for forgiveness within 10 months after the date that is the earlier of (A) 24 weeks after the date of the Note or (B) December 31, 2020 (the “Covered Period”), the date that is 10 months after the last day of the Covered Period. Interest will continue to accrue during the Deferment Period. Lender will provide Borrower the monthly payment amount after the Deferment Period. ▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ GAMING ENTERTAINMENT INDIANA LLC ▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇ ▇▇▇ ▇▇▇ ▇▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇ Loan Description: COMM TERM – PAY AS RECIEV Principal Balance: $3,393,900.00 PAYMENT CHANGE NOTICE NOTICE DATE: September 22, 2020 Dear Borrower, Your loan payment amount has been re-amortized. Please see below for the new payment amount required. This new payment will be due MONTHLY starting September 03, 2021.
Deferment Period. If You elected the Full Deferment option, you will not be required to make payments of principal and interest during the Deferment Period. If You elected the Principal Deferment option, You will be required to make monthly payments equal to the amount of accrued interest. If you elected either the Full or Principal Deferment options Lender may require You to pay a monthly fee in the amount of twenty-four dollars ($24) for every partial or full calendar month during which principal payments are deferred. Your Deferment Period will end if you fail to pay the monthly fee as scheduled. Lender will add unpaid accrued interest and fees to the principal balance of Your loan at the end of Your Deferment Period and any forbearance period. The resulting sum is thereafter considered the principal and interest will accrue on the new principal balance.