First Repayment Clause Samples
The 'First Repayment' clause defines the timing and conditions under which the initial payment on a loan or financial obligation must be made. Typically, this clause specifies the exact date or period after the loan is disbursed when the borrower is required to make their first repayment, and may outline the amount due or the calculation method for that payment. By clearly establishing when the first payment is expected, this clause helps prevent confusion or disputes regarding payment schedules and ensures both parties are aligned on the commencement of repayment obligations.
First Repayment. The first repayment shall occur on 30 September 2013.
First Repayment. 6.2.1 Not later than the first (1st) 31 March or 30 September immediately following the fourth (4th) anniversary of the first Advance under Tranche A (the “Scheduled First Repayment Date”), the Borrower will repay an amount which will reduce the aggregate Advances outstanding (other than under Tranche E) to no more than the Required Level (the “First Repayment”).
6.2.2 The First Repayment will be applied to the Tranches in the following order:
(a) first, for the repayment of 70 % of Tranche D2;
(b) second, for the repayment of 70 % of Tranche D1;
(c) third, for the repayment of 70 % of Tranche C;
(d) fourth, for the repayment of part of any Sub-Tranche B1 to B3;
(e) fifth, for the repayment of Tranche A.
First Repayment. (i) The Borrower shall make the first repayment on the First Repayment Date;
(ii) On the First Repayment Date, the Company shall be entitled to offset the Tranche B Cash Payment with the Loan. If the Tranche B Cash Payment is equal to or more than the Loan (including accrued interest), the Borrower does not need to repay the Loan and the Loan shall be deemed as having been repaid in full;
(iii) If the Tranche B Cash Payment is less than the Loan (including accrued interest), the difference between the Loan (including accrued interest) and Tranche B Cash Payment (“Tranche B Repayment”) shall be repaid by the Borrower to the Company on the Second Repayment Date.
First Repayment. 6.2.1 Not later than the first (1st) 31 March or 30 September immediately following the fourth (4th) anniversary of the first Advance under Tranche A (the “Scheduled First Repayment Date”), the Borrower will repay an amount which will reduce the aggregate Advances outstanding (other than under Tranche E) to no more than the Required Level (the “First Repayment”).
6.2.2 The First Repayment will be applied to the Tranches in the following order: