Common use of Monthly instalments Clause in Contracts

Monthly instalments. The Borrower shall repay the capital and interest of the loan in equal successive monthly instalments of ( dollars ($() each, including the capital and the interest calculated at the rate set out in Section , on the first day of each month, beginning on the first day of ( Two thousand ( (20() until the first day of ( Two thousand ( (20(), which is the end of the term of this loan at which time the balance owing for the capital, interest and other amounts due under this loan shall become due. For more clarity, the equal, successive and monthly instalments of principal and interest are based on an amortization period of ( (() years. Allocation of Monthly Instalments and Amounts Received The amounts received by the Lender shall be allocated as follows: If there is no default first, to accrued interest; and second, to the repayment of capital. In the case of default first, to the reimbursement of the Lender for any amount paid to a third party on behalf of the Borrower under this Agreement; and second, to accrued interest; and third, to the repayment of capital.