PREPAYMENT; REAMORTIZATION; REFINANCE; INTEREST RATE CONVERSION Sample Clauses
This clause outlines the borrower's rights and procedures regarding early repayment of a loan, adjustment of the loan's amortization schedule, refinancing options, and the ability to convert the interest rate type. It typically specifies whether the borrower can make prepayments without penalty, how such payments affect the remaining balance and payment schedule, and under what conditions the loan may be refinanced or the interest rate switched from fixed to variable or vice versa. The core function of this clause is to provide flexibility for the borrower to manage their debt more effectively, potentially reducing interest costs or adapting to changing financial circumstances.
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PREPAYMENT; REAMORTIZATION; REFINANCE; INTEREST RATE CONVERSION. A payment, in any amount, made in advance of the scheduled payment date is a “prepayment.” If Borrower, in making a prepayment, intends the prepayment to be applied to reduce the principal balance of the Note, Borrower must so inform Lender in writing accompanying the prepayment; however, Lender may apply all prepayments in such manner as Lender, in its sole discretion, may determine unless otherwise agreed to in writing. Borrower may make a full or partial prepayment on any business day without paying a prepayment fee. Upon the making of a partial prepayment, Borrower may request to have the amount of future installments reamortized over the remaining term of the Loan, but only if Borrower so notifies Lender at the time Borrower makes the partial prepayment and only if, upon Lender’s approval of the request which approval shall be in Lender’s sole discretion, Borrower pays to Lender any fees and costs that Lender may charge for such reamortization. Lender may from time to time offer other loan or interest rate products for which Borrower qualifies. Borrower acknowledges that it may not refinance or convert this Note to another loan or interest rate product with Lender unless Borrower qualifies for such loan or product as determined by Lender in its sole discretion and pays to Lender any fees and costs that Lender may charge for such refinance or conversion.
PREPAYMENT; REAMORTIZATION; REFINANCE; INTEREST RATE CONVERSION. A payment, in any amount, made in advance of the scheduled payment date is a “prepayment”. Borrower is subject to the following provisions in the event a prepayment is made.
PREPAYMENT; REAMORTIZATION; REFINANCE; INTEREST RATE CONVERSION. A payment, in any amount, made in advance of the scheduled payment date is a “prepayment.” One or more Accounts, as specified above, have prepayment fee provisions subject to this Section.