Principal Indebtedness Clause Samples
The Principal Indebtedness clause defines the total amount of money that a borrower is obligated to repay to a lender, excluding interest, fees, or other additional charges. In practice, this clause specifies the original loan amount or outstanding balance that forms the basis for calculating interest and repayment schedules. By clearly identifying the principal sum, the clause ensures both parties understand the core financial obligation, thereby preventing disputes over the amount owed and providing a clear reference point for loan administration.
Principal Indebtedness. The entire Principal Indebtedness evidenced by this Note shall be due and payable on a date which shall be November 4, 2023 (i.e., 36 months from the Effective Date referred to in the Line of Credit Agreement) (the “Maturity Date”).
Principal Indebtedness. The entire Principal Indebtedness advanced under the Line of Credit Agreement shall be due and payable on the earlier to occur of (a) the occurrence and continuation of an Event of Default under the Line of Credit Agreement, or (b) the Maturity Date (as the same may be extended as herein provided).
Principal Indebtedness. The entire Principal Indebtedness evidenced by this Note shall be due and payable on a date which shall be the one-year anniversary of the Issuance Date (the “Maturity Date”). Notwithstanding anything to the contrary, express or implied, contained in this Note, in the event of a Purchase Price Reduction, the original Principal Indebtedness evidenced by this Note is subject to appropriate reduction pursuant to the provisions of Section 2(b) of the Purchase Agreement.
Principal Indebtedness. The outstanding Principal Indebtedness of this promissory note (the “Note”) shall be due and payable, together with accrued and unpaid interest on the outstanding Principal Indebtedness, on the earlier to occur of (a) consummation by the Maker of a registered public offering of its Common Stock, $0.001 par value per share (the “Common Stock”), pursuant to a registration statement on Form S-1 (or other applicable form for registering securities) that is declared effective by the Securities and Exchange Commission (the “Public Offering”), or (b) September 30, 2017 (the “Maturity Date”).
Principal Indebtedness. The Principal Balance of the Loan, which is $4,601,566.14 as of the date hereof, plus the principal balance of the encumbrances against the Property as of the date hereof, which the Trustor represents and warrants to be $5,398,433.86, for at Total Loan amount of $10,000,000.00.