Monthly Forbearance Payments definition
Monthly Forbearance Payments means, with respect to each month during the Forbearance Period, the amount payable by Borrower to Lender equal to the scheduled monthly principal and interest payment that would otherwise be due under the Note and Loan Documents in accordance with the terms set forth therein, with interest and fees continuing to accrue and adjust as provided therein.1 All such amounts shall remain the continuing and joint and several obligation of the Loan Parties and shall not be deemed waived, forgiven, or modified by this Agreement or the existence of the Forbearance or Forbearance Period, and Lender expressly reserves all rights under the Loan Documents, including the right to impose interest at the Default Rate (if applicable) pursuant to the terms thereof.
Monthly Forbearance Payments means, with respect to each month during the Forbearance Period, the amount payable by Borrower to Lender equal to the scheduled monthly principal and interest payment that would otherwise be due under the Note and Loan Documents in accordance with the terms set forth therein, with interest and fees continuing to accrue and adjust as provided therein.1All such amounts shall remain the continuing and joint and several obligation of the Loan Parties and shall not be deemed waived, forgiven, or modified by this Agreement or the existence of the Forbearance or Forbearance Period, and Lender expressly reserves all rights under the Loan Documents, including the right to impose interest at the Default Rate (if applicable) pursuant to the terms thereof.
1 The payment amounts specified in the Note are subject to change in accordance with adjustments to the applicable variable interest rate, as provided in the Note. Any change in the interest rate shall result in a corresponding adjustment to the periodic payment amount in accordance with the Note. Nothing contained in this document shall be construed to modify or limit the variable nature of the interest rate or the resulting adjustments to the payment amount as set forth in the Note.
Examples of Monthly Forbearance Payments in a sentence
On or before the first calendar day of each calendar month during the Forbearance Period, Borrower shall timely pay and remit to Lender the Monthly Forbearance Payments in immediately available funds, without setoff, deduction, or counterclaim, with the first such Monthly Forbearance Payment being due on March 1, 2026.