P&I Payment Amount definition

P&I Payment Amount means an amount based upon (i) interest accrued on the outstanding principal balance of the Project Loan (including any Accrued Interest which has been added to the outstanding principal balance of the Loan, if any) in accordance with Section 2.2 hereof and (ii) a principal payment based on the then outstanding principal balance of the Project Loan (including any Accrued Interest which has been added to the outstanding principal balance of the Loan, if any) and a twenty-five (25) year amortization schedule); it being specifically understood that the amount required to be paid to Lender above shall be calculated by Lender no less than fifteen (15) Business Days prior to the Payment Date occurring in May 2012 and such calculation shall be conclusive and binding on Borrower absent manifest error.

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P&I Payment Amount means an amount equal to $146,883.46 (which such amount is based upon (i) interest accrued on the outstanding principal balance of the Building Loan in accordance with Section 2.2 hereof and (ii) a principal payment based on a twenty-five (25) year amortization schedule); it being specifically understood that the amount required to be paid to Lender above shall be increased as calculated by Lender to reflect the increased principal balance of the Building Loan upon the occurrence of each Permissible TI Advance and such calculation shall be conclusive and binding on Borrower absent manifest error.

P&I Payment Amount means (i) One Million Forty-Five Thousand One Hundred Ninety-Two and 28/100 Dollars ($1,045,192.28) and (ii) in the event the Earn-Out Advance shall have been made, One Million Six Hundred Forty-Nine Thousand Seven Hundred Eight and 90/100 Dollars ($1,649,708.90), each based on the Note Rate and the Amortization Period as it applies to the Note, as such amount may be adjusted by an Amended Note.

Examples of P&I Payment Amount in a sentence

• The P&I Payment Amount shall be applied (a) first, to accrued but unpaid interest on the Note; and (b) second, to the unpaid principal balance of the Note.

• If all or any portion of any payment (including, without limitation, any payment of any interest, the P&I Payment Amount, Impounds or other deposit(s)) required hereunder (other than the payment due on the Maturity Date) is not paid or deposited on or before the day on which the payment is due, Borrower shall pay a late or collection charge, as liquidated damages, equal to four percent (4%) of the amount of such unpaid payment (herein called “Late Charge”).

• Monthly payments, each in the P&I Payment Amount, shall commence on the First P&I Due Date and continue on each Due Date thereafter.

• Borrower acknowledges that the P&I Payment Amount was determined using a 30/360 Basis despite the fact that interest on the Note accrues on an Actual /360 Basis.

• No partial prepayment of the Loan shall change any Due Date or the P&I Payment Amount unless Lender otherwise agrees in writing.

• Notwithstanding the foregoing, no prepayment charge of any kind shall apply in respect to any prepayment resulting from Lender’s application of any insurance proceeds or condemnation awards (including as set forth in Section 12.7(d) hereof) or scheduled P&I Payment Amount to the outstanding principal balance of the Loan.

• Notwithstanding the foregoing, however, (i) in the event of a Partial Defeasance, the P&I Payment Amount shall be reduced by the monthly principal and interest payment due under the New Note, and (ii) following the Earn-Out Advance, the P&I Payment Amount shall be adjusted based on the new outstanding principal balance of the Loan in the event of a prepayment of the Loan resulting from Lender’s application of any insurance proceeds as a result of a casualty at the Northrop VA Property.

• Notwithstanding the foregoing, no prepayment charge of any kind shall apply in respect to any prepayment resulting from Lender’s application of any insurance proceeds or condemnation awards or scheduled P&I Payment Amount to the outstanding principal balance of the Loan.

• Notwithstanding the foregoing, however, in the event of a Partial Defeasance, the P&I Payment Amount shall be reduced by the monthly principal and interest payment due under the New Note.

• No partial prepayment of the Loan shall change any Due Date or the I/O Payment Amount or the P&I Payment Amount unless Lender otherwise agrees in writing.

More Definitions of P&I Payment Amount

P&I Payment Amount means $84,446.00, based on the Note Rate and the Amortization Period.

P&I Payment Amount means an amount equal to $84,595.39 (which such amount is based upon (i) interest accrued on the outstanding principal balance of the Project Loan in accordance with Section 2.2 hereof and (ii) a principal payment based on a twenty-five (25) year amortization schedule).