Repayment Amount definition
Examples of Repayment Amount in a sentence
In the event that the principal amount of the Loan and the premium thereon (collectively, the “Repayment Amount”) is not repaid on or before the Maturity Date, then Lender shall be entitled to receive default interest, which shall accrue at the rate of two percent (2%) on any amounts outstanding on the Repayment Amount, compounded every month, or the maximum rate allowed by law if the foregoing rate would be deemed usurious under applicable law.
Upon full payment to Lender of the Repayment Amount, the security interest shall terminate.
All payments hereunder shall first be applied to the Repayment Amount, and thereafter, to any accrued interest.
Interest calculated hereunder shall be computed on the outstanding balance of the Repayment Amount, based on a three hundred sixty-five (365) day year.