Interest Only. An interest-only mortgage loan that complies with the requirements of Xxxx-Xxxxx legislation and requires monthly payment with the entire principal balance and accrued interest due in full on _______________________, 20____.
Interest Only. Interest only shall be due and payable on the unpaid principal balance of the Advances, without claim, notice, presentment or demand, in consecutive monthly installments on the first (1st) day of each month commencing on the first (1st) day of the first (1st) full calendar month following the Initial Funding Date and continuing thereafter until the Revolving Facility is paid in full.
Interest Only. The Borrower shall make monthly interest ------------- payments of all accrued interest on this Note. The first interest payment shall be due on the first day of the second month following the Effective Date and an interest payment shall be due on the first day of each month thereafter until this Note is paid in full.
Interest Only. Under this option, the interest credited to the Accountholder's current account balance will be paid to the Accountholder on a monthly, quarterly, semi-annual or annual basis, as elected. Each interest only payment made to an Accountholder will be equal to the entire interest accumulated on all Deposits credited to the Systematic Withdrawal Option Account since the time of the last interest only payment. This option will not be available to Accountholder's unable to meet the minimum distribution requirements under federal law. Total or Partial Distributions Total and partial distributions of amounts in the Systematic Withdrawal Payment Option shall be available to Acountholders under the same principles as distributions are available under Section 9 of this Group Annuity Contract. Distributions will be made on a last-in-first-out (LIFO) basis, except for the interest-only option payment. Distributions shall be effective on the later of the date the Accountholder elects to have the distribution paid or the date the Written Request is received by the Company at its Administrative Offices. Distributions to effect a transfer in accordance with Revenue Ruling 90-24 will not be permitted from this option once monies are allocated to this Systematic Withdrawal Option. Systematic Withdrawal Charges A charge shall be deducted by the Company from all amounts paid or distributed, less the Systematic Free Amount. The charge shall be a percentage of the amount paid or distributed in excess of the Systematic Free Amount and shall be based on the following table: Elapsed Years From Initial Allocation Percentage of or Transfer Amount Distributed Upon the death of the Accountholder no charge will be assessed against any payment or distribution made under this Rider. Systematic Free Amount The Systematic Free Amount is an amount of the payment or distribution against which the charge will not be assessed. This free amount is equal to twenty percent (20%) of the amount in the Accountholder's Systematic Withdrawal Payment Option as of December 31 of the preceding calendar year, except in the first year. In the first partial year before any December 31 anniversary, the free amount will be equal to 20% of the initial deposit made to this option. The free amount shall be applied to each payment and distribution made in a calendar year until the free amount is exhausted. A new free amount shall be available for each calendar year. Any unused free amount from one calendar year is ...
Interest Only. The Maker shall pay to the Holder interest only on the unpaid principal balance of this Note at a [fixed/variable] rate of interest per annum [equal to percent ( %)[appearing on the Telerate Page 3750 (or successor page) as the London interbank offered rate for deposits in Dollars for a three month period (“LIBOR Rate”) plus basis points ( %) until .
Interest Only. The minimum payment due each month shall be the amount of accrued interest.
Interest Only. If the Bank makes advances under the Delayed Draw Term Loan during the Delayed Draw Availability Period, the Borrower shall pay interest only on the outstanding principal amount of the Delayed Draw Term Loan in accordance with Section 3.1A.(b), commencing on December 1, 2019, and continuing on the first (1st) day of each month thereafter through and including May 1, 2021.
Interest Only. Maker shall pay the Holder monthly payments of interest ------------- only, to-wit: Beginning on November 25, 2000, and on the same day of each month thereafter until the Maturity Date, monthly payments of interest only shall be paid in arrears on the outstanding principal balance. At the Maturity Date all accrued but unpaid interest and the unpaid principal balance shall be due and payable. PROVIDED, HOWEVER, so often as the principal balance of this Note shall ever exceed the Borrowing Base. Maker shall immediately notify Holder of such event and Maker shall immediately, without the necessity of Holder making a demand or giving notice to Maker or to any person obligated to pay the indebtedness of this Note, pay Holder so much of the outstanding principal so that the then remaining principal balance shall equal or be less than the Borrowing Base.
Interest Only. If I elect the Interest Only option, my Minimum Payment during the Draw Period will be the amount of interest accrued at the end of each billing cycle.
Interest Only. In the past, if it was not possible or affordable for a Borrower to have a term extension, the Servicer may have agreed to let them pay only the interest on the Loan for a short time – usually less than a year. The Servicer only agreed to this where it believed the Borrower’s financial problems were temporary and they were likely to recover. Since March 2015, the Servicer no longer provides this option. Instead, interest only arrangements are only offered as a short-term standard collections arrangement. The Servicer now records any related shortfall in monthly payments as arrears and reports them to the credit reference agencies. As a result, the Servicer no longer classifies new interest only arrangements agreed since March 2015 as forbearance. The Servicer continues to manage and report all interest only arrangements offered before this date as forbearance. Reduced payment arrangements – The Servicer can suspend overdraft fees and charges while the Borrower keeps to a plan to reduce their overdraft each month. Apart from forbearance, the Servicer has sometimes changed contract terms to keep a good relationship with a Borrower. These Borrowers showed no signs of financial difficulties at the time, so the Servicer does not classify the contract changes as forbearance and Loans related to such Borrowers are typically repaid without any problems.
