Examples of Simple Interest Contract in a sentence
Except in the case of Precomputed Contracts that collectively satisfy the criterion set forth in paragraph 1(I) of this Schedule B, each Contract is a Simple Interest Contract and provides that all allocations of payments with respect to principal and interest, and the determination of periodic charges and the like, are made using the Simple Interest Method, based on the actual number of days elapsed and the actual number of days in the calendar year.
The Contract is a Simple Interest Contract and provides for level monthly payments which provide interest at the stated Contract Rate and, if paid in accordance with its schedule, fully amortize the loan over its original term.
In the case of a Simple Interest Contract, the Scheduled Balance thereof is its actual principal balance.
Each Contract other than a Land Home Contract is either a Simple Interest Contract or an Actuarial Contract.
The principal balance of a Simple Interest Contract that becomes a Repurchased Contract shall be deemed to be reduced to zero upon the related repurchase thereof and the principal balance of a Simple Interest Contract that becomes a Liquidated Contract shall be deemed to be reduced to zero as of the date on which such Contract becomes a Liquidated Contract.