The Borrower has the option to prepay the outstanding Loan Amount, in whole or in part, at any time without incurring any prepayment penalties.…
Method of Payment:…
Payments shall be made in [insert currency] by [insert accepted payment methods, e.g., wire transfer, check, etc.].…
The Borrower shall ensure that payments are received by the Lender on or before the due date, and any delays in payment may result in late fees as specified in Section [insert section number for late payment terms].…
Late Payments:…
In the event that any installment is not paid within [insert grace period, e.g., 10] days of the due date, the Borrower shall be liable to pay a late fee as outlined in Section [insert section number for late payment terms].…
Late fees shall be cumulative but not compounded and shall be payable on demand by the Lender.…
Default:…
If the Borrower fails to make any payment when due and such default continues for a period of [insert number of days, e.g., 30] days, the Loan Amount shall be considered in default.…
Upon default, the Lender may, at its option, declare the entire outstanding principal amount, together with accrued interest, immediately due and payable.…
Application of Payments:…
All payments received from the Borrower shall be applied first to any fees, charges, or expenses due, then to accrued interest, and finally to the outstanding principal amount.…
If the Borrower is in default, the Lender may apply any payments received to cure the default before applying payments to the Loan Amount.…