Clovermite will issue a 400 million isk Loan to Sam Utira at 3%, with a Rattlesnake exchanged as collateral through Enorn as a 3rd party.
Payments are due once a month, on the 10th, by 11:59 PM Eve time, with the first payment due on March 10th, 2018.
Unpaid interest will be compounded the day after payment is due (11th), and the next interest amount due for the following month will be immediately calculated.
All payments will be applied to interest first, and only applied towards principal after all interest for the month has been paid. Payments may be submitted earlier than the due date each month, but interest is always calculated in full for the next month, rather than pro-rated.
If at least 1% interest (4 million isk in the case of the first payment due date) isn’t paid by the due date, the loan may be considered defaulted, and Clovermite will keep the Rattlesnake as settlement.
Payments should be “donated” directly to Clovermite with “Loan Payment” as the reason, and,optionally, Sam Utira can notify Clovermite via discord. In turn, Clovermite will update this forum thread with the payments he receives in order to maintain a visible transaction history.
Example to Explain Terms
By way of example, the first minimum payment of 4 million isk will be due on October 10th, 2018 11:59 PM Eastern Time, and a total amount o 12 million isk is due. If Sam Utira pays a combined total of 6 million isk by the due date, that will leave 6 million isk in unpaid interest, which will be compounded into the principal for a total principal of 406 million isk, on 12:00 AM October 11th, 2018.
This then makes the next minimum payment 4,060,000 (four million sixty thousand) isk, and a total interest due of 12,180,000 (twelve million one hundred eighty thousand) isk due on November . If Sam Utira chooses to pay off the loan in its entirety on October 12th, 2018, he will pay 418,180,000 (four hundred eighteen million, one hundred eighty thousand) isk.