Down Payment

Business / Construction / Down Payment: The difference between the sales price and the mortgage amount. A downpayment is usually paid at closing.

Payment Cap

Business / Debt / Payment Cap: A Payment Cap is the maximum amount for a payment under an Adjustable Mortgage Loan, regardless of the increase in the interest rate. If the payment is less than the interest alone, negative amortizat MORE

Payment Date

Business / Finance / Payment Date: The date on which shareholders of record will be sent a check for the declared dividend. MORE

Payment Float

Business / Finance / Payment Float: Company-written checks that have not yet cleared. MORE

Payment Limitation

Business / Agriculture / Payment Limitation: The maximum annual amount of commodity program benefits a person can receive by law. Persons are defined under payment limitation regulations, established by USDA, to be individuals, members of joint MORE

Pay-Down

Business / Finance / Pay-Down: In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that of those sold. In the context of general equities, paying a lower price in an accumulation of stock. MORE

Optional Payment Bond

Business / Finance / Optional Payment Bond: A bond whose principal and/or interest may be paid in foreign or domestic currency at the discretion of the bondholder. MORE

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