You pay rent to the trusts, and the trusts use the cash to pay interest and principal on the note.

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Spencer once had to write a note to his principal years ago when a job conflicted with the school day.

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How, then, are we to explain why Claimant got only about half of the principal sought on the promissory note?

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"As a result we believe such securities will no longer be issued, " Principal Funds said in a 2012 research note.

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West Albany High School's principal, Susie Orsborn, sent a note to students' parents, asking them to urge their children to come forward and speak with police if they knew anything about the plan.

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On the downside, if the price index was down -10%, the note would be flat returning 100% of the principal.

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This note has a term of six years, is principal-protected, and the return is linked to the value of a global index basket made up of the Dow, the Nikkei, and the Euro Stoxx 50.

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If Clearwire is unable to repay the PIK Debenture during this 30 day period, it would be entitled to convert the principal amount and accrued interest on the PIK Debenture into a note on terms comparable to the 2015 Senior Secured Notes previously repaid, having a maturity of December 1, 2015.

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But a unit of insurer XL Capital, which held some of ESP's junior notes, pointed to a different section of the contract, claiming that in the event of default all note holders would continue getting interest payments before dishing out any principal to BNP Paribas.

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