1. The principal debt was invalid, and so, in turn, was the notarial bond. 2. Also, the initiation fee may never exceed fifteen per cent of the principal debt . 3. Similarly, a real security right will be terminated automatically when the principal debt is extinguished. 4. As a general rule, the surety is not liable if the principal debt cannot be enforced. 5. Such payments are used for unpaid interest and fees first, and then to reduce the principal debt . 6. It establishes the principal debt and is governed by the law of contract and the National Credit Act. 7. Under the plan signed Tuesday, Kenya's principal debt will be restructured into 10-year bonds, with a three-year grace period. 8. By 1877 the operation of the line was temporarily turned over to the principal debt holders until it returned to solvency. 9. Also unless otherwise agreed, a real security right secures not only the principal debt but all its incidents as well. 10. The country has already begun to reschedule principal debt repayments, as a way to help plug the hole in the 1998-99 budget deficit.
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