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beneficio del término

English translation: [see below]

02:00 Oct 29, 2009

Spanish to English translations [PRO]
Law/Patents - Law: Contract(s) / affidavit

Spanish term or phrase: beneficio del término

COUNTRY: Dominican Republic

1) Que por medio del
presente acto se declaran deudores del señor XXX, (...)
por la suma de UN MILLÓN DE
DOLARES (US$1,000,000.00) o su equivalente en moneda nacional, valor adeudado por
concepto de préstamo; 2) Que la citada cantidad será productiva de intereses a razón del
cinco por ciento (5%), mensual, accesorios pagaderos mensualmente; 3) Que se obligan y
comprometen a pagar la suma prestada a más tardar el día quince (15) de agosto del año dos
mil cuatro (2004), en el sitio y lugar que le fuere comunicado par el señor XXX; 4) Que la falta de pago de cualesquiera de las cuotas relativas a los intereses
pactados, los hará perder _el beneficio del término_, siendo exigible no solo los intereses
restantes sino también el principal capital adeudado...

I do not know what this means; your help would be much appreciated. TIA!

Elizabeth Medina KudoZ activity Questions: 114 (2 open) (1 without valid answers) (7 closed without grading) Answers: 747 Chile
Local time: 23:03

English translation:[see below]

Explanation:
los hará perder _el beneficio del término_, siendo exigible no solo los intereses restantes sino también el principal capital adeudado...

=
will result in the present contract becoming null and void, with any interest and principal owed thereupon becoming immediately due.

"Owed thereupon" here means "if such non-payment should occur."

Suerte.

Selected response from:

Robert Forstag
United States
Local time: 21:03

Grading comment

I used this one
4 KudoZ points were awarded for this answer

Summary of answers provided

accelerated maturity / due and payable immediately

Henry Hinds

benefit of the debt maturity

Jose Toro

2 +1

[see below]

Robert Forstag

Answers

10 mins confidence:

peer agreement (net): +1

[see below]

Robert Forstag
United States
Local time: 21:03
Specializes in field
Native speaker of:

English
PRO pts in category: 330

Grading comment

I used this one

Notes to answerer

Asker: Thanks very much Robert and for being so prompt in coming to my aid!

43 mins confidence:

benefit of the debt maturity

Explanation:
I am sure of this much: the default on the debt triggers a customary "acceleration clause" in the contract, whereby the debtor is obliged to pay the remainder of the debt immediately. There is another similar action in Spanish: "declarar de plazo vencido". So I am offering you this descriptive phrase as the target term. There might be a better term, though, but the meaning, I am fairly sure it is the one I have given.

Example sentence(s):

Please google "acceleration clause" and you will get a better picture.

Jose Toro
Ecuador
Local time: 21:03
Native speaker of:

Spanish,

English

Notes to answerer

Asker: Gracias José, me es útil esta explicación.

45 mins confidence:

accelerated maturity / due and payable immediately

Explanation:
los hará perder el beneficio del término = shall cause accelerated maturity, shall cause the debt to become due and payable immediately

I would use language like this to describe it, not at all literal, but much more usual, at least in USA.

Henry Hinds
United States
Local time: 19:03
Specializes in field
Native speaker of:

English,

Spanish
PRO pts in category: 2018