Business Loan Terms Sample Clauses

Business Loan Terms. Each loan the Borrower makes as an eligible activity under 24 CFR 570.703(i)(1), pursuant to 570.203 to a for- profit business (individually, a “Business Borrower”) shall be a “Business Loan” evidenced by a promissory note (individually, the "Business Note" and, collectively, the "Business Notes") and a loan agreement (individually, the "Business Loan Agreement" and collectively, the “Business Loan Agreements”). Each Business Note and Business Loan Agreement shall be in a form acceptable to the Secretary and shall contain the following terms and any other provisions the Secretary deems necessary. For each Note governed by this Contract, the aggregate amount of principal and/or interest under the Business Notes financed with that Note that is payable during the twelve-month period beginning July 1 of each year and ending on June 30 of the next succeeding year shall be equal to or greater than the amount of principal and/or interest payable under that Note. No Business Note shall be subject to redemption or prepayment earlier than the earliest possible redemption date under the terms of the corresponding Note from which the Business Loan was financed. However, the Borrower may permit a Business Borrower to defease a Business Note, meaning that the Business Borrower shall deposit, in the Loan Repayment Investment Account, either moneys or Government Obligations, which mature and bear interest at times and in amounts sufficient to pay when due the principal and interest to become due on the Business Note.
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Related to Business Loan Terms

  • Loan Terms The Loan will be evidenced by the Note and will bear interest and be paid in accordance with the payment terms set forth in the Note.

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