Common use of Loan Repayment Schedule Clause in Contracts

Loan Repayment Schedule. 3.1 The first repayment shall be made by the Borrower to the Lender on [insert date] and subsequent payments will be made [insert time period, for example, monthly or quarterly]. 3.2 The first repayment amount shall be of [insert amount in words] Pounds, £ [insert in numbers]. 3.3 Subsequent repayment amounts shall be for the same amount, subject to changes in the base rate of [insert bank name] Bank plc. 3.4 Any changes in the base rate of [insert bank name] Bank plc will be apportioned on a daily basis for the month in which the change occurs.