Common use of Payments on Loans Clause in Contracts

Payments on Loans. Each Loan provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Loan by its maturity and yield interest at the rate applicable thereto, as such rate may be adjusted in accordance with the terms of the applicable Loan. Any payments received have been properly applied to principal and interest in accordance with the terms of the Loan Documents.

Payments on Loans. Each Loan provides or, when the payment schedule with respect thereto is determined, will provide for payments on a periodic basis that fully amortize the principal amount of such Loan by its maturity and yield interest at the rate applicable thereto, as such rate may be adjusted in accordance with the terms of the applicable Loan. Any payments received have been properly applied to principal Loan and interest as such maturity may be modified in accordance with any applicable deferral or forbearance periods granted in accordance with the terms of the Loan Documents, the Program Guidelines and Applicable Laws.