Level Payment Commencement Date definition
Examples of Level Payment Commencement Date in a sentence
To the extent any prepayments (in addition to the Fixed Level Payments) are made on or after the Level Payment Commencement Date, the amount of such prepayment shall be applied to the then applicable remaining Outstanding TIFIA Loan Balance.
To the extent that any prepayments of the TIFIA Loan shall be made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date.
To the extent any mandatory or voluntary prepayments of the TIFIA Loan are made prior to the Level Payment Commencement Date, the amount of such prepayment shall be applied to reduce the Outstanding TIFIA Loan Balance as of the Level Payment Commencement Date.
The amount of any prepayment (in addition to the Fixed Level Payments) that is made on or after the Level Payment Commencement Date shall be applied to the then remaining Outstanding TIFIA Loan Balance, and the Fixed Level Payments shall be recalculated in accordance with in Section 9(d) (Fixed Level Payment).
On each Semi-Annual Payment Date occurring on or after the Debt Service Payment Commencement Date and prior to the Level Payment Commencement Date, the Borrower shall pay TIFIA Mandatory Debt Service in the amounts set forth in respect of such Semi-Annual Payment Date on Exhibit G, as the same may be revised as provided in Section 7 (Outstanding TIFIA Loan Balance; Revisions to Exhibit G and Loan Amortization Schedule), which payments shall be made in accordance with Section 9(g) (Manner of Payment).
The amount consisting of (i) the interest payment due on April 1 of any calendar year plus (ii) the sum of the principal and interest payments due on October 1 of such calendar year, will be approximately equal in amount for each such period during the Level Payment Period (each such amount, including the first payment of WIFIA Debt Service, which shall be the payment of principal and interest on the Level Payment Commencement Date, a “Fixed Level Payment”).
Prepayments of the TIFIA Loan made prior to, or after, the Level Payment Commencement Date, shall be applied in accordance with Section 10(d)(ii).
On each Semi-Annual Payment Date commencing on the Level Payment Commencement Date, the Borrower shall pay TIFIA Mandatory Debt Service in the amount of one hundred percent (100%) of the Fixed Level Payment, which payments shall be made in accordance with Section 9(e) (Fixed Level Payments) and Section 9(g) (Manner of Payment).
The amount of any prepayment (in addition to the Fixed Level Payments) that is made on or after the Level Payment Commencement Date shall be applied to the then remaining Outstanding TIFIA Loan Balance, and the Fixed Level Payments shall be recalculated in accordance with Section 8(d).
All such partial prepayments of principal shall be applied to reduce future payments due on the TIFIA Bond in inverse order of maturity [or, to the extent any such prepayment occurs prior to the Level Payment Commencement Date, to reduce each Fixed Level Payment ratably by an equal amount].82 If said monies shall not have been so paid on the prepayment date, such principal amount of such TIFIA Bond shall continue to bear interest until payment thereof at the rate provided for in Section 6 (Interest Rate).