Loan Payment definition
Examples of Loan Payment in a sentence
Past-due payments of (i) principal and interest and (ii) Administrative Expense Surcharge shall bear interest at the rate of 8% per annum, compounded on each Loan Payment Date, until paid.
Past-due payments of principal, interest and Administrative Expense Surcharges shall bear interest at the rate of 8% per annum, compounded on each Loan Payment Date, until paid.
The said principal and interest and the Administrative Expense Surcharge shall be payable in quarterly installments, each payable on the 15th day of January, April, July, and October of each year (each such date for payment of principal, interest or Administrative Expense Surcharge is referred to herein as a “Loan Payment Date”) commencing on the first Loan Payment Date after the Closing Date.
The portion of each such Loan Payment consisting of principal and the portion consisting of interest and the amount of Administrative Expense Surcharge shall be set forth in Schedule B to the Borrower Bond.
Unless otherwise permitted by law, the taxing powers of the Borrower may not be used to pay any Loan Payment, and no funds or property of the Borrower, other than those described herein, may be used to pay Loan Payments.