Reduced Payment Period definition

Reduced Payment Period has the meaning given to it in Section 9.
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Reduced Payment Period. (applicable only to Loans for which the Interest-Only Option, Fixed $25 Payment Option, or Fixed $100 Payment Option is chosen) means a period during which monthly interest-only payments in the full amount of the accrued interest on the principal balance of the Loan or chosen fixed payment shall be due and payable. The Reduced Payment Period will begin immediately following the initial Disbursement Date and continue for each consecutive month
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Examples of Reduced Payment Period in a sentence

  • The Principal Repayment Period of my Loan will begin following the expiration of the Reduced Payment Period and the monthly payments during the Principal Repayment Period will be due and payable as described in this Note under “Principal Repayment Period Terms” below.

  • The first payment during the Reduced Payment Period will be due approximately thirty (30) to sixty (60) days following the initial Disbursement Date (as specified on a monthly statement sent by you to the Borrower).

  • If I have selected the Interest Only Option, I will make consecutive monthly interest-only payments during the Reduced Payment Period on or before the due dates specified in the monthly statements you will send the Borrower.

  • The first payment during the Reduced Payment Period will be due approximately thirty (30) to sixty (60) days following the initial Disbursement Date (as specified on a monthly statement send on a monthly statement sent by you to the Borrower).

  • If I have selected the Fixed $100 Payment Option, I will make consecutive monthly payments of $100 during the Reduced Payment Period on or before the due dates specified in the monthly statements you will send the Borrower.

  • To the extent permitted by applicable law and if permitted under the loan product I have selected, I can request an Academic Deferment if I am enrolled at least half-time in an accredited higher education program at an approved school during the Principal Repayment Period, and I have not used all sixty (60) months of a Full Deferment Period or Reduced Payment Period.

  • The first payment during the Principal Repayment Period will be due approximately thirty (30) to sixty (60) days following the expiration of the Reduced Payment Period, as specified in the monthly statement you send the Borrower.

  • If I have selected the Fixed $25 Payment Option, I will make consecutive monthly payments of $25 during the Reduced Payment Period on or before the due dates specified in the monthly statements you will send the Borrower.

Related to Reduced Payment Period

  • Reduced payment means a payment that is for less than the amount agreed upon in a subcontract in accordance with its terms and conditions, for supplies and services for which the Government has paid the prime contractor.

  • Non-Payment Period Rate means, initially, 200% of the applicable Reference Rate (or 275% of such rate if the Corporation has provided notification to the Auction Agent prior to the Auction establishing the Applicable Rate for any dividend pursuant to paragraph 2(f) hereof that net capital gains or other taxable income will be included in such dividend on shares of AMPS), provided that the Board of Directors of the Corporation shall have the authority to adjust, modify, alter or change from time to time the initial Non-Payment Period Rate if the Board of Directors of the Corporation determines and Moody's and S&P (and any Substitute Rating Agency in lieu of Moody's or S&P in the event either of such parties shall not rate the AMPS) advise the Corporation in writing that such adjustment, modification, alteration or change will not adversely affect their then-current ratings on the AMPS.

  • Excess Cash Flow Payment Period means, with respect to any Excess Cash Flow Payment Date, the immediately preceding fiscal year of the Borrower.

  • Payment Period means the three months following each Collection Quarter.

  • lump sum payment period means the period measured in weeks of salary, for which payment has been made to facilitate the transition to retirement or to other employment as a result of the implementation of various programs to reduce the size of the Public Service. The lump sum payment period does not include the period of severance pay, which is measured in a like manner.