Common use of Facility Types Clause in Contracts

Facility Types. If the Loan is: a) an Interest Only Loan, the Borrower will pay all Interest charged on the Loan, on the Date of First Payment and after that on each Date for Payment during the Term and will pay the Amount Outstanding on the Date of Final Payment; b) a Principal and Interest Loan, the Borrower will pay the consecutive Principal and Interest Payments on the Date of First Payment and thereafter on each Date for Payment during the Term and will pay the Amount Outstanding on the Date of Final Payment;