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 last day of each month 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; (c) a Revolving Credit Loan, unless otherwise stated in the Specific Terms, the Borrower will make sufficient payments of Principal and Interest during the Term to ensure that the Loan does not exceed the Maximum Credit Limit and will pay the Amount Outstanding on the Date of Final Payment; (d) a Redraw Loan, unless otherwise stated in the Specific Terms, the Borrower will make sufficient payments of Principal and Interest during the Term to ensure that the Loan does not exceed the Maximum Credit Limit and will pay the Amount Outstanding on the Date of Final Payment; or (e) a Deferred Payment Loan, the Borrower will pay the Amount Outstanding on the Date of Final Payment.

Facility Types. If the Loan is: (a) an Interest Only Loan, the Borrower will pay all Interest charged on the Loan, on the last day of each month 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; (c) a Revolving Credit Loan, unless otherwise stated in the Specific Terms, the Borrower will make sufficient payments of Principal and Interest during the Term to ensure that the Loan does not exceed the Maximum Credit Limit and will pay the Amount Outstanding on the Date of Final Payment; (d) a Redraw Loan, unless otherwise stated in the Specific Terms, the Borrower will make sufficient payments of Principal and Interest during the Term to ensure that the Loan does not exceed the Maximum Credit Limit and will pay the Amount Outstanding on the Date of Final Payment; or (e) a Deferred Payment Loan, the Borrower will pay the scheduled Principal and Interest Payments during the Term and will pay the Amount Outstanding on the Date of Final Payment.