Monthly instalments. The Borrower shall repay the capital and interest of the loan in ( ) equal, successive monthly instalments of Canadian dollars and cents ($ ) each, including the capital and the interest calculated at the rate set out in 1.2 on the day of each month, beginning on two thousand and (20 ), which is one month after the interest adjustment date, until two thousand and (20 ), which is the end of the term of this loan. Allocation of monthly instalments and amounts received The amounts received by the Lender shall be allocated as follows: If there is no default - first to accrued interest; and - second to the repayment of capital. In the case of default - first to the reimbursement of the Lender for any amount paid to a third party on behalf of the Borrower under this Agreement; and - second to accrued interest; and - third to the repayment of capital.
Appears in 2 contracts
Samples: Loan Agreement, Loan Agreement
