Common use of Regular Installments Clause in Contracts

Regular Installments. Subject to the provisions of §3.6, Borrower shall repay the principal of each Advance as follows: on the last day of each Interest Period for such Advance beginning on the first such day during the Term-Out Period for that Advance, Borrower shall make to Bank a payment in an amount equal to 1/60th of the principal amount of that Advance outstanding on the first day of such Term-Out Period, provided that on the last day of that Term-Out Period, Borrower shall repay to Bank the entire then unpaid principal of that Advance. Notwithstanding the foregoing, if any Advance for a Project is made more than 18 months after the Agreement Date, then all the Advances for such Project shall be due and payable in full on the last day of the Interest-Only Period for those Advances, unless Bank, in its sole discretion, agrees in writing that those Advances may be paid as set forth in the first sentence of this Section 3.2(a).