Initial Disbursement Date definition
Examples of Initial Disbursement Date in a sentence
The Loan shall bear interest at a rate of one percent (1%) per annum and shall commence to accrue as of the Initial Disbursement Date.
Payments of principal and interest on the nonforgiveable portion of the Loan shall commence on the first day of the first month immediately following the Initial Disbursement Date and shall continue on the first day of each and every month thereafter until the Loan is paid in full.
All funds must be disbursed within a twelve-month period of the Initial Disbursement Date with a maximum of three disbursements.
Such payments shall fully amortize the Loan over Five (5) years; provided, however, the entire remaining unpaid balance of principal and interest shall be due and payable in full on the first day of the sixtieth (60) month following the Initial Disbursement Date.