Loan Repayments And Interest

(1) Loan Repayments. (a) The annual principal and interest Loan Repayments from the Borrower will start no later than one (1) year after the completion of the Project. (b) Loan Repayment schedules shall be determined by the Loan Agreement and will be based on the Loan amount. (c) Loan Repayment schedule shall not exceed twenty (20) years from Project completion. (d) All Loans must be repaid before the Project’s design of life ends. (2) Prepayment. The Borrower will not incur any prepayment penalties for making a Loan Repayment in full before the due date or paying the Loan in full before the Maturity Date. (3) Interest. (a) The interest rate will not be more than one percent (1%). (b) The rate of interest is established by the Review Panel at the meeting at which the Loan is approved and stated on the repayment schedule. (c) Interest will begin to accrue upon Disbursement. RESILIENT TENNESSEE REVOLVING LOAN FUND ACT CHAPTER 1450-01