My bookmarksSign up free

RA 337 Section 79

Section 79

SEC. 79. The amortization schedule of bank loans shall be adapted to the nature of the operations to be financed. In the case of loans with maturities of more than three years, provision must be made for periodic amortization payments, but such payments must be made at least annually: Provided, however, That when the borrowed funds are to be used for purposes which do not initially produce revenues adequate for regular amortization payments therefrom, the bank may permit the initial amortization payment to be deferred until such time as said revenues are sufficient for such purpose, but in no case shall the initial amortization date be later than three years from the date on which the loan is granted.

Read the full instrument → · Open the chapter this section belongs to: CHAPTER IX.—General Provisions →

Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails. · Read the official text ↗

Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).

What to look at next