premiummeans any amount payable to a lender by a borrower as a result of the repayment of a loan in advance of maturity other than an amount in respect of principal or interest. 2 If an amount set aside is applied by a local authority, under section 64(1)(a), to pay any premium, the local authority’s credit ceiling shall at the time that premium is paid be increased by an amount equal to the amount so applied.”
qualifying disposalhas the same meaning as in section 135 of the Leasehold Reform, Housing and Urban Development Act 1993. 2 Where, following a qualifying disposal of one or more dwelling houses by a local authority, the Secretary of State makes a payment, other than a payment under section 157, to the Public Works Loan Commissioners so as to reduce or extinguish such debt of that authority to those Commissioners as he thinks fit, that authority’s credit ceiling shall at that time be reduced by an amount equal to the reduction in the debt, or as the case may be, to the amount of the extinguished debt (and, by virtue of this regulation, the credit ceiling may, accordingly, be a negative am