11.   The budget was seen as essential to any agreement with the International Monetary Fund on new loan arrangments.

12.   The rate of interest on a new loan is referred to as the nominal interest rate.

13.   Also highlighting the possibility of a slowdown, the Mortgage Bankers Association of American said today applications for new housing loans declined last week.

14.   American Express said it had learned its lesson and had invested in new loan approval systems.

15.   American opposition to new loans to Russia is a reflection of how deeply both diplomatic and economic relations between Moscow and Washington have deteriorated in the past nine months.

16.   Amendment proponents paint a rosy picture of state windfalls once government interest payments are erased, and new loans freed up for state developers.

17.   Analysts said the banks were fortunate that they were still negotiating the terms of the new loan with WorldCom.

18.   And because the term of the new loan is often longer than those of the individual loans, graduates ultimately can pay thousands of dollars more.

19.   And because all current debts are paid with the new loan, that helps restore credit ratings and stop dunning letters.

20.   And Maruso Securities Co., a midsize Japanese brokerage, filed for bankruptcy after it was unable to obtain new loans as banks tighten up on lending.