Deferment Option Sample Clauses
Deferment Option. The Borrower may, in respect of any repayment instalment falling due under Clause 4.1, elect to defer all or part of such repayment instalment (the aggregate of such deferred amounts, the “Deferred Amortization”) so that it is due on the Final Repayment Date if Liquidity (i) at the end of the quarter immediately preceding such election is below USD50,000,000 and (ii) is projected by the Borrower to be below USD50,000,000 at the end of the quarter following such election.
Deferment Option. The Borrower may by giving not less than 15 days’ prior written notice thereof to the Bank, elect to defer the payment of up to one third of three (3) Repayment Instalments specified in Clause 4.1(a), not necessarily consecutive, expressly subject to the following terms and conditions:
(i) no deferment of a Repayment Instalment shall be made prior to the repayment of the first six (6) Repayment Instalments;
(ii) no Default or Event of Default has occurred and is continuing both at the date of the Borrower’s said request and on the Repayment Date on which the first deferred Repayment Instalment was due and payable;
(iii) the Security Value is at least equal to the Security Requirement both at the date of the Borrower’s said request and on the Repayment Date on which the relevant deferred Repayment Instalment was due and payable; and
(iv) each deferred Repayment Instalment shall be added pro-rata to the Balloon Instalments and shall be repaid on the relevant Final Maturity Dates, provided that in no circumstances shall the period for the repayment of the Loan be extended beyond the Final Maturity Date.