REDUCTION — REPAYMENT Sample Clauses
The REDUCTION — REPAYMENT clause sets out the terms under which a borrower can reduce the outstanding balance of a loan by making repayments. Typically, this clause details the process for making voluntary or mandatory repayments, including any notice requirements, minimum repayment amounts, or restrictions on early repayment. Its core function is to provide a clear framework for reducing debt, ensuring both parties understand how and when repayments can be made, and helping to manage the lender’s risk and the borrower’s obligations.
REDUCTION — REPAYMENT. 11.1 The Facility shall be reduced by the Borrowers by the thirty two (32) Reduction Instalments, each such Reduction Instalment being due and payable on the Reduction Date numerically corresponding to it and, on which such Reduction Instalment shall be due and payable hereunder. On the final Reduction Date the Borrowers shall also pay to the Lender any other outstanding amounts of the Facility.
11.2 The Borrowers accept and agree that on each Reduction Date, the maximum amount of the Facility shall be reduced to the Applicable Limit available on such Reduction Date and in case that on any Reduction Date the aggregate outstanding principal amount of all Advances drawn down and outstanding on such Reduction Date, exceeds the Applicable Limit available on such Reduction Date the Borrowers covenant to pay to the Lender on such Reduction Date such part of the Facility as shall be required in order to reduce the Facility to the Applicable Limit available on such Reduction Date.
REDUCTION — REPAYMENT. (i) The principal amount of the Facility shall be reduced and/or repaid (and it is expressly undertaken by the Borrower to repay the Facility) by (aa) thirty two (32) Reductions/Repayment Instalments, the first twelve (12) whereof shall be in the amount of $850,000 (Dollars eight hundred fifty thousand) each and the remaining twenty (20) whereof shall be in the amount of $690,000 (Dollars six hundred ninety thousand) each, each falling due for payment on each of the Reduction/Repayment Dates the first whereof falling due for payment three (3) months from the Drawdown Date of the first Advance and each of the subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Reduction/Repayment with the last falling due for payment on the Final Maturity Date and (bb) a final balloon Reduction/Repayment Instalment (the “Balloon Instalment”) equal to $6,000,000 (Dollars six million) or, as the case may be, an amount equal to the balance of the Loan outstanding on the Final Maturity Date falling due for payment together with the last (32nd) Reduction/Repayment Instalment on the Final Maturity Date;
(ii) The Borrower shall (and it is expressly undertaken by the Borrower to) repay on each Reduction/Repayment Date such amount of the Advances as may be necessary to ensure that the aggregate amount outstanding hereunder does not exceed the amount of the Facility on such Reduction/Repayment Date (after taking into account the Reduction/Repayment Instalment made on such Reduction/Repayment Date pursuant to paragraph (b) of this Clause 4.1); Provided that (a) if the last Reduction/Repayment Date would otherwise fall after the Final Maturity Date, such last Reduction/Repayment Date shall be the Final Maturity Date, (b) there shall be no Reduction/Repayment Dates after the Final Maturity Date, (c) on the Final Maturity Date the Borrower shall also pay to the Bank any and all other monies then and payable under this Agreement and the other Security Documents, and (d) if any of the Reductions/Repayment Instalments shall become due on a day which is not a Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless such Banking Day falls in the next calendar month, in which event such due date shall be the immediately preceding Banking Day.
REDUCTION — REPAYMENT. 10.1 Save as otherwise expressly provided herein, the Facility shall be fully repaid by the Borrowers to the Banks on the Repayment Date whereupon the Facility will be cancelled and no Advances shall thereafter be permitted to be borrowed hereunder.
10.2 The Borrowers accept and agree that on each Reduction Date the Applicable Limit shall be reduced by the Reduction Amount and in case that on any Reduction Date the aggregate outstanding principal amount of all Advances drawn down and outstanding on such Reduction Date, exceeds the Applicable Limit available on such Reduction Date the Borrowers covenant to pay to the Agent on such Reduction Date such part of the Facility as shall be required in order to reduce the Facility to the Applicable Limit available on such Reduction Date.
REDUCTION — REPAYMENT. 11.1 The Facility shall be reduced by the Borrowers by (a) the twenty (20) Reduction Instalments, each such Reduction Instalment being due and payable on the Reduction Date numerically corresponding to it and, on which such Reduction Instalment shall be due and payable hereunder and (b) the Balloon Payment being due and payable on the twentieth (20th) Reduction Date. On the final Reduction Date the Borrowers shall also pay to the Lender any other outstanding amounts of the Facility.
11.2 The Borrowers accept and agree that on each Reduction Date, the maximum amount of the Facility shall be reduced to the Applicable Limit available on such Reduction Date and in case that on any Reduction Date the aggregate outstanding principal amount of all Advances drawn down and outstanding on such Reduction Date, the Borrowers covenant to pay to the Lender on such Reduction Date such part of the Facility as shall be required in order to reduce the Facility to the Applicable Limit available on such Reduction Date.
11.3 Each Reduction Instalment and the Balloon Payment shall be paid in Dollars.