Loan Reduction Payment definition

Loan Reduction Payment means in any circumstances where there is a balance (inclusive of Loan proceeds and any earnings) in the Construction Fund, any action causing such balance to be applied to a reduction in the maximum aggregate amount of the Loan outstanding other than pursuant to regularly scheduled principal payments or optional redemptions applicable to the Bonds. A Loan Reduction Payment shall not be applicable unless Loan amounts are held in the Construction Fund.
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Examples of Loan Reduction Payment in a sentence

  • Any Loan Reduction Payment shall be applied to pay principal in such amounts and with such maturities as achieves as level debt service as practicable consistent with methodology prescribed in the Authorizing Instrument and as originally applied to the Bonds, and with no maturity longer than the original maturity schedule; provided that any principal payments originally scheduled under Section 2.02 herein as being due prior to the Loan Reduction Payment shall be unaffected by such payment.

  • If the Participant fails to make such Loan Reduction Payment or to pay a Settlement Fee by such date, the Finance Authority and Deposit Agreement Counterparty are authorized to cause any balance held in the Construction Fund to be so applied without further direction and authorization from the Participant.

  • Sight Resource will pay to CadleRock or Fleet $1,560,000 for application against the Total Indebtedness (the "Loan Reduction Payment").

  • The Loan Reduction Payment shall be made by wire transfer pursuant to such wire transfer instructions as may be furnished by CadleRock to Sight Resource.

  • Effective upon receipt by CadleRock or Fleet of the Loan Reduction Payment, the amount of the Total Indebtedness (after application of the Loan Reduction Payment), shall be reduced to $2,000,000 (the "Adjusted Total Indebtedness").

  • If at any time, payment of all or any part of the Loan Reduction Payment is rescinded or must otherwise be returned by BTCo upon insolvency, bankruptcy or reorganization of any Loan Party or otherwise, the Obligations (as defined in the First Restructuring Agreement and as evidenced by the 1997 Note) shall be reinstated.

Related to Loan Reduction Payment