Reduction Instalments definition
Reduction Instalments means, collectively the thirty two (32) consecutive quarterly instalments, the first twelve (12) such instalments being in the amount of One million Eight hundred Eighty Five thousand Dollars ($1,885,000) each and the succeeding twenty (20) such instalments being in the amount of Two million One hundred Thirty Three thousand Dollars ($2,133,000) each, the first such instalment being due and payable on the first Reduction Date and each subsequent instalment being due and payable on each Reduction Date falling at successive quarterly intervals thereafter; provided that if the Facility drawn down is less than Sixty Five million Two hundred Eighty thousand Dollars ($65,280,000) then the Reduction Instalments shall be reduced proportionately;
Reduction Instalments means, collectively the twenty (20) consecutive quarterly instalments, each such instalment being in the amount of One million Five hundred Sixty thousand Dollars ($1,560,000), the first such instalment being due and payable on the first Reduction Date and each subsequent instalment being due and payable on each Reduction Date falling at successive quarterly intervals thereafter; provided that if the Facility drawn down is less than Thirty Seven million Four hundred thousand Dollars ($37,400,000) then the Reduction Instalments and the Balloon Payment shall be reduced proportionately;
Examples of Reduction Instalments in a sentence
Any amount prepaid shall: a) in respect of a prepayment pursuant to Clause 7.1 (Mandatory prepayment - Total Loss or sale), (i) in respect of “Rip Hudner”, “▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇” and “Searose G”, be used to reduce the remaining Reduction Instalments as set out in Clause 6.2 (Reduction of Facility A) and the repayment obligations under Clause 6.3 (Repayment of Facility B) and (ii) in respect of “▇▇▇▇▇ ▇.