Common use of Deferral Option Clause in Contracts

Deferral Option. The Borrowers may elect to defer the repayment of up to one third of any six repayment instalments falling due after the Repayment Date in relation to the thirteenth repayment instalment subject to the following terms and conditions: (a) the Borrowers shall have sent to the Lender a notice at least 10 days prior to the Repayment Date relative to the repayment instalment the payment of part of which the Borrowers are electing to defer specifying the amount to be deferred (which amount shall not exceed one third of the relevant repayment instalment); (b) no Event of Default (i) has occurred or is continuing either at the date of the Borrowers' request or on the Repayment Date on which the deferred instalment was due and payable or (ii) will result from the deferral of the relevant repayment instalment; and (c) each part of a repayment instalment which is deferred (which shall not exceed, when added to the parts of all other repayment instalments which have been deferred, $3,120,000 in aggregate) shall be added to the Balloon Instalment which shall be increased by such amount.

Deferral Option. The Borrowers Borrower may elect to defer the repayment of up to one third of any six three repayment instalments falling due after the Repayment Date in relation to the thirteenth seventh repayment instalment subject to the following terms and conditions: (a) the Borrowers Borrower shall have sent to the Lender a notice at least 10 days prior to the Repayment Date relative to the repayment instalment the payment of part of which the Borrowers are Borrower is electing to defer specifying the amount to be deferred (which amount shall not exceed one third of the relevant repayment instalment); (b) no Event of Default (i) has occurred or is continuing either at the date of the Borrowers' Borrower's said request or on the Repayment Date on which the deferred instalment was due and payable or (ii) will result from the deferral of the relevant repayment instalmentpayable; and (c) each part of a repayment instalment which is deferred (which shall not exceed, when added to the parts of all other repayment instalments which have been deferred, $3,120,000 236,880 in aggregate) shall be added to the Balloon Instalment which shall be increased by such amount.

Deferral Option. The Borrowers may elect to defer the repayment of up to one third of any six three repayment instalments falling due after the Repayment Date in relation to the thirteenth seventh repayment instalment subject to the following terms and conditions: (a) the Borrowers shall have sent to the Lender a notice at least 10 days prior to the Repayment Date relative to the repayment instalment the payment of part of which the Borrowers are electing to defer specifying the amount to be deferred (which amount shall not exceed one third of the relevant repayment instalment); (b) no Event of Default (i) has occurred or is continuing either at the date of the Borrowers' said request or on the Repayment Date on which the deferred instalment was due and payable or (ii) will result from the deferral of the relevant repayment instalmentpayable; and (c) each part of a repayment instalment which is deferred (which shall not exceed, when added to the parts of all other repayment instalments which have been deferred, $3,120,000 1,800,000 in aggregate) shall be added to the Balloon Instalment which shall be increased by such amount.