Payment in instalments. If a Borrower Note is issued in relation to a LG Security that is an Amortising Security: (a) the Principal Amount of the Borrower Note shall be repayable in instalments on each of the same dates (each an "instalment date") that a portion of the LG Redemption Amount of the related LG Security is repayable; (b) the amount of the Principal Amount of the Borrower Note that is repayable on each instalment date shall be an amount that bears the same proportion to the Principal Amount as the amount of the LG Redemption Amount repayable on the instalment date bears to the LG Redemption Amount of the related LG Security; and (c) unless the Issuer and the relevant Subscriber agree otherwise or the Issuer has ceased to be the holder of the corresponding LG Security and subject to clause 12.1, the Issuer's obligation to repay a portion of the Principal Amount of the Borrower Note on an instalment date automatically shall be set-off against the Subscriber's obligation to repay the portion of the LG Redemption Amount of the related LG Security on the instalment date.
Appears in 8 contracts
Samples: Subscription Agreement, Notes Subscription Agreement, Notes Subscription Agreement
