Monthly Instalment definition
Examples of Monthly Instalment in a sentence
In the event that the Debentures are converted into Common Shares by the Holder in accordance with the terms of Article 4 or redeemed or purchased by the Corporation in accordance with the terms of Article 3 prior to the Maturity Date, the amount of each remaining Monthly Instalment on the date of such conversion or redemption shall be proportionally adjusted to reflect the outstanding principal of the Debentures after the occurrence of such conversion or redemption.
If a Holder elects to exercise such option, it shall provide the Trustee with a notice in the form of principal payment election notice set out in Schedule "A" or any other written notice in a form satisfactory to the Trustee specifying such election (the "Principal Payment Election") at least ten (10) days prior to any Monthly Instalment Date.
The Common Shares issuable to the Holder pursuant to any Principal Payment Election shall be issued to the Holder on the applicable Monthly Instalment Date.
Any late delivery of this notice shall result in the payment of the next applicable Monthly Instalment to the Holder in cash in accordance with the terms of the Indenture.
Each Monthly Instalment shall be paid on the last day of each calendar month (each, a "Monthly Instalment Date"), beginning on the last day of the sixth calendar month from the Issue Date (the "Release Date"), with the first of such Monthly Instalments collectively due and payable on October 31, 2024.