Common use of Paydown Period Clause in Contracts

Paydown Period. To reduce the amount of advances outstanding under Facility No. 1 to zero for a period of at least 30 consecutive days in each line-year. "Line-year" means the period between the date of this Agreement and June 30, 2000, and each subsequent one-year period (if any).

Paydown Period. To reduce the amount of advances outstanding under Facility No. 1 One to zero for a period of at least 30 consecutive days in each line-year. "Line-year" means the period between the date of this Agreement and June 30December 31, 20002001, and each subsequent one-year period (if any). For purposes of this paragraph, "advances" does not include undrawn amounts of outstanding letters of credit or shipside bonds.