Installment
INSTALL'MENT, noun The act of installing, or giving possession of an office with the usual ceremonies or solemnities.
1. The seat in which one is placed. [Unusual.]
2. In commerce, a part of a large sum of money paid or to be paid at a particular period. In constituting a capital stock by subscriptions of individuals, it is customary to afford facilities to subscribers by dividing the sum subscribed into installments, or portions payable at distinct periods. In large contracts also, it is not unusual to agree that the money shall be paid by installments.