Capitalization of Interest. The Mortgage Note does not by its terms provide for the capitalization or forbearance of interest.
Capitalization of Interest. Unless the appropriate Borrower has notified the Agent in writing on or before 9:00 A.M. (New York City time) on the Business Day immediately preceding the relevant Interest Payment Date or date of a prepayment pursuant to Section 2.10(b)(i), that it will pay, in cash, the interest applicable to any Revolving Credit Advance that is due and payable by it on such Interest Payment Date in accordance with Section 2.07(a) or on such prepayment date in accordance with Section 2.10(b)(i), as applicable, the Lenders will be deemed to have made Tranche A Advances and/or Tranche B Advances, as appropriate, on such Interest Payment Date or prepayment date, as applicable, in an amount equal to the aggregate amount of interest that would otherwise be due and payable on such date, which Revolving Credit Advances shall, unless such Borrower has otherwise notified the Agent in writing on or before such Business Day, (i) be of the same Type and Optional Currency as the Advance (the “Reference Advance”) in respect of which such interest shall have accrued (in each case after giving effect to any Conversion of the Reference Advance on such Interest Payment Date), and (ii) if such Revolving Credit Advance is a Eurocurrency Rate Advance, have an initial Interest Period of the same duration as the Interest Period commencing on such Interest Payment Date with respect to the Reference Advance, provided, however notwithstanding anything herein to the contrary, the appropriate Borrower shall pay in cash all accrued and unpaid interest on (x) Base Rate Advances made after the Scheduled Termination Date and (y) Eurocurrency Rate Advances the Interest Periods with respect to which have commenced after the Scheduled Termination Date. Each Revolving Credit Advance made pursuant to this Section 2.07(c) shall be deemed to have been made pursuant to the Commitments and shall be subject to the limitations that the aggregate outstanding principal amount of the Tranche A Advances may at no time exceed the amount of the Tranche A Facility then in effect and the aggregate outstanding principal amount of the Tranche B Advances may at no time exceed the amount of the Tranche B Facility then in effect.
Capitalization of Interest. As of the Payment Date of June 30, 2012, aggregate accrued and unpaid interest on the Original Loan equaled $114,479.68 (the “First Payment Date Interest”). Pursuant to Section 2.3(b) of the Loan Agreement and effective as of June 30, 2012, the Lender hereby elects for all of the First Payment Date Interest to be capitalized into the Loan Balance as Capitalized Interest.
Capitalization of Interest. Notwithstanding anything in this Credit Agreement to the contrary, if a Borrower notifies the Administrative Agent no later than 11:00 a.m. (New York time) three (3) Business Days prior to any Interest Payment Date that it elects to capitalize such interest by delivering a Request for Borrowing to the effect thereof, then the amount of such interest shall be capitalized and deemed to be a Loan under this Credit Agreement (each such Loan, a “Capitalized Interest Loan”), so long as: (i) no Event of Default or Potential Default shall have occurred and be continuing, (ii) each of the representations and warranties set forth herein shall be true and correct in all material respects (except to the extent related to an earlier date), and (iii) after giving effect to the capitalization of such interest on such Interest Payment Date, such Borrower has availability hereunder. Capitalized Interest Loans shall not be subject to the minimum and multiple amount limitations in Section 2.4 hereof. Unless otherwise specified by the Borrowers in writing, any such Capitalized Interest Loan shall become part of the existing Loan upon which it is capitalized, on the same terms and conditions as such existing Loan. In connection with any Request for Borrowing delivered by the Borrowers pursuant to this Section 3.3(c) in connection with a Capitalized Interest Loan, the Borrowers shall not be obligated to deliver a Borrowing Base Certificate attached thereto.
Capitalization of Interest. The Credit Agreement does not by its terms provide for the capitalization or forbearance of interest.
Capitalization of Interest. The Notes provide that the accrued interest thereon shall be paid to Lender quarterly on the first day of the months of April, July, October, and January. Borrower and Lender hereby agree that the interest which accrues on the Notes during each such quarterly period may, upon the mutual agreement of the parties, be capitalized and treated as principal for the purposes of repayment and/or conversion.
Capitalization of Interest. The interest accrued on Tranches CT.A shall be capitalized by utilization of Tranche CT.A and B up to the maximum amount of Euros one million (EUR 1,000,000.00) and such amounts shall be re-paid on the Drawdown of the corresponding Tranche LT or on the Delivery of the Relevant Vessel or on the final maturity dates as more closely set forth in the Schedule 4 attached hereto, whichever is the earlier. In case the amounts needed for the capitalization of interest as set forth herein exceed the amount of Euros one million (EUR 1,000,000.00) the Borrowers shall effectively pay the interest due on each Interest Payment Date to the Agent.
Capitalization of Interest. The interest accrued on the loan taken out under the Financing will automatically be capitalized on the Due Date or on the date on which the payment of the loans owed under the Financing pursuant to Section Xxx.Xxx of Clause Six of this Agreement, as applicable.
Capitalization of Interest. With ten Banking Business Days in advance of each Interest Payment Date, the Debtor may request to the Creditor that on the next Interest Payment Date the interest that would correspond to be paid on said date be capitalized, provided that each and every one of the following prior conditions have been verified: /i/ At least twenty-four months from the Disbursement Date corresponding to the first Disbursement made during the First Availability Period have elapsed; /ii/ The Permitted Reorganization has been concluded; /iii/ That on the date requested to carry out the capitalization of the interest, a minimum guarantee coverage ratio of one point two times is maintained, such being understood as the relation between: /one/ the value of the shares delivered as Loan Guarantee , without duplication, according to the valuation formula contained in ATTACHMENT “L” hereof, and /two/ the principal balance owed on the Loan; /iv/That on the date for which the capitalization is intended, Itaú Nassau has received an original copy of the forms of extension for the Promissory Notes, in order to document the capitalization of interest, to the full satisfaction of Itaú Nassau according to the format contained in ATTACHMENT “J” hereof, duly signed by one or more authorized attorneys-in-fact of the Debtor, and with the endorsement of the Guarantors; /v/ That on the date for which the capitalization is intended, the Debtor pays the Stamp Tax in force on that date due to the amount of interest to be capitalized, and that such circumstance has been credited to Itaú Nassau, through the Agent Bank and to the full satisfaction of the latter, or that the Debtor has instructed the Agent Bank to pay on the date when the capitalization is made the Stamp Tax that will be levied on the capitalization and has provided the Agent Bank with sufficient funds to make said payment; and /vi/ That the Distributions, related to the shares delivered in Guarantee of the Loan, carried out in the same commercial year, or agreed to be carried out for said year, are not sufficient for the payment of the interests of the Loan on the next Interest Payment Date, and the Debtor may Xxxxxxx Xxxxxx Xxxxxx Notary Public Xxxxxx Xxxx 0153 - Phone: 0000000 xxxxxxxx@xxxxxxx-xxxxxx.xx Providencia
Capitalization of Interest. Accrued and unpaid interest will be added to the principal balance (capitalized) on the first day of each month during the Interim Period and during any period of Forbearance, excluding Administrative Forbearance and during the Modified Graduated Repayment Schedule (MGRS). Any remaining accrued unpaid interest will be capitalized at the end of the Interim or Forbearance period, excluding Administrative Forbearance, and also at the end of each step of MGRS as described in Section 16 (h) (i)-(iv).
