Interest Deferral. (A) The obligation of Party B to pay the Party B Floating Rate Amount on any Party B Floating Rate Payer Payment Date will be reduced to the extent that, on such Party B Floating Rate Payer Payment Date, the amount of MTN Issuer Available Funds (Series 03-2 Class A), and hence the amount of Party B Available Funds (Series 03-2 Class A), is less than the Party B Floating Rate Amount calculated for such Party B Floating Rate Payer Payment Date (the amount of any such reduction, the "DEFERRED INTEREST AMOUNT" for that Party B Floating Rate Payer Payment Date). "MTN ISSUER AVAILABLE FUNDS (SERIES 03-2 CLASS A)" means, in relation to any Party B Floating Rate Payer Payment Date, the aggregate amount of Finance Charge Collections and Acquired Interchange that is distributed by the Receivables Trustee to Barclaycard Funding plc (the "MTN ISSUER") by the Receivables Trustee (and deposited in the Series 03-2 Distribution Account) on the related Distribution Date in respect of the Class A Monthly Finance Amount (provided that, for the avoidance of doubt, MTN Issuer Available Funds (Series 03-2 Class A) excludes any amounts distributed by the Receivables Trustee to the MTN Issuer in respect of Excess Finance Charge Amounts). "PARTY B AVAILABLE FUNDS (SERIES 03-2 CLASS A)" means, in relation to any Party B Floating Rate Payer Payment Date, the amount that is available to Party B for payment of the Party B Floating Rate Payer Payment Amount calculated for that Party B Floating Rate Payer Payment Date in accordance with the priority of payments set forth in the Trust Deed (provided that, for the avoidance of doubt, Party B Available Funds (Series 03-2 Class A) shall exclude any amounts received by Party B in respect of Further Interest on the Series 03-2 MTN Certificate). The obligation of Party A to pay the Party A Floating Rate Amount on any Party A Floating Rate Payer Payment Date will be reduced by an amount equal to the Party A Floating Rate Amount otherwise payable on such Party A Floating Rate Payer Payment Date (prior to any adjustment thereof in accordance with this Section 3.2) multiplied by the Reduction Ratio. The "REDUCTION RATIO" is a fraction equal to: Deferred Interest Amount -------------------------------- Aggregate Party B Payment Amount The "AGGREGATE PARTY B PAYMENT AMOUNT" is equal to the Party B Floating Rate Amount, before any adjustment thereof in accordance with the terms of the provisions of this Section 3.2, that would otherwise have been pay...
Interest Deferral. Interest accrued on the Notes otherwise required to be paid in cash on July 15, 2017 shall instead be required to be paid in cash on December 31, 2017, plus interest accrued on such interest from July 15, 2017 to the date of payment thereof at a rate equal to 6.00% per annum plus 100 basis points.
Interest Deferral. Subject to the provisions of the following paragraphs, on each Interest Payment Date, the Issuer shall pay interest on the Securities accrued to (but excluding) that date in respect of the Interest Period ending immediately prior to such Interest Payment Date.
Interest Deferral. The obligation of Party B to pay the Party B Floating Rate Amount on any Party B Floating Rate Payer Payment Date will be reduced to the extent that, on such Party B Floating Rate Payer Payment Date, the amount of MTN Issuer Available Funds (Series 03-3 Class B), and hence the amount of Party B Available Funds (Series 03-3 Class B), is less than the Party B Floating Rate Amount calculated for such Party B Floating Rate Payer Payment Date (the amount of any such reduction, the "Deferred Interest Amount" for that Party B Floating Rate Payer Payment Date). "MTN Issuer Available Funds (Series 03-3 Class B)" means, in relation to any Party B Floating Rate Payer Payment Date, the aggregate amount of Finance Charge Collections and Acquired Interchange that is distributed by the Receivables Trustee to Barclaycard
Interest Deferral. The Borrower may not defer interest payments on the Loans.
Interest Deferral. To the extent that the monies which are deposited to the Series Distribution Account for the relevant Series by the Receivables Trustee on an Interest Payment Date are insufficient to pay the full amount of interest on any Class of Notes, payment of the shortfall ("DEFERRED INTEREST"), which will be borne by each Note of the relevant Class, in a proportion equal to the proportion that the Principal Amount Outstanding of the relevant Class of Note bears to the aggregate Principal Amount Outstanding of all the Notes of the same Class (in each case as determined on the Interest Payment Date on which such Deferred Interest arises), will be deferred until the Interest Payment Date thereafter on which funds are available to the Issuer (by being paid to the Issuer by the Receivables Trustee on such Interest Payment Date) to pay such Deferred Interest to the extent of such available funds. Such Deferred Interest will accrue interest ("ADDITIONAL INTEREST") at the then applicable Interest Rate as adjusted by any Margin plus an additional margin of 2 per cent. per annum, and payment of any Additional Interest will also be deferred until the earlier of the Interest Payment Date thereafter on which funds are available to the Issuer to pay such Additional Interest to the extent of such available funds and the Series Termination Date as specified in the Applicable Supplement.
Interest Deferral. Provided that the U.K. Borrower has submitted its Form DTTP2 in respect of the Sterling Loan for which any U.K. Treaty Lender in respect of that Loan has provided its DT Treaty Passport scheme information pursuant to Section 2.17(h) to the U.K. Borrower (including under Section 2.17(m)) within five (5) Business Days of receipt of such information, or if later, five (5) Business Days following the Fourth Amendment Effective Date, the U.K. Borrower shall be entitled (but not obligated) to defer any payment of interest due to a Lender that is a U.K. Treaty Lender until such time as H.M. Revenue and Customs has issued a direction in respect of such payments to the U.K. Borrower under regulation 2(2) of the Double Taxation Relief (Taxes on Income) (General) Regulations 1970 (SI 1970/488) (a “Gross Payment Direction”). If the U.K. Borrower wishes to defer a payment of interest pursuant to this Section 2.17(l), it shall notify the Administrative Agent in writing at least three (3) Business Days prior to the date on which such payment of interest would otherwise be due and payable. Any interest payment of which is deferred under this Section 2.17(l) shall accrue interest on the amount thereof so deferred during the period of deferral, as if such interest constituted a principal amount of the Sterling Term Loan on which such deferred interest accrued, and such deferred interest (including accrued interest thereon) shall be payable in arrears on the first date after the receipt by the U.K. Borrower of the Gross Payment Direction on which interest is due and payable in respect of Sterling Term Loans under Section 2.9(b), on which date all such deferred interest (and accrued interest thereon) shall become due and payable (it being understood and agreed, however, that the U.K. Borrower may elect, in its sole discretion, to pay such deferred interest (including any accrued interest thereon) at any earlier date). For the avoidance of doubt, the non-payment of any amount of interest (and any interest thereon) which has been deferred and has not fallen due for payment in accordance with this Section 2.17(l) shall not constitute a Default or a breach of any obligation of the U.K. Borrower under this Agreement. The U.K. Borrower will promptly notify any U.K. Treaty Lender to which this paragraph applies when the U.K. Borrower submits its Form DTTP2 or other information required to receive a Gross Payment Direction, of any communication that it receives from or has with H.M. ...
Interest Deferral. (a) The Company shall have the option to defer interest payments on the Debentures as follows:
(i) So long as no Event of Default with respect to the Debentures has occurred and is continuing, the Company shall have the right on one or more occasions, in the Company’s sole discretion, to defer the payment of interest on the Debentures for one or more Optional Deferral Periods of up to five consecutive years, without giving rise to an Event of Default, provided that no Optional Deferral Period shall extend beyond the Maturity Date, the earlier accelerated maturity date of the Debentures or other redemption in full of the Debentures. Whether or not notice pursuant to Section 2.7(c) is given, if the Company shall fail to pay interest on the Debentures on any Interest Payment Date, the Company shall be deemed to elect to defer payment of such interest on such Interest Payment Date, unless the Company shall pay such interest in full within five Business Days after any such Interest Payment Date. If the Company shall have paid all deferred interest (including Additional Interest) on the Debentures, the Company shall have the right to elect to begin a new Optional Deferral Period pursuant to this Section 2.7.
(ii) During an Optional Deferral Period, interest (including Additional Interest) will continue to accrue on the Debentures, and deferred interest payments will accrue Additional Interest, at the then applicable interest rate on the Debentures, compounded quarterly, as of each Interest Payment Date to the extent permitted by applicable law. No interest otherwise due during an Optional Deferral Period will be due and payable on the Debentures until the end of the Optional Deferral Period except upon an acceleration or redemption of the Debentures during such Optional Deferral Period.
(iii) At the end of five years following the commencement of an Optional Deferral Period, the Company must pay all accrued and unpaid deferred interest, including compounded interest, and the Company’s failure to pay all accrued and unpaid deferred interest, including compounded interest, for a period of 30 days after the conclusion of such five-year period will result in an Event of Default giving rise to a right of acceleration pursuant to Section 2.10 hereof.
(iv) The Company shall pay all deferred interest, including Additional Interest, in accordance with the provisions of Section 3.7 of the Base Indenture applicable to Defaulted Interest.
(b) On the Maturity Date or if the ...
Interest Deferral. Section 311 of the Base Indenture shall be superseded in its entirety by this Section 2.5.
Interest Deferral. Section 2.02 of the Agreement is hereby amended and restated in its entirety as follows:
(a) Interest shall accrue with respect to each Deferred Pension Payment (or, as applicable, the unpaid portion thereof) at the Pension Interest Rate from its Effective Date until the date such Deferred Pension Payment has been paid to the applicable Fund in full. Subject to clause (b) of this Section 2.02, accrued interest on each Deferred Payment shall be payable in arrears on the fifteenth day of each calendar month commencing on July 15, 2009 and upon termination of this Agreement (each, a “Monthly Interest Payment”); provided, that all interest accruing and unpaid from each applicable Effective Date through the date such Fund becomes a party to this Agreement with respect to such Deferred Pension Payment shall be capitalized, compounded and added to the applicable Deferred Pension Payment, in each case as described on Schedules 1.01(a), (c), (d), (f) and (h). Interest payable pursuant to this Section 2.02 shall be computed on the basis of a 365 day or 366 day year, as the case may be.
(b) Each of the Deferring Funds hereby agrees that if the Recapitalization Transaction is consummated on or before December 16, 2009 (or such later date as agreed by the requisite lenders under the Senior Credit Facility so long as the Revolving Commitments (as defined in the Senior Credit Facility) have not been permanently reduced pursuant to Section 2.09(d) of the Senior Credit Facility), subject to Section 2.05 hereof, each Monthly Interest Payment due to such Deferring Fund from the date such Recapitalization Transaction is consummated through the earlier of (i) December 31, 2010 (or such later date agreed to by the Supermajority Funds), and (ii) the Deferred Payment Termination Date, shall be deferred until December 31, 2011.
(c) To the extent a Monthly Interest Payment due hereunder to a Deferring Fund is deferred pursuant to this Section 2.02(b), such payment shall merely be deferred and shall in no event be (or be deemed to be) forgiven, excused, reduced or waived, and all such deferred Monthly Interest Payments shall be due and payable in full in cash in accordance with Section 2.05. No Deferring Fund shall be under any obligation under this Agreement to defer the payment of any interest owing to such Fund other than as expressly set forth in Section 2.02(b), including for the avoidance of doubt, any interest payment owed on a date occurring on or after the Deferred Payment ...
