Interest Payment Deferral Sample Clauses

Interest Payment Deferral. From and after the Effective Date, the parties hereby agree to a deferral of the cash payment of interest due under the Debentures by fifty percent (50%) beginning on the first month following the Effective Date and continuing until the Maturity Date (the “Deferral Period”). The parties agree and acknowledge that, during the Deferral Period, each Debenture shall continue to accrue interest at a rate of ten percent (10%) per annum, except that the Company shall only be obligated to pay out fifty percent (50%) of the accrued interest in cash on a monthly basis in arrears during the Deferral Period. The remaining fifty percent (50%) of the interest being deferred under each Debenture during the Deferral Period (the “Deferred Interest”) shall be added to the principal amount due under such Debenture. The Deferred Interest shall be deemed payable as additional principal amount due on the Maturity Date (as extended hereby). Each Creditor hereby acknowledges and agrees that, so long as the Company complies with its obligations hereunder, the payment of interest in the manner set forth in this Section 4 during the Deferral Period shall not constitute an Event of Default under the Debentures.
Sample 1
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Interest Payment Deferral. Each Holder hereby waives any Default or Event of Default which may have occurred under Section 6.7 of the Existing Note Purchase Agreements as a result of the Company's failure to pay interest due with respect to the prepayment of $1,000,000 received by the Holders on February 11, 2002, provided such payment is made by the Effective Date. Make-Whole Amount. Each Holder hereby waives, until the earlier of (x) the Maturity Date and (y) the payment in full of all amounts due and payable under the Notes, any Default or Event of Default which have occurred or would otherwise occur as a result of the Company's failure to pay the Make-Whole Amounts due and payable with respect to (i) the prepayment of $1,000,000 received on February 11, 2002, (ii) the prepayment of $11,086,000 received pursuant to Section 6.7 herein, and (iii) any further prepayments received by the Holders after the Effective Date.
Sample 1
Interest Payment Deferral. Each Creditor hereby agrees to defer the payment of interest due under the Debentures on July 1, August 1 and September 1, 2008 (the “Deferral Period”). The amount of interest being deferred under each Debenture shall be added to the principal amount due under such Debenture and shall be deemed payable as additional principal amount due on the Maturity Date in accordance with the terms and conditions of the Debentures. Each Creditor hereby acknowledges and agrees that, so long as the Company complies with its obligations under Section 3.2 below, the failure to pay interest during the Deferral Period shall not constitute an Event of Default under the Debentures.
Sample 1
Interest Payment Deferral. In accordance with Section 6.7 of the Indenture, Holdings hereby agrees to defer, and consents to the deferral of, the payment of interest (other than interest occurring prior to July 1, 2000) by the Company on the Holdings Notes to Holdings (as a Holder) during the period beginning on July 1, 2000 and ending on the later to occur of (a) the date (the "Payoff Date") on which all of the Obligations (as defined in the Loan Agreement) are paid in full, the Commitments (as defined in the Loan Agreement) have expired and all Letters of Credit (as defined in the Loan Agreement) have terminated or expire, or (b) March 15, 2005 (the "Deferral Period")' provided, however, that interest on the Holdings Notes shall continue to accrue during the Deferral Period, and provided, further, that the Deferral Period shall end prior to March 15, 2005 at Holdings' option, which option may be exercised only after the Payoff Date. Notwithstanding the foregoing, the Company may pay regularly scheduled payments of interest on the Holdings Notes to Holdings commencing March, 2004, provided, however, if at any time or from time to time the Company has received written notification from GMAC Commercial Finance LLC ("Agent") of the occurrence of an "Event of Default" under the Loan and Security Agreement dated as of March 7, 2002 among Company, Holdings, the other borrowers and guarantors thereto, and Agent and the other lenders thereto (the "Loan Agreement"), then payment of interest is to be deferred until Agent delivers written confirmation of the cure or waiver of the applicable Event of Default.
Sample 1
Interest Payment Deferral. If during four (4) consecutive Fiscal Quarters all ending after the fourth (4th) anniversary of the Funding Date, the Borrower shall have failed to make any payment of interest on the Loan (including any interest permitted to be capitalized in accordance with Section 3.1(c)) and such failure remains uncured for a period of ten (10) days following written notice of such default by the Lender to the Borrower.
Sample 1
Interest Payment Deferral. As the interest rates on CABs is generally higher than CIBs and accretes over the life of the CABs, you must prepare for an even higher debt service that will be due and payable at the stated maturity of CABs. Rather than paying the remaining principal and the final semi-annual coupon payment at maturity for traditional long-term fixed rate bonds, you will be required to pay all the principal and all of the interest that will have compounded from the issuance date through maturity. Convertible CABs carry the inherent risk that, upon conversion from CABs to CIBs, the CIBs will require semi-annual interest payments.
Sample 1

Related to Interest Payment Deferral

  • Deferrals of Interest Payment Dates (a) So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Security, to defer the payment of interest on the Securities for a period of up to twenty (20) consecutive quarterly interest payment periods (each such period, an “Extension Period”), during which Extension Period(s), the Company shall have the right to make no payments or partial payments of interest on any Interest Payment Date (except any Additional Tax Sums that otherwise may be due and payable). No Extension Period shall end on a date other than an Interest Payment Date and no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities. No interest shall be due and payable during an Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest (to the extent payment of such interest would be legally enforceable) at a variable rate per annum, reset quarterly, equal to LIBOR plus 2.65%, compounded quarterly, from the dates on which amounts would have otherwise been due and payable until paid or until funds for the payment thereof have been made available for payment. At the end of any such Extension Period, the Company shall pay all interest then accrued and unpaid on the Securities together with such Additional Interest. Prior to the termination of any such Extension Period, the Company may extend such Extension Period and further defer the payment of interest; provided, that (i) all such previous and further extensions comprising such Extension Period do not exceed twenty (20) quarterly interest payment periods, (ii) no Extension Period shall end on a date other than an Interest Payment Date and (iii) no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities. Upon the termination of any such Extension Period and upon the payment of all accrued and unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension Period; provided, that (i) such Extension Period does not exceed twenty (20) quarterly interest payment periods, (ii) no Extension Period shall end on a date other than an Interest Payment Date and (iii) no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities. The Company shall give the Holders of the Securities and the Trustee written notice of its election to begin any such Extension Period at least one Business Day prior to the next succeeding Interest Payment Date on which interest on the Securities would be payable but for such deferral or, so long as any Securities are held by the Trust, at least one Business Day prior to the earlier of (i) the next succeeding date on which Distributions on the Preferred Securities of such Trust would be payable but for such deferral and (ii) the date on which the Property Trustee of such Trust is required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date for the payment of such Distributions.

  • Interest Payment For each Interest Payment Date the amount of interest due with respect to the Class A(2017-3) Notes shall be an amount equal to

  • Interest Payments Unless otherwise specified on the face hereof, the Interest Payment Dates will be, in the case of a Floating Rate Note which resets: (1) daily, weekly or monthly—the fifteenth day of each calendar month or on the fifteenth day of March, June, September and December of each year, as specified on the face hereof; (2) quarterly—the fifteenth day of March, June, September and December of each year; (3) semi-annually—the fifteenth day of the two months of each year specified on the face hereof; and (4) annually—the fifteenth day of the month of each year as specified on the face hereof. In addition, the Maturity Date will also be an Interest Payment Date. If any Interest Payment Date other than the Maturity Date for this Floating Rate Note would otherwise be a day that is not a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day, except that in the case of a Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and that Business Day falls in the next succeeding calendar month, the particular Interest Payment Date will be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the Trust will make the required payment of principal, premium, if any, and interest or other amounts on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.

  • Interest Payment Dates Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Termination Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an optional prepayment of an ABR Loan prior to the Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

  • Interest Payment Date 5 Maturity................................................... 5

  • Interest Payment and Computation Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each calendar quarter commencing December 31, 2011; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval during such Interest Period. All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year).

  • Interest and Interest Payment Dates In lieu of having interest charged at the rate based upon the Base Rate, Borrowers shall have the option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three months in duration, interest shall be payable at three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrowers have properly exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.

  • Compensating Interest Payments The amount of the aggregate Master Servicing Fees payable to the Master Servicer in respect of any Distribution Date shall be reduced (but not below zero) by the amount of any Compensating Interest Payment for such Distribution Date, but only to the extent that Prepayment Interest Shortfalls relating to such Distribution Date are required to be paid but not actually paid by the Servicers. Such amount shall not be treated as an Advance and shall not be reimbursable to the Master Servicer.

  • Extension of Interest Payment Period The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

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