ABS Failure to Pay Interest definition

ABS Failure to Pay Interest means a failure to make a Scheduled Interest Payment of the relevant Securities on the Scheduled Distribution Date, save that an ABS Failure to Pay Interest shall not occur:
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ABS Failure to Pay Interest means the failure to make one or more ABS Scheduled Periodic Payments on one or more Obligations of a Reference Entity on the related ABS Scheduled Periodic Payment Date in an aggregate amount of not less than the ABS Payment Requirement, provided that a Credit Event shall not be treated as occurring solely by reason of the deferral of interest or the addition of accrued interest to the principal amount of such Obligation or the separate recording of unpaid interest, in each case instead of being paid in cash under the terms of such Obligation in effect as of the date that the related Reference Entity became a Reference Entity under this Confirmation, without giving effect to any subsequent amendment thereof (the “Obligation Documentation”), unless such deferral of interest, addition of accrued interest or separate recording of unpaid interest constitutes a default or event of default under such terms of such Obligation or gives rise to a right (whether or not subject to further procedural requirements) of a holder of such Obligation (or a trustee acting onbehalf of the holders of the Obligation) to accelerate the then current outstanding principal amount of such Obligation).
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ABS Failure to Pay Interest means a failure to make a Scheduled Interest Payment in an aggregate amount of not less than the ABS Payment Requirement of an ABS Reference Obligation on the Scheduled Distribution Date, save that a Credit Event shall not occur (i) solely by reason of the addition of accrued interest to the principal amount of an ABS Reference Obligation or the separate recording of interest as capitalised interest or by reason of deferral of such interest according to the terms and conditions of the ABS Reference Obligation, in each case instead of being paid in cash (unless such addition of accrued interest or separate recording of interest constitutes a default or event of default under the terms of such ABS Reference Obligation in effect as of the date of such failure) or (ii) solely by reason of such amount of interest being paid under an insurance contract, a
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Related to ABS Failure to Pay Interest

  • Potential Failure to Pay means the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, without regard to any grace period or any conditions precedent to the commencement of any grace period applicable to such Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Failure to Pay means, after the expiration of any applicable Grace Period (after the satisfaction of any conditions precedent to the commencement of such Grace Period), the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • default value means a value derived from a typical value by the application of pre-determined factors and that may, in circumstances specified in this Directive, be used in place of an actual value;’;

  • Monthly Interest means, with respect to any Distribution Date, the Class A Monthly Interest, the Class B Monthly Interest and the Collateral Minimum Monthly Interest for such Distribution Date.

  • Note Monthly Interest means, for a Class and a Payment Date, the aggregate amount of interest accrued on the Note Balance of the Class at the Note Interest Rate for the Class for the related Interest Period.

  • MI Failure means when an MI report: a) contains any material errors or material omissions or a missing mandatory field; or b) is submitted using an incorrect MI reporting Template; or c) is not submitted by the reporting date(including where a Nil Return should have been filed);

  • Collateral Monthly Interest means the monthly interest distributable in respect of the Collateral Interest as calculated in accordance with subsection 4.06(c).

  • Collateral Minimum Monthly Interest shall have the meaning specified in subsection 4.02(c).

  • Class B Monthly Interest shall have the meaning specified in subsection 4.02(b).

  • Unpaid Charges means any charges billed to the Non-Paying Party that the Non-Paying Party did not render full payment to the Billing Party by the Bill Due Date, including where funds were not accessible.

  • Swap Default Any of the circumstances constituting an “Event of Default” under the Swap Agreement.

  • Class C Monthly Interest is defined in Section 4.1(c).

  • Default Interest means interest chargeable in terms of this Agreement to unpaid amounts or outstanding obligations which interest shall be calculated, from the due date until date of payment, on a daily balance and compounded monthly in arrear at an annual rate of two percent (2%) above the prevailing, variable prime rate publicly quoted by ABSA Bank Limited from time to time.

  • GEP Failure means Seller’s failure to produce Delivered Energy in an amount equal to or greater than the Guaranteed Energy Production amount for the applicable Performance Measurement Period.

  • Class A Monthly Interest shall have the meaning specified in subsection 4.02(a).

  • Default Fee means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 2% above the Prime Rate.

  • Class D Monthly Interest means, for any Distribution Date, one-twelfth (or, in the case of the first Distribution Date, the number of days from and including the Closing Date to but excluding the 15th day of the month in which such Distribution Date occurs, assuming each month has 30 days, divided by 360) of the product of (A) the Class D Rate and (B) the outstanding principal balance of the Class D Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class D Notes on or before such preceding Distribution Date).

  • Default Rate Interest is defined in Section 3.1(b)(ix) of this Agreement.

  • Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.”

  • Class A-1 Monthly Interest means (i) for the initial Distribution Date, $[ ], and (ii) for any Distribution Date thereafter, the product of (A) the actual number of days elapsed during the period from and including the preceding Distribution Date to but excluding such Distribution Date divided by 360, (B) the Class A-1 Rate and (C) the outstanding principal balance of the Class A-1 Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-1 Notes on or before such preceding Distribution Date).

  • Class A-4 Monthly Interest means (i) for the initial Distribution Date, $[ ], and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class A-4 Rate and (B) the outstanding principal balance of the Class A-4 Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-4 Notes on or before such preceding Distribution Date).

  • Class A-3 Monthly Interest means (i) for the initial Distribution Date, $[ ], and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class A-3 Rate and (B) the outstanding principal balance of the Class A-3 Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-3 Notes on or before such preceding Distribution Date).

  • Class A-2 Monthly Interest means (i) for the initial Distribution Date, $[_______________], and (ii) for any Distribution Date thereafter, one-twelfth of the product of (A) the Class A-2 Rate and (B) the outstanding principal balance of the Class A-2 Notes as of the preceding Distribution Date (after giving effect to all payments of principal made to the Holders of the Class A-2 Notes on or before such preceding Distribution Date).

  • Unpaid Interest Amount As of any Distribution Date and any Class of Certificates, the sum of (a) the portion of the Accrued Certificate Interest Distribution Amount from Distribution Dates prior to the current Distribution Date remaining unpaid immediately prior to the current Distribution Date and (b) interest on the amount in clause (a) above at the applicable Pass-Through Rate (to the extent permitted by applicable law).

  • Defaulter means any person who owes arrears to the Municipality;

  • Default Excess means, with respect to any Defaulting Lender, the excess, if any, of such Defaulting Lender’s Pro Rata Share of the aggregate outstanding principal amount of Loans of all Lenders (calculated as if all Defaulting Lenders (other than such Defaulting Lender) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such Defaulting Lender.