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;’;

  • 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);

  • 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.

  • 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.

  • 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 3.50% above the Alternate Base Rate.

  • Overdue Scheduled Payment means any Scheduled Payment which is not in fact received by the Subordination Agent within five days after the Scheduled Payment Date relating thereto.

  • 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.”

  • 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.

  • Specified Event of Default means any Event of Default under Section 8.01(a), (f) or (g).

  • Listing Failure Event means that:

  • Unmatured Event of Default means any event which, with the giving of notice, the passage of time or both, would constitute an Event of Default.

  • Delay Liquidated Damages has the meaning set forth in Section 13.1.

  • Unpaid Balance of any Receivable means at any time the unpaid principal amount thereof.

  • Due Date The day of the month on which the Monthly Payment is due on a Mortgage Loan, exclusive of any days of grace.

  • default fund means a default fund held by a CCP in accordance with Article 42 of Regulation (EU) No 648/2012;

  • SPECIAL LIQUIDATED DAMAGES means the amount payable by the Transport Supplier in case of default arising out of Non-availability of vehicle(s)/crew when the Company's operations are normal and also Non-availability of services due to unauthorized / lightening strike by Transport Supplier or his/her crew for any reason whatsoever. The period of non-availability of services will be treated as shutdown and shall attract Special Liquidated damage at the rate of twice the pro- rata fixed charge per day. Special L.D. shall be levied irrespective of whether such default resulted in a shutdown for the whole day or part thereof.

  • Defaulted Payment has the meaning specified in the definition of “Defaulting Lender”.

  • Bankruptcy Default has the meaning assigned to such term in Section 6.01.

  • Defaulted Obligation means any Investment in Indebtedness (i) as to which, (x) a default as to the payment of principal and/or interest has occurred and is continuing for a period of thirty two (32) consecutive days with respect to such Indebtedness (without regard to any grace period applicable thereto, or waiver thereof) or (y) a default not set forth in clause (x) has occurred and the holders of such Indebtedness have accelerated all or a portion of the principal amount thereof as a result of such default; (ii) as to which a default as to the payment of principal and/or interest has occurred and is continuing on another material debt obligation of the Portfolio Company under such Indebtedness which is senior or pari passu in right of payment to such Indebtedness; (iii) as to which the Portfolio Company under such Indebtedness or others have instituted proceedings to have such Portfolio Company adjudicated bankrupt or insolvent or placed into receivership and such proceedings have not been stayed or dismissed or such Portfolio Company has filed for protection under Chapter 11 of the United States Bankruptcy Code (unless, in the case of clause (ii) or (iii), such debt is a DIP Loan, in which case it shall not be deemed to be a Defaulted Obligation under such clause); (iv) as to which a default rate of interest has been and continues to be charged for more than 120 consecutive days, or foreclosure on collateral for such debt has been commenced and is being pursued by or on behalf of the holders thereof; or (v) as to which the Borrower has delivered written notice to the Portfolio Company declaring such Indebtedness in default or as to which the Borrower otherwise exercises significant remedies following a default.

  • Financial Obligation means a (i) debt obligation; (ii) derivative instrument entered into in connection with, or pledged as security or a source of payment for, an existing or planned debt obligation; or (iii) guarantee of (i) or (ii). The term Financial Obligation shall not include municipal securities as to which a final official statement has been provided to the MSRB consistent with the Rule.