Failure to Pay Interest definition

Failure to Pay Interest means a failure by a Reference Entity (or any relevant guarantor or insurer) to make a scheduled interest payment on the relevant Reference Obligation on any scheduled distribution date (such unpaid amount being an "Interest Shortfall"), provided that the capitalization of such Interest Shortfall or the separate recording of such Interest Shortfall as capitalized interest (in each case, in lieu of cash payment of such interest) and in accordance with and to the extent provided for under the terms of such Reference Obligation (as at the date on which such Reference Obligation is issued and incurred), will not constitute a Failure to Pay Interest Credit Event unless (i) the same constitutes a default or event of default under the terms of such Reference Obligation or (ii) the terms of such Reference Obligation do not provide for the reimbursement of such Interest Shortfall (and accrued interest thereon). The failure by the Reference Entity (or any relevant guarantor or insurer) to pay any amount in respect of interest in accordance with the foregoing shall not constitute a Failure to Pay Interest Credit Event where such failure has occurred solely due to a miscalculation on the part of the entity responsible for calculating such amounts pursuant to the terms of the relevant Reference Obligation where (i) such miscalculation has not resulted in a default or event of default pursuant to the terms of such Reference Obligation, (ii) such miscalculation is acknowledged in writing or via facsimile by such responsible entity within 2 Business Days of its occurrence and (iii) such miscalculation is remedied and the appropriate amount of interest is paid in full within 2 Business Days of such acknowledgement.
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Failure to Pay Interest means the occurrence of an Interest Shortfall Amount or Interest Shortfall Amounts (calculated on a cumulative basis) in excess of the relevant Payment Requirement.
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Failure to Pay Interest means, with respect to any Reference Obligation and any related Reference Obligation Payment Date, either (a) the non-payment of an Expected Interest Amount or (b) the payment of an Actual Interest Amount that is less than the Expected Interest Amount. For the avoidance of doubt, the occurrence of an event within clause (a) or clause (b) of this definition shall be determined taking into account any payment made under any Reference Policy of such Reference Obligation, as applicable.For all purposes hereunder, in determining whether a Failure to Pay Interest has occurred with respect to any Reference Obligation that constitutes a Trust Certificate (as defined herein), such Reference Obligation will be deemed: (i) to be a debt obligation with an outstanding principal amount, (ii) to require payment of interest periodically on such outstanding principal amount and (iii) to repay such outstanding principal amount at the date that is the earliest of (x) the final maturity date, (y) the redemption date and (z) the final distribution date (or such similar date, as the case may be).
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Examples of Failure to Pay Interest in a sentence

  • The Company defaults in the payment of principal of the Note when due and payable on the Maturity Date, upon any required repurchase, upon declaration of acceleration or otherwise; (b) Failure to Pay Interest.

  • In the event of any litigation arising under this Lease, the non-prevailing party shall, upon demand, reimburse the prevailing party for all costs and expenses arising therefrom, including reasonable attorneys’ fees.11.05 Failure to Pay; Interest.

  • Failure to Pay Interest; Events of Default If interest is not punctually paid or duly provided for, it shall cease to be payable to the registered Holder of this Debenture on the applicable Regular Record Date.

  • A Failure to Pay Interest arises when the Reference Obligation fails to make a scheduled interest payment.

  • S-12 The Failure to Pay Interest on the SubordinatedClasses of Notes is Not an Event of Default.......

  • Additionally, the Board of Directors shall be required to meet within seven(7) working days after the annual meeting of the Association for the purpose of electing officers of the Association.

  • We may also share other information with our affiliates, including information we receive from you on applications and other forms, and information we receive from a consumer-reporting agency.

  • Failure to Pay Interest on Delayed PIP Payments – 41 Files in Error- Improper General Business Practice Claim NumberDate Bill Received by Company Date Bill PaidNumber of Days to Pay > 6005100193995/1/20077/19/2007Claim NumberDate Bill Received by Company Date Bill PaidNumber of Days to Pay > 6007002093967/23/200711/2/2007 V.

  • Expect penalties if you have a balance due on your return.If there is a balance due with the return, the IRS will impose penalties (Failure to File, Failure to Pay, Interest) for filing late.

  • The Credit Events applicable to an ABS Reference Obligation are Failure to Pay Principal, Failure to Pay Interest and Bankruptcy.


More Definitions of Failure to Pay Interest

Failure to Pay Interest. , which means a failure by the Reference Entity to make a scheduled interest payment on the Reference Obligation on any scheduled distribution date; provided that, with respect to a Reference Obligation that is an RMBS Security, the reduction of an interest payment on such Reference Obligation occurring solely as a result of an available funds cap and/or a weighted average coupon cap will not constitute a Failure to Pay Interest.
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Failure to Pay Interest means in relation to any Reference Obligation (other than a CDS Reference Obligation), the failure by the relevant Reference Entity (after the expiration of any applicable grace period provided for in the relevant Reference Obligation Terms and Conditions) to make (in accordance with the Reference Obligation Terms and Conditions) one or more payments of interest in an aggregate amount of not less than EUR10,000 (or its equivalent where the Reference Obligation is denominated in a currency other than euro), save as described below; and provided that, in any case, for the avoidance of doubt, such failure shall not constitute a Failure to Pay Interest (i) if the relevant amount is paid under any insurance contract, financial guarantee or indemnity provided for in such Reference Obligation Terms and Conditions or (ii) if the failure is cured within one month of the relevant Credit Event Notice and the Swap Counterparty has determined in good faith that the failure was due to operational (administrative or technical) reasons.Where the Reference Obligation Terms and Conditions provide for the deferral or capitalisation of interest (each such deferred or capitalised amount, a "Deferred Amount"), any such deferral or capitalisation shall only constitute a Failure to Pay Interest if the Deferred Amount is not paid in full at the legal final maturity of the Reference Obligation or upon earlier acceleration thereof or otherwise constitutes a default or event of default pursuant to the terms thereof as at the date of inclusion of the Reference Obligation in the Reference Portfolio.For the purposes of this definition the effect of any limited recourse or similar provisions in the relevant Reference Obligation Terms and Conditions will be ignored.
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Failure to Pay Interest means the occurrence of an Interest Shortfall Amount or Interest Shortfall Amounts (calculated on a cumulative basis) in excess of $10,000 (each capitalized term in this definition is as defined in the Credit Derivatives Definitions or the related Confirmation).
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Related to Failure to Pay Interest

  • 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.

  • 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.

  • 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;’;

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

  • Overdue Interest means any interest payable pursuant to Section 2.8(b) of the Credit Agreement.

  • 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.

  • Uncollected Interest With respect to any Distribution Date for any Mortgage Loan on which a Payoff was made by a Mortgagor during the related Payoff Period, except for Payoffs received during the period from the first through the 14th day of the month of such Distribution Date, an amount equal to one month’s interest at the applicable Pass-Through Rate on such Mortgage Loan less the amount of interest actually paid by the Mortgagor with respect to such Payoff.

  • 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.

  • 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.

  • Reimbursement Obligation the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit.

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

  • Due On-Sale Clause.............................................

  • Material Obligation means the material obligations of a party under the Technology Agreement, the Development Agreement or the Manufacturing and Marketing Agreement.

  • Default means any event or condition that constitutes an Event of Default or that, with the giving of any notice, the passage of time, or both, would be an Event of Default.

  • 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.

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

  • 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.

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

  • Delinquent A Mortgage Loan is "delinquent" if any payment due thereon is not made pursuant to the terms of such Mortgage Loan by the close of business on the day such payment is scheduled to be due. A Mortgage Loan is "30 days delinquent" if such payment has not been received by the close of business on the corresponding day of the month immediately succeeding the month in which such payment was due, or, if there is no such corresponding day (e.g., as when a 30-day month follows a 31-day month in which a payment was due on the 31st day of such month), then on the last day of such immediately succeeding month. Similarly for "60 days delinquent," "90 days delinquent" and so on.

  • Material Financial Obligations means any Debt and/or Derivatives Obligation of the Borrower and/or one or more of its Subsidiaries, arising in one or more related or unrelated transactions, the principal or face amount (with respect to Debt) or Settlement Amount (with respect to Derivatives Obligations, after giving effect to any netting arrangements) of which exceeds in the aggregate $100,000,000.

  • unpaid A Debt which has not been fully paid;

  • Payment Obligation means the Principal Amount of the District Note and, if the District Note is a Defaulted Note interest thereon at the Default Rate, until such amounts are paid in full.

  • Unpaid Interest means, on any Distribution Date with respect to any Class of Interests or Certificates (other than the Residual Certificates), the portion of Distributable Certificate Interest for such Class remaining unpaid as of the close of business on the preceding Distribution Date, plus one month's interest thereon at the applicable Pass-Through Rate.

  • Material financial interest means a personal and pecuniary interest, direct or indirect, accruing to a public servant or spouse, either individually or in combination with each other. Notwithstanding the foregoing, the following shall not be deemed to be a material financial interest with respect to a business with which a public servant may be associated:

  • Defaulted Lease means any Lease that (a) by its terms, is delinquent more than 120 days, (b) by its terms is delinquent less than 120 days and the Servicer has (i) determined, in accordance with the Credit and Collection Policy, that eventual payment in full is unlikely or (ii) repossessed the related Leased Vehicle (including, but not limited to, as a result of the Lessee’s failure to maintain insurance coverage required by the Lease, the failure of the Lessee to timely or properly perform any obligation under the Lease, or any other act by the Lessee constituting a default under applicable law), or (c) the Servicer has received notification that the related Lessee is subject to bankruptcy proceedings under Chapter 13 under the Bankruptcy Code.