Failure to Pay Interest definition
Failure to Pay Interest means a failure by a Reference Entity (and any relevant guarantor or insurer thereof) 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 (A) with respect to a Reference Obligation that is not an RMBS Security, 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 and (B) 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 (as provided for in the underlying instruments of such Reference Obligation) will not constitute a Failure to Pay Interest, unless (i) the same constitutes a default or an 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
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.
Failure to Pay Interest means a failure by a Reference Entity 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 (A) with respect to a Reference Obligation that is not an RMBS Security, 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) 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 and (B) 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 (as provided for in the underlying instruments of such Reference Obligation) will not constitute a Failure to Pay Interest, unless (i) the same constitutes a default or an event of default under the terms of such Reference Obligation or (ii) the terms of such Reference Obligation do not provide
Examples of Failure to Pay Interest in a sentence
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.
If there shall occur any default in the due performance or observance of any term, covenant or agreement to be performed or observed pursuant to the provisions of this Agreement, other than as provided in Subsections 9.1.1 (Failure to Pay Principal or Reimbursement Obligations), 9.1.2 (Failure to Pay Interest, Fees, Etc.), 9.1.3 (Cross Default to Indebtedness) and 9.
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 Certificate on the applicable Regular Record Date.
Anything in this Agreement to the contrary notwithstanding, (a) after maturity, whether scheduled, by acceleration or otherwise, and whether prior to or after a judgment against the Company, or (b) during the existence of an Event of Default specified in Subsection 8.1.1 (Failure to Pay Principal), 8.1.2 (Failure to Pay Interest, Etc.) or 8.
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.
More Definitions of Failure to Pay Interest
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.
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.
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.
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).