Interest and Principal Payment Certification definition

Interest and Principal Payment Certification means an Interest and Principal Payment Certification for such Interest Payment Date in substantially the form of Exhibit A, with such changes as agreed to by the Lender and the Borrower; provided that the written objection of the Majority Senior Note Holders has not been received by the Borrower or the Lender on or before the 5th Business Day after a copy thereof has been sent to the Senior Note Holders by the Senior Trustee.
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Examples of Interest and Principal Payment Certification in a sentence

  • Any amounts paid by the Insurer to the Trustee shall be deposited into the Distribution Account and shall be paid by the Trustee or the Paying Agent to Holders in respect of the applicable principal and/or interest payment in accordance with the Interest and Principal Payment Certification, in each case, on the later of (i) the related Interest Payment Date and (ii) the Business Day received.

  • If the Company elects to pay interest by treating such amounts as PIK Interest as aforesaid, the Company shall so specify in the Interest and Principal Payment Certification which shall be delivered to the Trustee by no later than 11:00 a.m. New York City time on the third Business Day prior to the Interest Payment Date on which the respective interest payment is due and payable, which certification shall specify the amount of interest that will be payable in cash, if any, and in the form of PIK Interest.

  • Any payments made by the Insurer to the Trustee under the Insurance Policy shall be applied solely to the scheduled payment of the Securities in accordance with the Interest and Principal Payment Certification, and for no other purpose.

  • Subject to Sections 2.14 and 4.12, the Trustee shall pay the amount specified in the Interest and Principal Payment Certification from the Distribution Account to the Holders on such Interest Payment Date.

  • The Interest and Principal Payment Certification shall set forth the principal amount of the Securities to be prepaid and the Make-Whole Premium, if any.

  • Subject to any operational limitations of DTC, the Trustee shall repay the principal amount of the Securities and the Make-Whole Premium, if any, as specified in the Interest and Principal Payment Certification, from the Distribution Account to the Holders on such Interest Payment Date; provided that such funds have been deposited to the Distribution Account by 11:00 a.m. New York City time, on such Interest Payment Date.

  • Any funds received by the Trustee as a result of any claim under the Insurance Policy shall be applied by the Trustee directly to the payment in full (to the extent of the proceeds received pursuant to the Insurance Policy) of the scheduled payments due on the Securities in accordance with the Interest and Principal Payment Certification.

  • Subject to Sections 2.14 and 4.12, the Trustee shall pay the amount specified in the Interest and Principal Payment Certification (as defined in the MBIA Credit Agreement) from the Distribution Account to the Holders on such Interest Payment Date.

  • The Interest and Principal Payment Certification shall set forth the principal amount of the Securities to be prepaid and the Make-Whole Premium.

  • The Company shall not use any amounts deposited into the Mandatory Prepayment Account in any manner or for any purpose other than for transfer to the Collection Account and/or the Distribution Account in accordance with the relevant Interest and Principal Payment Certification and the MBIA Credit Agreement.