Interest Deferral. If on any Party B Fixed Rate Payer Payment Date, the amount allocated under the Trust Agreement and paid by Party B to Party A is less than the Party B Fixed Amount due on such date (the amount of any such insufficiency, the "Swap Interest Shortfall Amount"), the obligation of Party A to pay Party A Floating Amounts on the corresponding Party A Floating Rate Payer Payment Date will be reduced in the same proportion as the proportion that such Swap Interest Shortfall Amount represents of the Party B Fixed Amount otherwise due on such date. If on a subsequent Party B Fixed Rate Payer Payment Date, amounts are available and are paid by Party B to Party A pursuant to the Trust Agreement to reimburse all or any part of such Swap Interest Shortfall Amount, then the obligation of Party A to pay Party A Floating Amounts on the corresponding Party A Floating Rate Payer Payment Date will be increased in the same proportion as the proportion that the amount of such reimbursement represents of the Party B Fixed Amount otherwise due on such date. If a Swap Interest Shortfall Amount shall exist on any Early Termination Date, for purposes of computing the Market Quotation, the aggregate amount of all outstanding Swap Interest Shortfall Amounts shall be due on the first Party B Fixed Rate Payer Payment Date following the Early Termination Date and the amount due from Party A on the first Party A Floating Rate Payer Payment Date following the Early Termination Date will be increased in the same proportion as the proportion that the amount of such outstanding Swap Interest Shortfall Amounts represents of the Party B Fixed Amount that would otherwise be due on such date.
Interest Deferral. Provision: Symetra may defer payments on the CENts for one or more consecutive interest periods that do not exceed ten years as described in the preliminary offering memorandum. Share Cap: 115,000,000 shares Offering Price: 99.864% Use of Proceeds: Special cash dividend Aggregate Net Proceeds (after deducting initial purchasers’ fees and estimated expenses): $146,796,000 Sole Structuring Advisor: J.X. Xxxxxx Securities Inc. Joint Book-Running Managers: J.X. Xxxxxx Securities Inc. ($60,000,000) and Lxxxxx Brothers Inc. ($60,000,000) Additional Initial Purchasers: Banc of America Securities LLC ($12,000,000), BNY Capital Markets, Inc. ($4,500,000), Mitsubishi UFJ Securities International plc ($4,500,000), Pxxxx Xxxxxxx & Co. ($4,500,000) and UBS Securities LLC ($4,500,000) THE OFFER AND SALE OF THE NOTES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION. OFFERS AND SALES OF THE NOTES WILL BE MADE ONLY TO QUALIFIED INSTITUTIONAL BUYERS IN RELIANCE ON RULE 144A UNDER THE SECURITIES ACT AND CERTAIN NON-U.S. PERSONS IN TRANSACTIONS OUTSIDE THE UNITED STATES IN RELIANCE ON REGULATION S UNDER THE SECURITIES ACT. THE NOTES ARE NOT TRANSFERABLE EXCEPT IN ACCORDANCE WITH THE RESTRICTION DESCRIBED IN THE PRELIMINARY OFFERING MEMORANDUM UNDER “TRANSFER RESTRICTIONS.” You may obtain a copy of the Preliminary Offering Memorandum and Final Offering Memorandum (when available) for this transaction from J.X. Xxxxxx Securities Inc. and Lxxxxx Brothers Inc. by calling your J.X. Xxxxxx or Lxxxxx Brothers sales representatives. The counsel of the Company shall have furnished to the Initial Purchasers its written opinion, as counsel to the Company, addressed to the Initial Purchasers and dated the Closing Date, in form and substance reasonably satisfactory to the Representatives, to the effect that:
Interest Deferral means, with respect to a Reference Obligation that is either (A) a Cashflow CDO Security or(B) an ABS Security, (i) a failure by the Reference Entity (or any relevant guarantor or insurer thereof) to make scheduled interest payments on such Reference Obligation for (a) twenty -f our consecutive months if such Reference Obligation was initially rated “A3” or above by Moody’s or “A-“ or above by S&P, and (b) thirty -six consecutive months otherwise, and (ii) such failure described in (i) above does not satisfy the definition of “Failure to Pay Interest” without giving effect to the minimum payment requirement.
Examples of Interest Deferral in a sentence
Optional Interest Payment Date means any Interest Payment Date other than a Compulsory Interest Payment Date or a Mandatory Interest Deferral Date.
No Interest Deferral Period may end on a date other than an Interest Payment Date or extend beyond the Maturity Date, as the case may be.
Mandatory Interest Deferral Date means each Interest Payment Date in respect of which the Noteholders and the Principal Paying Agent have received written notice from the Issuer pursuant to sub-paragraph (v) below confirming that (i) a Regulatory Deficiency has occurred and such Regulatory Deficiency is continuing on such Interest Payment Date or (ii) the payment of such interest would in itself cause a Regulatory Deficiency.
To the extent that on any Quarterly Payment Date, the amount of Quarterly Interest Available Funds is not sufficient to pay the amount of interest due at such time under the Expenses Subordinated Loan, the amount of such interest shortfall (the Expenses Subordinated Loan Interest Deferral) shall be recorded in the Expenses Subordinated Loan Interest Deferral Register (as defined below).
Subject to Condition 5 (Optional Interest Deferral), interest shall be payable on the Securities with respect to any Interest Period annually (except for a long first Interest Period) in arrear on each Interest Payment Date in each case as provided in this Condition 4.
More Definitions of Interest Deferral
Interest Deferral. All interest shall accrue (and be compounded quarterly) until December 11, 2002, be added to the deferred installments of principal and bear interest at the rate of 10% per annum. Commencing on March 11, 2002, interest on the principal balance (which shall include all accrued interest) shall be payable quarterly on March 11, June 11, September 11 and December 11 of each year in arrears. (see attached).
Interest Deferral means, with respect to a Reference Obligation that is either (A) a Cashflow CDO Security or
Interest Deferral. Immediate commencement of the accrual (at the interest rates of 13.5% and 18%, respectively) of all interest payments under the Sub-Debt Facility up to a maximum of $1,000,000 accrued interest, with accrued interest becoming principal under the Sub-Debt Facility as of each applicable payment date.
Interest Deferral has the meaning specified in Section 3.4.
Interest Deferral. Each Underlying Security represents an undivided preferred beneficial interest in the assets of the Underlying Securities Issuer. The Underlying Securities Issuer used the proceeds from the sale of its Underlying Securities and its common securities to purchase 6.345% junior subordinated debentures due February 15, 2034 (the "GS junior subordinated debentures") issued by The Xxxxxxx Sachs Group Inc. The Underlying Securities Issuer will pass through to the holders of the Underlying Securities as distributions the interest payments it receives from The Xxxxxxx Xxxxx Group, Inc. on the GS junior subordinated debentures.
Interest Deferral. The Xxxxxxx Sachs Group, Inc. may defer the payment of interest on the GS junior subordinated debentures at any time and in each case for up to 10 semi-annual consecutive interest periods, provided that (i) no extension period may extend beyond the stated maturity date of the GS junior subordinated debentures; and (ii) The Xxxxxxx Xxxxx Group, Inc. is not in default under the subordinated debt indenture governing the GS junior subordinated debentures. If there is a deferral, the Underlying Securities Issuer also will defer distributions on the Underlying Securities. Before any extension period ends, The Xxxxxxx Sachs Group, Inc. may elect to extend the period further. At the end of any extension period and the payment of all interest then accrued and unpaid, The Xxxxxxx Xxxxx Group, Inc. may elect to begin a new extension period. There is no limitation on the number of extension periods.
Interest Deferral means interest deferred in accordance with Condition 4.4 of the Conditions. Interest Determination Date means each day which is two (2) Business Days prior to