Specified Premium definition

Specified Premium means 1.00% if the Special Mandatory Redemption occurs on or prior to the 90th day following the Issue Date and 1.50% if the Special Mandatory Redemption occurs after the 90th day following the Issue Date.

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Specified Premium means, with respect to any Term Loan on any date that a prepayment or repayment becomes due and owing under this Agreement, whether or not paid or any Term Loan that is actually repaid, prepaid, terminated, reduced, paid, redeemed, satisfied, released, distributed, discharged, or accelerated on or prior to the date that is 32 months following the Initial Closing Date (each, a “Specified Event”), the present value of the sum of the amounts of each interest payment due on the repaid, prepaid, terminated, reduced, paid, redeemed, satisfied, released, distributed, discharged, or accelerated portion of such Term Loan on each Interest Payment Date during the period extending from the date such prepayment or repayment becomes due and owing under this Agreement, whether or not paid, through and including the date that is 32 months following the Initial Closing Date (excluding accrued but unpaid interest as of the date of prepayment or repayment, which shall be separately paid in accordance with the terms of Section 2.6, as applicable) computed using a discount rate equal to the Treasury Rate (determined as of the Business Day prior to such date of prepayment) plus 0.50%.

Specified Premium means, with respect to each Note, (i) during the one-year period commencing on the fifth anniversary of Funding Date A, the Specified Premium shall equal a percentage of the principal amount of such Note equal to 50% of the fixed interest rate on such Note; and (ii) during each one-year period commencing on the sixth anniversary of Funding Date A until the date that is two years prior to the maturity of the applicable Note, the Specified Premium referred to in clause (i) shall decline ratably. For example, if the fixed interest rate on a Note having a maturity of 10 years was equal to 15%, then the Specified Premium would equal (a) 7.5% during the one-year period commencing on the fifth anniversary of Funding Date A and ending on the day prior to the sixth anniversary of Funding Date A; (b) 5.0% during the one-year period commencing on the sixth anniversary of Funding Date A and ending on the day prior to the seventh anniversary of Funding Date A; (c) 2.5% during the one-year period commencing on the seventh anniversary of Funding Date A and ending on the day prior to the eighth anniversary of Funding Date A; (d) 0% during the one-year period commencing on the eighth anniversary of Funding Date A and ending on the day prior to the ninth anniversary of Funding Date A; and (e) 0% during the one-year period commencing on the ninth anniversary of Funding Date A and ending on the day prior to the tenth anniversary of Funding Date A.

Examples of Specified Premium in a sentence

• MONTHLY PREMIUM WAIVER BENEFIT - The Monthly Premium Waiver Benefit is the lesser of the Specified Premium or the average actual premiums paid over the last 36 months prior to Total Disability.

• Each mandatory prepayment due hereunder made on account of the Obligations shall be accompanied by the applicable Specified Premium pursuant to Section 2.8(b).

• EXCLUDED RIDERS: Accelerated Living Benefit, Waiver of Specified Premium, Children Insurance and Guaranteed Minimum Death Benefit, Waiver of Monthly Deductions Rider.

• The Issuer expressly acknowledges that its agreement to pay the Specified Premium to the Holders as herein described is a material inducement to the Holders to purchase the Notes.

• Any amount (including principal, interest or premium (including the Specified Premium)) required to be paid under the Note Documents that is not paid when due shall continue to accrue interest so long as such amount remains unpaid and the Issuer shall pay any additional interest required to be paid pursuant to Section 6.03 of the Indenture.

• The Specified Premium shall also be payable in the event the Notes (and/or this Indenture) are satisfied, released or discharged by foreclosure (whether by power of judicial proceeding or otherwise), deed in lieu of foreclosure or by any other similar means.

• Interest shall accrue (at the default rate provided under Section 6.03, and compounding on each Interest Payment Date) on the full aggregate principal amount of the Notes (including on the Specified Premium) from and after the occurrence of an Acceleration Event, including in connection with an Event of Default under Section 6.01(f).

• Waiver of Cost of Insurance Rider, Additional Insured Rider and Waiver of Specified Premium Rider are commissionable and will have a separate target premium which is set at issue and is level thereafter.

• Waiver of Cost of Insurance (or Waiver or Specified Premium) premium class or rating is x.xx times standard.

• For the avoidance of doubt, upon such acceleration, the Applicable Premium on the outstanding principal amount of the Notes accelerated shall become due and payable (except in the case of any Notes being redeemed pursuant to Article 3, for which the Repurchase Value shall be due and payable), together with accrued interest, and the Specified Premium Date for such purpose shall be the effective date of such acceleration.

More Definitions of Specified Premium

Specified Premium means, at the time of any Acceleration Event, (a) if such Acceleration Event occurs prior to the First Call Date, the Applicable Premium in respect of the aggregate principal amount of Notes outstanding at the time of such Acceleration Event, (b) if such Acceleration Event occurs on or after the First Call Date and prior to February 23, 2023, 4.000% of the aggregate principal amount of the Notes outstanding at the time of such Acceleration Event and (c) if such Acceleration Event occurs on or after February 23, 2023 and prior to February 23, 2024, 2.000% of the aggregate principal amount of the Notes outstanding at the time of such Acceleration Event.

Specified Premium means, with respect to each Senior Note that is a Fixed Rate Note,

Specified Premium means, with respect to each Note,

Specified Premium means, with respect to any Term Loan on any date that a prepayment or repayment becomes due and owing under this Agreement, whether or not paid or any Term Loan that is actually repaid, prepaid, terminated, reduced, paid, redeemed, satisfied, released, distributed, discharged, or accelerated on or prior to the date that is 24 months following the Closing Date (each, a “Specified Event”), the present value of the sum of the amounts of each interest payment due on the repaid, prepaid, terminated, reduced, paid, redeemed, satisfied, released, distributed, discharged, or accelerated portion of such Term Loan on each Interest Payment Date during the period extending from the date such prepayment or repayment becomes due and owing under this Agreement, whether or not paid, through and including the date that is

Specified Premium means an amount equal to 1.0% of the Initial Issue Price.

Specified Premium means 1.00% of the aggregate principal amount of Notes, if the Escrow End Date occurs on or after January 1, 2011, and otherwise 0%.