Unpaid Interest definition

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.

Unpaid Interest shall not include any reductions in Distributable Certificate Interest in respect of the Class B REMIC III Regular Interest, the Class C REMIC III Regular Interest and any Class of the Class D and Class E Certificates as a result of the allocation of Trust Advisor Expenses, except to the extent that there are Actual Recoveries of Trust Advisor Expenses allocated to such Class pursuant to Section 6.11(c) in respect of such reductions in Distributable Certificate Interest.

Unpaid Interest means: (a) with respect to any REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest for any Distribution Date subsequent to the initial Distribution Date, the portion of Distributable Interest for such REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest, as the case may be, remaining unpaid as the close of business on the preceding Distribution Date; and (b) with respect to any Class of REMIC III Regular Certificates or EX XXXXX III Regular Interest, the portion of Distributable Certificate Interest for such Class or EX XXXXX III Regular Interest remaining unpaid as of the close of business on the preceding Distribution Date. For avoidance of doubt, “Unpaid Interest” shall not include any reductions in Distributable Certificate Interest in respect of the Class B REMIC III Regular Interest, the Class C REMIC III Regular Interest and any Class of the Class D and Class E Certificates as a result of the allocation of Trust Advisor Expenses, except to the extent that there are Actual Recoveries of Trust Advisor Expenses allocated to such Class pursuant to Section 6.11(c) in respect of such reductions in Distributable Certificate Interest.

Examples of Unpaid Interest in a sentence

• This Condition 10 (Reduction of Amounts of Principal and Unpaid Interest) is only applicable to Subordinated Notes and shall only apply until the date on which none of the Existing Tier 2 Capital Notes is outstanding.

• The following fees and charges will be added to the daily balance for Purchases on the date each is posted to the Account: Unpaid Interest, Annual Fee, Foreign Transaction Fee, Late Fee, Returned Payment Fee, Returned Convenience Check Fee, Convenience Check Stop Payment Fee, Expedited Delivery Fee, Pay-by-Phone Fee, and any amounts permitted under the “Attorneys Fees and Other Collection Costs” below.

• For the avoidance of doubt, if the ordinary shareholders do not resolve to make or pay a distribution or dividend on the Ordinary Shares as described in this Condition 6(h)(v), no amount shall be payable in respect of Unpaid Interest under this Condition 6(h)(v).

• The Calculation Agent will be entitled to recalculate any Interest Amount (on the basis of the foregoing provisions) in the event of any reduction of the Outstanding Principal Amount of a Note in accordance with Condition 10 (Reduction of Amounts of Principal and Unpaid Interest) during an Interest Period.

• Interest suspension Payments of interest on the Notes will be suspended if Precinct does not meet the Payment Condition (as described above) in respect of such interest.Any suspended interest payment (Unpaid Interest) will accumulate and interest will accrue on it at the Interest Rate (compounding on each Interest Payment Date) until paid.

More Definitions of Unpaid Interest

Unpaid Interest means, in relation to any Non-Cash Re-Draw of any Flexible Mortgage Loan, the interest which would, but for such Non-Cash Re-Draw, have been payable in respect of that Mortgage Loan on the relevant Monthly Payment Date for such Mortgage Loan;

Unpaid Interest means, on any Distribution Date with respect to any Class of Interests or Certificates (excluding the Residual Certificates and the Class EI 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.

Unpaid Interest has the meaning specified in Section 307.

Unpaid Interest means, in respect of an Interest Period: (a) if Memory Effect applies, the sum of, in respect of each prior Interest Period for which an Interest Barrier Event did not occur, subject as provided below (a "Relevant Period") Interest Amounts that would have been payable in respect of each principal amount of Notes equal to the Calculation Amount and each such Relevant Period if an Interest Barrier Event had occurred in respect of each such Relevant Period provided that there shall be excluded from the definition of Relevant Period any Interest Period already accounted for in relation to any previous Interest Period under this definition of Unpaid Interest; or(b) if Memory Effect does not apply, zero.

Unpaid Interest means, in respect of an Interest Period: (a) if Memory Effect is specified as applicable in the applicable Final Terms, the sum of, in respect of each prior Interest Period for which an Interest Barrier Event did not occur, subject as provided below (a "Relevant Period") Interest Amounts that would have been payable in respect of each principal amount of Notes equal to the Calculation Amount and each such Relevant Period if an Interest Barrier Event had occurred in respect of each such Relevant Period provided that there shall be excluded from the definition of Relevant Period any Interest Period already accounted for in relation to any previous Interest Period under this definition of Unpaid Interest; or (b) if Memory Effect is not specified as applicable in the applicable Final Terms, zero.

Unpaid Interest means: (a) with respect to any REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest for any Distribution Date subsequent to the initial Distribution Date, the portion of Distributable Interest for such REMIC I Regular Interest, REMIC II Regular Interest or Class X REMIC III Regular Interest, as the case may be, remaining unpaid as the close of business on the preceding Distribution Date; and (b) with respect to any Class of REMIC III Regular Certificates, the portion of Distributable Certificate Interest for such Class remaining unpaid as of the close of business on the preceding Distribution Date. For avoidance of doubt, “Unpaid Interest” shall not include any reductions in Distributable Certificate Interest in respect of any Class of the Class B, Class C, Class D and Class E Certificates as a result of the allocation of Trust Advisor Expenses, except to the extent that there are Actual Recoveries of Trust Advisor Expenses allocated to such Class pursuant to Section 6.11(c) in respect of such reductions in Distributable Certificate Interest.

Unpaid Interest. With respect to a Class and an Interest Payment Date, the excess of the Accrued Bond Interest for such Class on such Interest Payment Date over the amount actually paid in respect of interest on such Class on such Interest Payment Date.