Escrow of Interest Payments Sample Clauses

Escrow of Interest Payments. On the Mandatory Redemption Date, the Company shall and shall cause the Guarantors to enter into an Escrow Agreement in the form attached hereto as Exhibit J with Xxxxx Fargo Bank, National Association, in its capacity as Escrow Agent, and the Trustee, and shall deposit into the escrow account under such agreement, for the benefit of the holders of the New Notes, cash in an amount that, in the good faith estimate of the Company, together with the proceeds of the investment thereof, will be sufficient to pay the cash portion of the interest on the New Notes for the first six scheduled interest payments on the New Notes.
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Escrow of Interest Payments. The Company shall purchase and pledge to the Collateral Agent, for the exclusive benefit of the Noteholders, the Interest Payment Collateral. Such Interest Payment Collateral shall be deposited and held in a collateral account (the "Collateral Account") with The Bank of New York (the "Securities Intermediary"). The Company hereby (i) grants to the Collateral Agent for the benefit of the Noteholders a first priority security interest in and lien upon the Collateral Account and all cash, cash equivalents, instruments, securities (including any Interest Payment Collateral), and other financial or other assets which are maintained in the Collateral Account, as well as all security entitlements arising out of the assets carried in the Collateral Account, and all additional assets which are delivered by Company to the Securities Intermediary for deposit in the Collateral Account, from time to time and at any time, together with any substitutions or replacements, all cash and non-cash proceeds thereof, including but not limited to insurance proceeds, all cash and stock dividends, all securities issued pursuant to stock split or rights offerings or similar events, and all securities issued in exchange for any other of the foregoing as a result of mergers, reorganizations or similar transactions (the "Pledged Collateral") and (ii) agrees to execute and deliver on the Issue Date an Account Control Agreement with respect to the Pledged Collateral, substantially in the form attached as Exhibit E hereto with the Securities Intermediary and the Collateral Agent (as amended or modified from time to time, the "Account Control Agreement"). Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of the Account Control Agreement as the same may be amended from time to time and directs the Collateral Agent to enter into the Account Control Agreement. Upon the payment in full of the interest on the outstanding notes through the August 15, 2007 Interest Payment Date and so long as no Event of Default shall have occurred and be continuing which would with the passage of time and failure to cure would result in an Event of Default, any amount remaining in the Collateral Account shall be released to the Company and the Account Control Agreement shall be terminated.
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Escrow of Interest Payments. Borrowers shall maintain at all --------------------------- times in an escrow account with Agent or an affiliate of Agent, for the benefit of the Banks an amount equal to the next semi-annual interest payment due on any senior unsecured notes, including, without limitation, the Senior Unsecured Notes. The Borrowers hereby grant a security interest to Banks in such escrow account and all checks, drafts and other items ever received by any Bank for deposit therein. If any Event of Default shall occur and be continuing, Agent shall have the immediate right, without prior notice or demand, to take and apply against the Borrowers' obligations hereunder any and all funds then or thereafter on deposit in such escrow accounts for the ratable benefit of the Banks. Notwithstanding any other provision hereof, any amendment, modification or waiver of compliance with this covenant shall require the consent of 100% of the Banks.
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Escrow of Interest Payments. Beginning June 15, 1999 and on or --------------------------- before the fifteenth (15th) day of each succeeding month, Borrower shall escrow with Agent an amount equal to one-sixth (1/6th) of the next semi- annual interest payment due on the Subordinate Notes. Provided, however, that Borrower shall make any such required escrow payment to the Agent on or before the first (1st) day of any month in which an interest payment is due on such Subordinate Notes. The Borrower hereby grants a security interest to Banks in such escrow account and all checks, drafts and other items ever received by any Bank for deposit therein. If any Event of Default shall occur and be continuing, Agent shall have the immediate right, without prior notice or demand, to take and apply against the Borrower's obligations hereunder any and all funds then or thereafter on deposit in such escrow accounts for the ratable benefit of the Banks. Unless Agent exercises such right, the amount so escrowed shall be released for payment of the accrued semi-annual interest payments on the Subordinate Notes on their due dates. Notwithstanding any other provision hereof, any amendment, modification or waiver of compliance with this covenant shall require the consent of Majority Banks.
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Escrow of Interest Payments. At any time that the Total Outstandings are equal to or greater than 75% of the Revolving Commitment, Borrower shall, on or before the tenth (10th) day of each succeeding month, escrow with Agent an amount equal to one-sixth (1/6th) of the next semi- annual interest payment due on any senior notes, including, without limitation, the Senior Secured Notes. Provided, however, that Borrower shall make any such required escrow payment to the Agent on or before the first (1st) day of any month in which an interest payment is due on such Senior Secured Notes. The Borrower hereby grants a security interest to Banks in such escrow account and all checks, drafts and other items ever received by any Bank for deposit therein. If any Event of Default shall occur and be continuing, Agent shall have the immediate right, without prior notice or demand, to take and apply against the Borrower's obligations hereunder any and all funds then or thereafter on deposit in such escrow accounts for the ratable benefit of the Banks. Assuming (i) compliance with the provisions hereof and (ii) that no Event of Default (and no event which, with notice or lapse of time, or both, would become an Event of Default) has occurred and is continuing or would occur as a result of taking the action described in this sentence,, the amount so escrowed may be released for payment of the accrued semi-annual interest payments on the Senior Secured Notes on their due dates. Notwithstanding any other provision hereof, any amendment, modification or waiver of compliance with this covenant shall require the consent of Majority Banks.
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Related to Escrow of Interest Payments

  • Interest Payments Unless otherwise specified on the face hereof, the Interest Payment Dates will be, in the case of a Floating Rate Note which resets: (1) daily, weekly or monthly—the fifteenth day of each calendar month or on the fifteenth day of March, June, September and December of each year, as specified on the face hereof; (2) quarterly—the fifteenth day of March, June, September and December of each year; (3) semi-annually—the fifteenth day of the two months of each year specified on the face hereof; and (4) annually—the fifteenth day of the month of each year as specified on the face hereof. In addition, the Maturity Date will also be an Interest Payment Date. If any Interest Payment Date other than the Maturity Date for this Floating Rate Note would otherwise be a day that is not a Business Day, such Interest Payment Date will be postponed to the next succeeding Business Day, except that in the case of a Floating Rate Note as to which LIBOR is an applicable Interest Rate Basis and that Business Day falls in the next succeeding calendar month, the particular Interest Payment Date will be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the Trust will make the required payment of principal, premium, if any, and interest or other amounts on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day.

  • Deferrals of Interest Payment Dates (a) So long as no Event of Default has occurred and is continuing, the Company shall have the right, at any time and from time to time during the term of the Security, to defer the payment of interest on the Securities for a period of up to twenty (20) consecutive quarterly interest payment periods (each such period, an “Extension Period”), during which Extension Period(s), the Company shall have the right to make no payments or partial payments of interest on any Interest Payment Date (except any Additional Tax Sums that otherwise may be due and payable). No Extension Period shall end on a date other than an Interest Payment Date and no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities. No interest shall be due and payable during an Extension Period, except at the end thereof, but each installment of interest that would otherwise have been due and payable during such Extension Period shall bear Additional Interest (to the extent payment of such interest would be legally enforceable) at a variable rate per annum, reset quarterly, equal to LIBOR plus 2.65%, compounded quarterly, from the dates on which amounts would have otherwise been due and payable until paid or until funds for the payment thereof have been made available for payment. At the end of any such Extension Period, the Company shall pay all interest then accrued and unpaid on the Securities together with such Additional Interest. Prior to the termination of any such Extension Period, the Company may extend such Extension Period and further defer the payment of interest; provided, that (i) all such previous and further extensions comprising such Extension Period do not exceed twenty (20) quarterly interest payment periods, (ii) no Extension Period shall end on a date other than an Interest Payment Date and (iii) no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities. Upon the termination of any such Extension Period and upon the payment of all accrued and unpaid interest and any Additional Interest then due on any Interest Payment Date, the Company may elect to begin a new Extension Period; provided, that (i) such Extension Period does not exceed twenty (20) quarterly interest payment periods, (ii) no Extension Period shall end on a date other than an Interest Payment Date and (iii) no Extension Period shall extend beyond the Stated Maturity of the principal of the Securities. The Company shall give the Holders of the Securities and the Trustee written notice of its election to begin any such Extension Period at least one Business Day prior to the next succeeding Interest Payment Date on which interest on the Securities would be payable but for such deferral or, so long as any Securities are held by the Trust, at least one Business Day prior to the earlier of (i) the next succeeding date on which Distributions on the Preferred Securities of such Trust would be payable but for such deferral and (ii) the date on which the Property Trustee of such Trust is required to give notice to any securities exchange or other applicable self-regulatory organization or to holders of such Preferred Securities of the record date for the payment of such Distributions.

  • Interest Payment For each Interest Payment Date the amount of interest due with respect to the Class A(2017-1) Notes shall be an amount equal to

  • Interest Payment Dates Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and on the Termination Date; provided that (i) interest accrued pursuant to Section 3.02(c) shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than an optional prepayment of an ABR Loan prior to the Termination Date), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, and (iii) in the event of any conversion of any Eurodollar Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

  • Interest Payment Frequency   Interest Payment Dates Monthly Fifteenth day of each calendar month, beginning in the first calendar month following the month this Note was issued. Quarterly Fifteenth day of every third calendar month, beginning in the third calendar month following the month this Note was issued. Semi-annual Fifteenth day of every sixth calendar month, beginning in the sixth calendar month following the month this Note was issued. Annual Fifteenth day of every twelfth calendar month, beginning in the twelfth calendar month following the month this Note was issued.

  • Interest and Interest Payment Dates In lieu of having interest charged at the rate based upon the Base Rate, Borrowers shall have the option, subject to Section 2.12(b) below (the “LIBOR Option”) to have interest on all or a portion of the Revolving Loans be charged (whether at the time when made (unless otherwise provided herein), upon conversion from a Base Rate Loan to a LIBOR Rate Loan, or upon continuation of a LIBOR Rate Loan as a LIBOR Rate Loan) at a rate of interest based upon the LIBOR Rate. Interest on LIBOR Rate Loans shall be payable on the earliest of (i) the last day of the Interest Period applicable thereto; provided, that subject to the following clauses (ii) and (iii), in the case of any Interest Period greater than three months in duration, interest shall be payable at three month intervals after the commencement of the applicable Interest Period and on the last day of such Interest Period), (ii) the date on which all or any portion of the Obligations are accelerated pursuant to the terms hereof, or (iii) the date on which this Agreement is terminated pursuant to the terms hereof. On the last day of each applicable Interest Period, unless Borrowers have properly exercised the LIBOR Option with respect thereto, the interest rate applicable to such LIBOR Rate Loan automatically shall convert to the rate of interest then applicable to Base Rate Loans of the same type hereunder. At any time that an Event of Default has occurred and is continuing, at the written election of Agent or the Required Lenders, Borrowers no longer shall have the option to request that Revolving Loans bear interest at a rate based upon the LIBOR Rate.

  • Interest Payment Date 5 Lien ....................................................... 5 Maturity ................................................... 5

  • Extension of Interest Payment Period The Company shall have the right, at any time and from time to time during the term of the Debentures so long as no Event of Default has occurred and is continuing, to defer payments of interest by extending the interest payment period of such Debentures for a period not exceeding 20 consecutive quarters (the "Extended Interest Payment Period"), during which Extended Interest Payment Period no interest shall be due and payable; provided that no Extended Interest Payment Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To the extent permitted by applicable law, interest, the payment of which has been deferred because of the extension of the interest payment period pursuant to this Section 4.1, shall bear interest thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment Period ("Compounded Interest"). At the end of the Extended Interest Payment Period, the Company shall calculate (and deliver such calculation to the Trustee) and pay all interest accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest (together, "Deferred Interest") that shall be payable to the holders of the Debentures in whose names the Debentures are registered in the Debenture Register on the first record date after the end of the Extended Interest Payment Period. Before the termination of any Extended Interest Payment Period, the Company may further extend such period so long as no Event of Default has occurred and is continuing, provided that such period together with all such further extensions thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the Debentures or end on a date other than an Interest Payment Date. Upon the termination of any Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements. No interest shall be due and payable during an Extended Interest Payment Period, except at the end thereof, but the Company may prepay at any time all or any portion of the interest accrued during an Extended Interest Payment Period.

  • Interest Payment and Computation Interest on each Base Rate Loan shall be due and payable in arrears on the last Business Day of each calendar quarter commencing December 31, 2011; and interest on each LIBOR Rate Loan shall be due and payable on the last day of each Interest Period applicable thereto, and if such Interest Period extends over three (3) months, at the end of each three (3) month interval during such Interest Period. All computations of interest for Base Rate Loans when the Base Rate is determined by the Prime Rate shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of fees and interest provided hereunder shall be made on the basis of a 360-day year and actual days elapsed (which results in more fees or interest, as applicable, being paid than if computed on the basis of a 365/366-day year).

  • Principal and Interest Payments (a) (a) Each of the Series A Notes shall bear interest on the Relevant Principal Amount at the interest rate therefor specified in each such Series A Note from time to time outstanding in respect of the period commencing on and including the Commencement Date and ending on the date when the principal amount of such Series A Note shall have been paid in full, payable on each January 2 and July 2 in each year (the "Interest Payment Dates"), commencing the respective dates specified in Schedule 1.4 hereto in the column headed "Interest Payment Commencement Date"; provided, that if the Accreted Value of such Series A Note is not paid when due (upon redemption or acceleration or otherwise) during the Pre-Commencement Date Period, interest on the Accreted Value of such Series A Note as at the date such Accreted Value was not paid shall accrue (and be payable on demand of the Noteholder of record of such Series A Note) at the same interest rate per annum as is specified pursuant to Section 1.4 hereof from such date until such Accreted Value shall have been paid in full; provided, further, that additional interest accrued to any Interest Payment Date as the result of any increase in the interest rate borne by any Series A Note as provided in Section 1.4(b) hereof over what would have accrued or accreted to such date shall be paid in cash to the Noteholders of such Series A Note whether or not the Commencement Date for such Series A Note has occurred; and provided, further, that any other amounts payable to the Indenture Trustee or any Noteholder under this Indenture, any Series A Note or any other Operative Agreement but not paid in full when due (whether at Stated Maturity, by acceleration or otherwise), including any Defaulted Installment and, to the extent permitted by Applicable Law, Defaulted Interest, but excluding unpaid Accreted Value (which shall accrue interest pursuant to the first proviso of this paragraph), shall, for the period from and including the date such amount becomes due and payable until such amount shall have been paid in full, accrue interest at the applicable Late Rate.

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