Interest Payment Default Sample Clauses
The Interest Payment Default clause defines the circumstances under which a party is considered in default for failing to make required interest payments on a debt or financial obligation. Typically, this clause specifies the due dates for interest payments, any applicable grace periods, and the consequences of missing a payment, such as triggering default remedies or accelerating the debt. Its core practical function is to establish clear expectations and consequences regarding interest payments, thereby protecting the lender’s right to timely compensation and providing a mechanism to address non-payment issues efficiently.
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Interest Payment Default. Default shall be made (i) in the payment of any interest on any Loan or in the payment of any Agent Fee or any other scheduled fee due under any Loan Document when and as the same shall become due and payable or (ii) in the payment of any other amounts (other than an amount referred to in clause (b) above or the foregoing clause (i)) due under any Loan Document (including, without limitation, any increased costs, breakage costs, tax gross-up or indemnity payments) when and as the same shall become due and payable, and, in each case, such default shall continue unremedied for a period of five (5) Business Days.
Interest Payment Default. An “Interest Payment Default” shall exist if the Company fails to make a payment when the same shall become due pursuant to Section 2.2 hereof and such failure continues for seven Business Days after the Noteholder has provided the Company with notice, in accordance with Section 6.2 hereof, of such failure. In the event of an Interest Payment Default the remedies of the Noteholder shall be as provided in the Collaboration Agreement.
Interest Payment Default. Default shall be made (i) in the payment of any interest on any Bond or in the payment of any fee under the Agency Fee Letter or any other scheduled fee due under any Bond Document when and as the same shall become due and payable, and such default shall continue unremedied for a period of three Business Days or (ii) in the payment of any other amounts (other than an amount referred to in paragraph (b) above or the foregoing clause (i)) due under any Bond Document (including, without limitation, any increased costs, breakage costs or indemnity payments) when and as the same shall become due and payable, and such default shall continue unremedied for a period of five Business Days.
Interest Payment Default. Default in the due and punctual payment of any installment of interest on the Bond when and as such interest installment shall become due and payable; and
Interest Payment Default. The Borrower defaults in the payment of any interest on any Loan or L/C Reimbursement Obligation or in the payment of any Fee due under any Financing Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of three Business Days.
Interest Payment Default. The Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Section) payable under any Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of more than three (3) Business Days;
Interest Payment Default. Until the Discharge of ISDA Obligations, except as provided in Sections 3.3(a) and 3.3(c), in the event that (i) the Junior Notes Trustee fails to pay interest on the Junior Notes on the 30th day after Holdings fails to pay interest on the Junior Notes when due after the use of all funds available in the Escrow Account or (ii) any payment of interest on the Junior Notes is made from the Escrow Account and Holdings has not replenished the funds in the Escrow Account within two (2) Business Days so that the amounts contained therein equal the Escrow Amount, the Junior Notes Trustee and the Holders of the Junior Notes agree to not take any Enforcement Action with respect to the Junior Notes or the Junior Notes Guarantee for a period commencing upon the occurrence of an Event of Default and continuing until the earlier to occur of (x) any Insolvency or Liquidation Proceeding with respect to Holdings or any ISDA Party and (y) the passage of 365 days from the date of a Notes Default Notice where the Event of Default described in this Section 3.3(b) shall not have been cured or waived within such 365 day period.