Accrued Default Interest definition

Accrued Default Interest has the meaning set forth in Section 2.05(c).
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Accrued Default Interest has the meaning set forth in the Senior Credit Agreement.
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Accrued Default Interest shall have the meaning set forth in the Waiver Agreement.
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Examples of Accrued Default Interest in a sentence

  • In the event that none of the Interest Rate Increase Criteria occurs, the Lender shall waive the payment of the Accrued Default Interest.

  • The Borrower hereby agrees that the Lender may, at any time or from time to time in its sole discretion and without further authorization by the Borrower, make a loan to the Borrower under the Credit Agreement, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses, the fee required under paragraph 5 hereof and the Accrued Default Interest which is due and payable under Paragraph 5 hereof.

  • The Borrower acknowledges that as of April 30, 2001, the amount of Accrued Default Interest was $35,763.

  • Accordingly, the Company agrees to pay to LLCP, at or prior to the Closing, all Accrued Default Interest.

  • The Loan Parties acknowledge and agree that (i) from and after the Existing Default interest on the entire outstanding principal balance of the Loan has accrued at the Default Rate since such default date through the Effective Date (the “Accrued Default Interest”), and (ii) a portion of the Accrued Debt Service includes the Accrued Default Interest.

  • The parties acknowledge and agree that the aggregate amount of interest that has accrued under the Amended November 1998 Note and the April 1999 Note at the Default Rate (as such term is defined in the Amended November 1998 Note and the April 1999 Note, respectively) with respect to Defaults and Events of Default occurring through the Closing Date is $300,000 (the "Accrued Default Interest"), and that such aggregate amount remains unpaid as of the date hereof.

  • On any Interest Payment Date or Payment Date when no Event of Default has occurred and is continuing, the Administrative Agent may cause the Debt Service Reserve Account to be debited for the purpose of paying interest (other than Accrued Default Interest) and principal to the extent amounts then on deposit in the Debt Service Account or otherwise available are insufficient to make such payments that are then due and payable.

  • Accrued Default Interest shall be payable during the continuance of any Specified Event of Default pursuant to Sections 4.4 and 4.5 of the Multiparty Agreement.

  • The Company shall have paid to the Purchaser, by wire transfer in immediately available funds to a bank account designated by the Purchaser, all interest on the Amended November 1998 Primary Note and the April 1999 Note that has accrued through and including the Closing Date and remains unpaid, including, without limitation, all Accrued Default Interest (as such term is defined in Section 2.3 of the Waiver Agreement).

  • The Noteholders, through Noteholder Representative, hereby agree that if Borrowers pay the Outstanding Default Interest Amount on or before the Accrued Default Interest Due Date, no late fees will be assessed under the Notes or AP Notes on account of Borrowers’ failure to timely make interest payments due under the Notes through the payment date ending closest to September 1, 2023.


More Definitions of Accrued Default Interest

Accrued Default Interest and that interest at the Default Rate shall continue to accrue on the outstanding principal balance of the Loan on and after the Forbearance Effective Date, all of which amounts shall constitute additional Indebtedness evidenced by the Note and shall be secured by the Loan Documents. Subject to the satisfaction of all conditions to forbearance set forth herein prior to the expiration of the Forbearance Period, Lender shall waive Borrower’s obligation to pay interest calculated at the Default Rate (and Lender shall accept payments of interest calculated at the Contract Rate during the Forbearance Period in lieu thereof); provided, however, that in the event that all conditions to forbearance set forth in this Agreement are not satisfied prior to the expiration (or earlier termination) of the Forbearance Period, in addition to all of the other obligations of the Borrower Parties set forth in the Loan Documents, all interest from and after June 30, 2021 shall be calculated at the Default Rate and become immediately due and payable by Borrower, without notice or cure period. By initialing below, Borrower Parties acknowledge that (i) this Section 6 has been read and fully understood, (ii) the Borrower Parties have had the opportunity to ask questions of its counsel about its meaning and significance, and (iii) the Borrower Parties have accepted and agreed to the terms set forth in this Section 6. BORROWER’S INITIALS /s/ SK INDEMNITOR’S INITIALS /s/ SK PLEDGOR’S INITIALS [Text continues on following page]
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Related to Accrued Default Interest

  • Default Interest means interest chargeable in terms of this Agreement to unpaid amounts or outstanding obligations which interest shall be calculated, from the due date until date of payment, on a daily balance and compounded monthly in arrear at an annual rate of two percent (2%) above the prevailing, variable prime rate publicly quoted by ABSA Bank Limited from time to time.

  • Note Default Interest Spread means, with respect to the outstanding principal balance of any Note, a rate per annum equal to the lesser of (i) the Maximum Legal Rate minus the Note A Rate or (ii) five percent (5%).

  • Default Fee means with respect to any amount due and payable by Seller in respect of any Aggregate Unpaids, an amount equal to the greater of (i) $1000 and (ii) interest on any such unpaid Aggregate Unpaids at a rate per annum equal to 2% above the Prime Rate.

  • Default Interest Rate is two percent above the base lending rate of Barclays Bank PLC, as varied from time to time;

  • Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.”