Affected Payment definition
Examples of Affected Payment in a sentence
A Dollar Constraint shall terminate with respect to Affected Payment when the Company is no longer prevented or restricted, legally or de facto, from purchasing dollars in the exchange markets in Brazil at the commercial rate of exchange or from remitting dollars abroad, in connection with making such Affected Payment.
During the continuation of a Dollar Constraint, a Holder may, in its sole discretion, elect to receive in reais any Affected Payment that was not paid in reais because no effective election was made pursuant to Section 3.15(c)(i)(x), by electing, not later than the date falling five Business Days prior to any subsequent Payment Date, to receive such Affected Payment in reais on the same basis, and subject to the same right of revocation, as set forth in Section 3.15(c) above.
During the continuation of a Dollar Constraint, a Holder may, in its sole discretion, elect to receive in reais any Affected Payment that was not paid in reais because no effective election was made pursuant to Section 3.14(c)(i)(x), by electing, not later than the date falling five Business Days prior to any subsequent Payment Date, to receive such Affected Payment in reais on the same basis, and subject to the same right of revocation, as set forth in Section 3.14(c) above.
The amount of any Affected Payment due during any fiscal year which was not paid by the Company or any Guarantor to the Holders during such fiscal year as a result of the continuance of a Dollar Constraint shall be deducted from the amount of "Excess Cash Flow" with respect to such fiscal year for purposes of calculating the amount payable by the Company with respect to such fiscal year pursuant to Section 11.02(a).
Unless the Company shall be acting as Paying Agent as provided in Section 10.03, the Company shall, by 10:00 a.m. New York time, no later than one Business Day prior to such Dollar Constraint Payment Date, deposit, or cause to be deposited, with the Paying Agent in immediately available funds a sum sufficient to pay such Affected Payment.
Unless the Company shall be acting as Paying Agent as provided in Section 10.03, the Company shall, by 10:00 A.M. New York time, no later than one Business Day prior to such Dollar Constraint Payment Date, deposit, or cause to be deposited, with the Paying Agent in immediately available funds a sum sufficient to pay such Affected Payment.
The amount of any Affected Payment due during any fiscal year which was not paid by the Company or any Guarantor to the Holders during such fiscal year as a result of the continuance of a Dollar Constraint shall be deducted from the amount of “Excess Cash Flow” with respect to such fiscal year for purposes of calculating the amount payable by the Company with respect to such fiscal year pursuant to Section 11.02(a) .
For the avoidance of doubt, no amount of interest shall be payable in respect of any delay in payment of any amounts due to the adjustment of any Affected Payment Date.
The amount of any such payment shall be determined by the exchange rate of sale under PTAX 800 – Option 5 – 220, transaction Sisbacen Data System of the Central Bank, on the Affected Payment Date (or, if PTAX 800 – Option 5 – 220, ceases to exist, the replacement rate therefor, or, if there is no such rate replacing the PTAX 800 – Option 5 – 220, such rate as is determined by the Administrative Agent in good faith save manifest error).
Promptly after any Guarantor shall have obtained knowledge thereof, written notice of any Dollar Restriction (as defined below) that shall have occurred and be continuing which will affect any payment of principal or interest in respect of the Loan in dollars (an "Affected Payment").