Arrears of Interest definition

Arrears of Interest means as at any date in respect of any Loan, interest (other than Capitalized Interest or Accrued Interest) on that Loan which is currently due and payable and unpaid on that date;

Arrears of Interest means as at any date and in relation to any Mortgage Loan, interest (other than Capitalised Interest or Accrued Interest) on such Mortgage Loan which is currently due and payable on such date;

Arrears of Interest for this purpose in respect of a Mortgage Loan on any date means the aggregate amount overdue on the Mortgage Loan on that date, but only where such aggregate amount overdue equals or exceeds an amount equal to the Monthly Payment then due on the Mortgage Loan and such amount has been overdue for an entire calendar month;

Examples of Arrears of Interest in a sentence

• Notwithstanding the provisions of Condition 5(b) (Optional Interest Deferral - Optional Settlement of Arrears of Interest), the Issuer shall pay any outstanding Arrears of Interest in whole, but not in part, on the first occurring Mandatory Settlement Date following the Interest Payment Date on which any outstanding Deferred Interest Payment was first deferred.

• The Issuer may, by giving not less than 10 nor more than 60 days' notice to the Fiscal Agent, the Paying Agents and, in accordance with Condition 14 (Notices), the Holders (which notice shall be irrevocable), redeem the Securities in whole, but not in part, (i) on any date during the Relevant Period, or (ii) on any Interest Payment Date thereafter at their principal amount together with any accrued and unpaid interest up to (but excluding) the Redemption Date and any outstanding Arrears of Interest.

• Claims in respect of principal and interest or any other amount will become void unless presentation for payment is made as required by Condition 7 (Payments) within a period of 10 years in the case of principal (or any other amount in the nature of principal) and five years in the case of interest (or any other amount in the nature of interest, including Arrears of Interest) from the appropriate Relevant Date.

• References in these Conditions to (i) "Principal" shall be deemed to include all amounts in the nature of principal payable pursuant to Condition 7 (Payments) or any amendment or supplement to it; (ii) "interest" shall be deemed to include all Arrears of Interest and all other amounts payable pursuant to Condition 4 (Interest Payments) or any amendment or supplement to it; and (iii) "principal" and/or "interest" shall be deemed to include any Additional Amounts.

More Definitions of Arrears of Interest

Arrears of Interest has the meaning given to it in Condition 5(a) (Optional Interest Deferral - Deferral of Interest Payments);

Arrears of Interest means, in relation to a Loan as at any date, the aggregate of all interest and expenses which are due and payable and unpaid on that date;

Arrears of Interest means any interest not paid on an Optional Interest Payment Date or a Mandatory Deferral Date (except to the extent such interest shall subsequently have been paid);

Arrears of Interest means at any date in respect of a Purchased HP Contract the aggregate of all interest on that Purchased HP Contract which is currently due and payable and unpaid on that date.

Arrears of Interest has the meaning given to it in Condition 3(b)(i).

Arrears of Interest has the meaning given to it in Condition 4(b)(i).

Arrears of Interest means any amounts deferred in accordance with Condition 4(a);