Current Pay Interest definition
Examples of Current Pay Interest in a sentence
Lender agrees that it shall deliver to Mortgage Lender, not less than five (5) days prior to each Payment Date, a written notice setting forth (i) the amount of the Current Pay Interest Payment that will be due on the next Payment Date, and (ii) an itemized list of any other amounts that will be due on such next Payment Date pursuant to the terms of this Agreement and/or the other Loan Documents.
After the occurrence and during the continuance of an Event of Default under Section 8.1(a), the Borrower shall pay, but only to the extent permitted by law, interest on the outstanding principal amount of the Notes and all other accrued but unpaid Obligations at a rate equal to the Aggregate Interest Rate plus 6.0% per annum (all of which shall increase the otherwise applicable Current Pay Interest) (the “Default Rate”).
Interest accruing hereunder in excess of the Current Pay Interest Rate, if any, shall (x) on each Payment Date, immediately commence earning interest at the Applicable Interest Rate to the extent permitted by law and (y) to the extent remaining unpaid at the Maturity Date, be due and payable in full on the Maturity Date.
Current Pay Interest shall be payable in arrears on the first day of each month commencing January 1, 2000, and when the Term Loan is due (whether at maturity, by reason of acceleration or otherwise).
Notwithstanding the foregoing or any other provision of this Note to the contrary, Current Pay Interest will be converted to PIK Interest in the sole discretion of Holder.