Failure to Pay Interest definition

Failure to Pay Interest means a failure by a Reference Entity (and any relevant guarantor or insurer thereof) to make a scheduled interest payment on the relevant Reference Obligation on any scheduled distribution date (such unpaid amount being an "Interest Shortfall"), provided that (A) with respect to a Reference Obligation that is not an RMBS Security, the capitalization of such Interest Shortfall or the separate recording of such Interest Shortfall as capitalized interest (in each case, in lieu of cash payment of such interest) and in accordance with and to the extent provided for under the terms of such Reference Obligation (as at the date on which such Reference Obligation is issued and incurred) will not constitute a Failure to Pay Interest and (B) with respect to a Reference Obligation that is an RMBS Security, the reduction of an interest payment on such Reference Obligation occurring solely as a result of an available funds cap and/or a weighted average coupon cap (as provided for in the underlying instruments of such Reference Obligation) will not constitute a Failure to Pay Interest, unless (i) the same constitutes a default or an event of default under the terms of such Reference Obligation or (ii) the terms of such Reference Obligation do not provide for the reimbursement of such Interest Shortfall (and accrued interest thereon). The failure by the Reference Entity (or any relevant guarantor or insurer) to pay any amount in respect of interest in accordance with the foregoing shall not constitute a Failure to Pay Interest Credit Event where such failure has occurred solely due to a miscalculation on the part of the entity responsible for calculating such amounts pursuant to the terms of the relevant Reference Obligation where (i) such miscalculation has not resulted in a default or event of default pursuant to the terms of such Reference Obligation, (ii) such miscalculation is acknowledged in writing or via facsimile by such responsible entity within 2 Business Days of its occurrence and
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Failure to Pay Interest means the occurrence of an Interest Shortfall Amount or Interest Shortfall Amounts (calculated on a cumulative basis) in excess of the relevant Payment Requirement.
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Failure to Pay Interest means, with respect to any Reference Obligation and any related Reference Obligation Payment Date, either (a) the non-payment of an Expected Interest Amount or (b) the payment of an Actual Interest Amount that is less than the Expected Interest Amount. For the avoidance of doubt, the occurrence of an event within clause (a) or clause (b) of this definition shall be determined taking into account any payment made under any Reference Policy of such Reference Obligation, as applicable. For all purposes hereunder, in determining whether a Failure to Pay Interest has occurred with respect to any Reference Obligation that constitutes a Trust Certificate (as defined herein), such Reference Obligation will be deemed: (i) to be a debt obligation with an outstanding principal amount, (ii) to require payment of interest periodically on such outstanding principal amount and (iii) to repay such outstanding principal amount atthe date that is the earliest of (x) the final maturity date, (y) the redemption date and (z) the final distribution date (or such similar date, as the case may be).
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Examples of Failure to Pay Interest in a sentence

  • The Company defaults in the payment of principal of the Note when due and payable on the Maturity Date, upon any required repurchase, upon declaration of acceleration or otherwise; (b) Failure to Pay Interest.

  • In the event of any litigation arising under this Lease, the non-prevailing party shall, upon demand, reimburse the prevailing party for all costs and expenses arising therefrom, including reasonable attorneys’ fees.11.05 Failure to Pay; Interest.

  • Failure to Pay Interest; Events of Default If interest is not punctually paid or duly provided for, it shall cease to be payable to the registered Holder of this Debenture on the applicable Regular Record Date.

  • A Failure to Pay Interest arises when the Reference Obligation fails to make a scheduled interest payment.

  • The three applicable Credit Events are Failure to Pay Principal, Failure to Pay Interest, and Irreversible Loss Writedown.

  • S-12 The Failure to Pay Interest on the SubordinatedClasses of Notes is Not an Event of Default.......

  • Failure to Pay Interest; Events of Default If interest is not punctually paid or duly provided for, it shall cease to be payable to the registered Holder of this Certificate on the applicable Regular Record Date.

  • Failure to Pay Interest on Delayed PIP Payments – 41 Files in Error- Improper General Business Practice Claim NumberDate Bill Received by Company Date Bill PaidNumber of Days to Pay > 6005100193995/1/20077/19/2007Claim NumberDate Bill Received by Company Date Bill PaidNumber of Days to Pay > 6007002093967/23/200711/2/2007 V.

  • Failure to Pay Interest Correctly on Late Paid Claims (Repeat Deficiency) Sections 1371 and 1371.35 and Rules 1300.71(i) and (j) The Plan used the incorrect date for receipt of the complete claim to calculate the number of days for interest payments.

  • Failure to Pay Interest on Delayed PIP Payments – 14 Files in Error Claim NumberDate Bill ReceivedDate Bill PaidDays Paid Beyond 60 0262947210101031 10/29/07 031203834010101611/02/0701/07/0806028134714010107711/27/0702/13/0818028538999010101909/15/0701/02/0849030739589010103710/06/0702/19/0876029515990010101312/06/0702/19/0815030291353010101211/28/0702/26/0830031028213010101612/10/0703/27/0848026585430010103710/26/076/24/08182026981841010104312/26/076/12/08109 3.


More Definitions of Failure to Pay Interest

Failure to Pay Interest means the occurrence of an Interest Shortfall Amount or Interest Shortfall Amounts (calculated on a cumulative basis) in excess of $10,000 (each capitalized term in this definition is as defined in the Credit Derivatives Definitions or the related Confirmation).
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Failure to Pay Interest means in relation to any Reference Obligation (other than a CDS Reference Obligation), the failure by the relevant Reference Entity (after the expiration of any applicable grace period provided for in the relevant Reference Obligation Terms and Conditions) to make (in accordance with the Reference Obligation Terms and Conditions) one or more payments of interest in an aggregate amount of not less than EUR10,000 (or its equivalent where the Reference Obligation is denominated in a currency other than euro), save as described below; and provided that, in any case, for the avoidance of doubt, such failure shall not constitute a Failure to Pay Interest (i) if the relevant amount is paid under any insurance contract, financial guarantee or indemnity provided for in such Reference Obligation Terms and Conditions or (ii) if the failure is cured within one month of the relevant Credit Event Notice and the Swap Counterparty has determined in good faith that the failure was due to operational (administrative or technical) reasons.Where the Reference Obligation Terms and Conditions provide for the deferral or capitalisation of interest (each such deferred or capitalised amount, a "Deferred Amount"), any such deferral or capitalisation shall only constitute a Failure to Pay Interest if the Deferred Amount is not paid in full at the legal final maturity of the Reference Obligation or upon earlier acceleration thereof or otherwise constitutes a default or event of default pursuant to the terms thereof as at the date of inclusion of the Reference Obligation in the Reference Portfolio.For the purposes of this definition the effect of any limited recourse or similar provisions in the relevant Reference Obligation Terms and Conditions will be ignored.
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Failure to Pay Interest. , which means a failure by the Reference Entity to make a scheduled interest payment on the Reference Obligation on any scheduled distribution date; provided that, with respect to a Reference Obligation that is an RMBS Security, the reduction of an interest payment on such Reference Obligation occurring solely as a result of an available funds cap and/or a weighted average coupon cap will not constitute a Failure to Pay Interest.
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Related to Failure to Pay Interest

  • Failure to Pay means, after the expiration of any applicable Grace Period (after the satisfaction of any conditions precedent to the commencement of such Grace Period), the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Potential Failure to Pay means the failure by a Reference Entity to make, when and where due, any payments in an aggregate amount of not less than the Payment Requirement under one or more Obligations, without regard to any grace period or any conditions precedent to the commencement of any grace period applicable to such Obligations, in accordance with the terms of such Obligations at the time of such failure.

  • Reimbursement Obligation the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit.

  • Default means any event which is, or after notice or passage of time or both would be, an Event of Default.