Incremental Default Rate Interest definition
Examples of Incremental Default Rate Interest in a sentence
Incremental Default Rate Interest shall be paid monthly in arrears on the first Business Day of the following month, except as specified in Section 1.3 of the Second Amendment, and shall be paid in lawful money of the United States of America at the place where regular interest is paid.
Incremental Default Rate Interest shall constitute interest on the Notes, and any default in the payment of Incremental Default Rate Interest shall constitute a Default, or, with the passage of five Business Days, an Event of Default, under Section 11(b).
Notwithstanding the foregoing, if there are any overdue amounts of principal or interest in respect of the Notes, Incremental Default Rate Interest shall, at the option of any registered holder of the Notes, be payable on demand with respect to such holder’s Notes.
Incremental Default Rate Interest shall not accrue for any period during which interest accrues pursuant to clause (b) of the first paragraph of the Notes.