Interest Payable Amount definition
Interest Payable Amount has the meaning set forth in Section 3.11.
Interest Payable Amount means, in respect of any interest payment date, the product of the Adjusted Distributable Amounts on such interest payment date and a ratio, the numerator of which is the amount of interest (including Additional Amounts with respect thereto, if any) that should have been paid on the relevant series of Securities on such interest payment date, and the denominator of which is the aggregate amount of interest (including Additional Amounts with respect thereto, if any) that should have been paid on the relevant series of Securities on such interest payment date and dividends or interest (including any amounts with respect thereto substantially similar to Additional Amounts, if any) that should have been paid in respect of any Senior Dividend Preferred Shares and any Parity Securities on the same date as such interest payment date (rounding any amount less than a whole cent down to the nearest whole cent).
Interest Payable Amount means the amount apportioned to each Bond calculated by dividing the adjusted distributable amount, which will be the distributable amount under the Companies Act as of the interest payment date less the total amount of dividends and interest of the Bonds, the Parity Securities and the Junior Securities paid during the period from the beginning of the fiscal year in which such interest payment date falls to the day immediately preceding such interest payment date, on a pro rata basis among the total amount of the interest payable on the Bonds and the total amount of dividends and interest payable on the same interest payment date on its preferred stock which ranks the most senior as to dividend payments as well as the Parity Securities.
Examples of Interest Payable Amount in a sentence
The Interest Payable Amount applicable to the Notes on the Interest Payment Date is [describe the Interest Payable Amount applicable to the Notes on the Interest Payment Date] and, accordingly, the Company is prohibited from paying and has cancelled [all of][part of] the interest on the Notes on the Interest Payment Date in the aggregate amount of $[·] in respect of the Notes, as such amount exceeds the Interest Payable Amount applicable to the Notes on the Interest Payment Date.
The Company may cancel any payment of all or part of interest pursuant to the foregoing, even if no cancellation of interest is required or the amount so cancelled exceeds the amount the Company is required to cancel due to the Interest Payable Amount Limitation, as described below under Section 3.11.
The Company hereby notifies The Depositary Trust Company (“DTC”), the Trustee, the Agents and the Holders and beneficial owners of the Notes that, due to the Interest Payable Amount Limitation, it is prohibited from paying and has cancelled [all of/a part of] the payment of interest scheduled to be made on the Notes on [·], 20[·] (the “Interest Payment Date”) pursuant to [Section 3.11] of the Indenture.
More Definitions of Interest Payable Amount
Interest Payable Amount means, in respect of any interest payment date, the product of the Adjusted Distributable Amounts (as defined below) on such interest payment date and a ratio, the numerator of which is the amount of interest (including Additional Amounts with respect thereto, if any) that should have been paid on the Securities on such interest payment date, and the denominator of which is the aggregate amount of interest (including Additional Amounts with respect thereto, if any) that should have been paid on the Securities on such interest payment date and dividends or interest (including any amounts with respect thereto substantially similar to Additional Amounts, if any) that should have been paid in respect of any Senior Dividend Preferred Shares (as defined below) and any Parity Securities (as defined below) on the same date as such interest payment date (rounding any amount less than a whole cent down to the nearest whole cent).
Interest Payable Amount means, in respect of any Interest Payment Date, the product of the Adjusted Distributable Amounts (as defined below) on such Interest Payment Date and a ratio, the numerator of which is the aggregate amount of interest (including Additional Amounts with respect thereto, if any) that should have been paid on the Securities on such Interest Payment Date, and the denominator of which is the aggregate amount of interest (including Additional Amounts with respect thereto, if any) that should have been paid on the Securities on such Interest Payment Date and dividends or interest (including any amounts with respect thereto substantially similar to Additional Amounts, if any) that should have been paid in respect of any Senior Dividend Preferred Shares (as defined below) and any Parity Securities (as defined below) on the same date as such Interest Payment Date (rounding any amount less than a whole cent down to the nearest whole cent).
Interest Payable Amount means, as more fully defined in the accompanying prospectus, in respect of any interest payment date, the product of the Adjusted Distributable Amounts (as defined below) on such interest payment date and a ratio, the numerator of which is the amount of interest that should have been paid on the Securities on such interest payment date, and the denominator of which is the aggregate amount of interest that should have been paid on the Securities on such interest payment date and dividends or interest that should have been paid in respect of any Senior Dividend Preferred Shares (as defined in the accompanying prospectus) and any Parity Securities (as defined in the accompanying prospectus) on the same date as such interest payment date.
Interest Payable Amount means, in respect of any interest payment date with respect to a series of Securities, the product of the Adjusted Distributable Amount on such interest payment date and a ratio, the numerator of which is the aggregate amount of interest (including the Additional Amounts with respect thereto, if any) that should have been paid on such series of Securities on such interest payment date, and the denominator of which is the aggregate amount of interest (including the Additional Amounts with respect thereto, if any) that should have been paid on such of Securities on such interest payment date and dividends or interest (including any amounts with respect thereto substantially similar to the Additional Amounts, if any) that should have been paid in respect of any Parity Securities on the same date as such interest payment date (rounding any amount less than a whole cent down to the nearest whole cent).
Interest Payable Amount means, with respect to any Payment Date, the sum of the Class [A-4] Noteholders' Monthly Accrued Interest for such Payment Date and the Class [A-4] Noteholders' Interest Carryover Shortfall for such Payment Date.
Interest Payable Amount means, in respect of any interest payment date, the product of the Adjusted Distributable Amounts on such interest payment date and a ratio, the numerator of which is the aggregate amount of interest (including the Additional Amounts with respect thereto, if any) that should have been paid on the relevant series of Securities on such interest payment date, and the denominator of which is the aggregate amount of interest (including the Additional Amounts with respect thereto, if any) that should have been paid on the relevant series of Securities on such interest payment date and dividends or interest (including any amounts with respect thereto substantially similar to the Additional Amounts, if any) that should have been paid in respect of any Senior Dividend Preferred Shares and any Parity Securities on the same date as such interest payment date (rounding any amount less than a whole cent down to the nearest whole cent).