Interest Payment Default definition

Interest Payment Default means any interest payment when due on the Interest Payment Date therefor shall fail to be made and such failure shall continue for at least 365 consecutive days after such Interest Payment Date; provided, however that no Interest Payment Default shall be deemed to have occurred hereunder if, within 10 days after the end of such 365-day period, the Noteholder shall have received all interest accrued (including, without limitation, interest accruing pursuant to Clause 15.1) from such Interest Payment Date to the date the interest payment is made;

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Interest Payment Default shall exist if the Company fails to make a payment when the same shall become due pursuant to Section 2.2 hereof and such failure continues for seven Business Days after the Noteholder has provided the Company with notice, in accordance with Section 6.2 hereof, of such failure. In the event of an Interest Payment Default the remedies of the Noteholder shall be as provided in the Collaboration Agreement.

Interest Payment Default means, with respect to any Protected Asset, any failure by the Borrower thereunder to make all or a portion of any scheduled payment of interest (excluding any Additional Interest on such Protected Asset) due with respect to such Protected Asset pursuant to the terms of the Existing Loan Documents for such Protected Asset beyond any applicable notice or grace period, including any Interest Payment Default pursuant to Section 2.4.1(b).

Examples of Interest Payment Default in a sentence

• In the event of an Interest Payment Default the remedies of the Noteholder shall be as provided in the Collaboration Agreement.

• No waiver or statement of satisfactory cure pursuant to this Section 4.5 shall extend to or affect any subsequent or other Event of Default, Interest Payment Default or Scheduled Payment Default not specifically identified in such waiver or statement of satisfactory cure or impair any of the rights of any holder of this Note upon the occurrence thereof.

• None of an Event of Default, an Interest Payment Default or a Scheduled Payment Default shall be deemed to be in existence for any purpose of this Agreement if the Noteholder shall have waived such event in writing or stated in writing that the same has been cured to the Noteholder’s reasonable satisfaction.

• The third occurrence of an Interest Payment Default (as defined in the Alimera Note), Scheduled Payment Default (as defined in the Alimera Note), or any combination thereof, on different days and not simultaneously, (notwithstanding any intervening cure or waiver, other than a waiver in writing relating specifically to this sentence of this Section 11.2, and notwithstanding the termination of the Alimera Note) shall constitute a breach of a material term of this Agreement by Alimera.

• Upon any Interest Payment Default or Scheduled Payment Default pursuant to and as defined in the Alimera Note, then, automatically and without further action by CDS or Alimera, the Fifty/Fifty Amendments shall be deemed to have been made, which amendments shall apply to all payments due or paid thereafter.

More Definitions of Interest Payment Default

Interest Payment Default means a default in the payment of interest when due and payable on any of the Securities which would constitute an Event of Default if such payment were not made within the applicable cure or grace period pursuant to Section 6.01(1).

Interest Payment Default shall have the meaning ascribed to such term in the Recitals hereof.

Interest Payment Default. The notes are in default if scheduled interest is not paid on the most senior class of notes outstanding within 35 days after the applicable payment date Prepayment Pricing Speed: 1.50% ABS

Interest Payment Default means (a) with respect to a Security called for Redemption, in the case that the applicable Redemption Date is also an interest payment date, a Default in the payment of the accrued and unpaid Interest, if any, to, but excluding the Redemption Date to the Holder(s) of record of such Security as of the close of business on the record date for such interest payment, and (b) with respect to a Security subject to repurchase at Holder’s Option Upon a Change of Control, in the case that the applicable Repurchase Date is also an interest payment date, a Default in the payment of the accrued and unpaid Interest, if any, to, but excluding the Repurchase Date to the Holder(s) of record of such Security as of the close of business on the record date for such interest payment.

Interest Payment Default as expressly set forth in the Short-Term Waiver: failure by the Borrowers to make the interest payment due under the Credit Agreement on October 10, 2023, that resulted in an Event of Default under Section 8.01(a)(ii) of the Credit Agreement.

Interest Payment Default has the meaning ascribed to it in Recital B.

Interest Payment Default means a “Default” under (and as defined in) the Senior Notes Indenture due to Borrowers’ failure to pay interest on the due date therefor under Senior Notes Indenture, without giving effect to any grace period for the payment of such interest under Section 6.01(i) of the Senior Notes Indenture.