Minimum Interest Payment definition
Minimum Interest Payment is defined in Section 2.10.
Minimum Interest Payment shall have the meaning set forth in Section 2.7(d) hereof.
Minimum Interest Payment means, with respect to any Interest Payment Date, an amount (not less than zero) equal to the amount of interest that would have been payable in relation thereto in accordance with the provisions under “Calculation of Interest” above if on each day during such period on which one or more Reference Entities are Unsettled Reference Entities, Payable Credit Protection Payments had been determined in respect of each such Unsettled Reference Entity such that the Payable Credit Protection Payment took its maximum possible value and, correspondingly, the Principal Balance on such day took its minimum possible value.
Examples of Minimum Interest Payment in a sentence
In furtherance of the foregoing, Borrower expressly acknowledges and agrees that (x) Lender shall have no obligation to accept any prepayment or repayment of the Loan unless and until Borrower shall have complied with this Section 2.7(d), and (y) Lender shall have no obligation to release or, if requested by Borrower, assign the Note and Security Instrument upon payment of the Obligations unless and until Lender shall have received the entire Minimum Interest Payment.
Borrower expressly acknowledges and agrees that the Minimum Interest Payment shall constitute additional consideration for the Loan, and shall, upon payment, be the sole and exclusive property of Lender.
All amounts payable to Lender pursuant to this Section 4.33 shall, upon ▇▇▇▇▇▇’s receipt thereof, be applied to the partial repayment of the Debt (including any Exit Fee, Minimum Interest Payment, Breakage Costs, Interest Shortfall and/or other amounts payable in connection with such prepayment pursuant to the terms of Section 2.7).
Lender shall not be obligated to accept any prepayment unless it is accompanied by payment of the Breakage Costs, the Exit Fee, the Minimum Interest Payment, in each case to the extent applicable, and the applicable Interest Shortfall due in connection therewith.
No prepayment premium or penalty (which shall not be deemed to include the Exit Fee or Minimum Interest Payment, each of which shall be owed as provided for in this Agreement, if applicable) shall be due in connection with any prepayment made pursuant to this Section 2.7(b).
More Definitions of Minimum Interest Payment
Minimum Interest Payment means, with respect to any Interest Payment Date for which an Interest Payment Deferral is applicable, an amount (not less than zero) equal to the amount of interest that would have been payable in relation to the Interest Accrual Period ending on such Interest Payment Date in accordance with the provisions under "Calculation of Interest" above if on each day during such period on which one or more Reference Entities are Unsettled Reference Entities, Cash Settlement Amounts had been determined in respect of each such Unsettled Reference Entity such that the Principal Balance on such day took its minimum possible value.
Minimum Interest Payment shall have the meaning set forth in Section 2.7(d) hereof. “Monthly Debt Service Payment” shall have the meaning set forth in Section 2.6 hereof. “Monthly Insurance Deposit” shall have the meaning set forth in Section 7.2 hereof. “Monthly Payment Date” shall mean May 9, 2024 and the ninth (9th) day of every calendar month occurring thereafter during the term of the Loan. “Monthly Tax Deposit” shall have the meaning set forth in Section 7.2 hereof. “Moody’s” shall mean ▇▇▇▇▇’▇ Investor Service, Inc. “Net Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such Award. “Net Proceeds Deficiency” shall have the meaning set forth in Section 5.4 hereof.
Minimum Interest Payment means an amount equal to the lesser of (i)(A) Eight Hundred Eighty-Seven Thousand Sixty-Three and No/100 Dollars ($887,063.00) less (B) the sum of the aggregate amount of regular, monthly non-default interest that has accrued and been paid under the Note as of the date the Loan is paid in full or (ii) Seventy-Five and One Ten Hundredths percent (75.1%) of the Minimum Interest (as defined in the Collaterally Assigned Note) received by Borrower; provided, however, it is expressly agreed and understood that (1) except as expressly indicated in item (3) of this sentence, the Minimum Interest Payment shall be due under any and all circumstances where the Loan is paid in full, whether such payment is a prepayment or made on or after the Maturity Date, whether such payment is voluntary or involuntary, and even if such payment results from Lender’s acceleration of the Maturity Date of this Note upon an Event of Default (and irrespective of whether foreclosure proceedings have been commenced), and shall be in addition to any other sums due hereunder or under any of the other Loan Documents, (2) any fee, cost or expense paid by Borrower (other than monthly non-default interest that has accrued and been paid as of the date of such payment) shall not be included in the determination of “regular monthly non default interest that has accrued and been paid” for purposes of the foregoing calculation, (3) no Minimum Interest Payment shall be applicable with respect to any payment resulting from application of Net Proceeds as provided in the Collaterally Assigned Loan Agreement at any time during the term of the Loan, (4) no Minimum Interest Payment is payable at the time of a partial prepayment, and (5) in no event shall the Minimum Interest Payment be a negative amount.
Minimum Interest Payment means, with respect to any Interest Payment Date, an amount (not less than zero) equal to the amount of interest that would have been payable in relation thereto in accordance with the provisions under “Calculation of Interest” above if on each day during such period on which one or more
Minimum Interest Payment shall have the meaning set forth in Section 2.7(d) hereof. “Monthly Debt Service Payment” shall have the meaning set forth in Section 2.6 hereof. “Monthly Payment Date” shall mean May 9, 2024 and the ninth (9th) day of every calendar month occurring thereafter during the term of the Loan. “Moody’s” shall mean ▇▇▇▇▇’▇ Investor Service, Inc. “Net Proceeds” shall mean: (i) the net amount of all insurance proceeds payable as a result of a Casualty to the Property, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such insurance proceeds, or (ii) the net amount of the Award, after deduction of reasonable costs and expenses (including, but not limited to, reasonable attorneys’ fees and costs), if any, in collecting such Award. “New Non-Consolidation Opinion” shall mean a substantive non-consolidation opinion provided by outside counsel acceptable to Lender and the Rating Agencies and otherwise in form and substance acceptable to Lender and the Rating Agencies. “Non-Consolidation Opinion” shall mean any substantive non-consolidation opinion delivered to Lender in connection with the Loan (including, without limitation, that certain substantive non-consolidation opinion delivered to Lender by ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇ P.A. in connection with the closing of the Loan). “Note” shall mean that certain Junior Promissory Note of even date herewith in the principal amount of $15,000,000.00, made by Borrower in favor of Lender, as the same may be amended, restated, replaced, extended, renewed, supplemented, severed, split, or otherwise modified from time to time. “NRSRO” shall mean any credit rating agency that has elected to be treated as a nationally recognized statistical rating organization for purposes of Section 15E of the Exchange
Minimum Interest Payment means, for any Monthly Payment Date, the amount designated as the Minimum Interest Payment in respect of such Monthly Payment Date on Schedule 1(c) hereto.
Minimum Interest Payment means, with respect to any Interest Payment Date for which an Interest Payment Deferral is applicable, an amount (not less than zero) equal to the amount of interest that would have been payable in relation thereto in accordance with the provisions under "Calculation of Interest"