Substitute Interest definition

Substitute Interest means a substitute interest payment described in §1.861-2(a)(7).
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Substitute Interest means the interest payable in the event of default as more particularly set out in Clause 2.2(f) hereto.
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Substitute Interest means any shares or stock or instruments convertible into shares, stock or cash proceeds that are issued to NMS in exchange for, or in connection with, the sale or redemption of the Shares (as defined in clause 5.1 below).
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Examples of Substitute Interest in a sentence

  • Substitute Interest (for late PEMI/EMI payments) 2% per month on the defaulted dues.

  • Subject to Section 2.2.4(e), at any time that the Loan is a Base Rate Loan or a Substitute Rate Loan, Borrower shall maintain a Substitute Interest Rate Protection Agreement.

  • All the provisions of this Section 2.6 applicable to the Interest Rate Protection Agreement delivered on the Closing Date shall be applicable to the Substitute Interest Rate Protection Agreement, and in connection with the delivery of the Substitute Interest Rate Protection Agreement, Borrower shall enter into a replacement collateral assignment of such Substitute Interest Rate Protection Agreement, which collateral assignment shall be in the same form as the Assignment of Interest Rate Cap Agreement.

  • In connection with Borrower obtaining a new Substitute Interest Rate Protection Agreement (in lieu of modifying an existing Interest Rate Cap Agreement to serve as the Substitute Interest Rate Protection Agreement), but not prior to Borrower taking all the actions described in this clause (e), Borrower shall have the right to terminate any then-existing Interest Rate Cap Agreement.

  • In order to return to the application of the Ordinary Interest, within three (3) Business Days prior to the expiry of the Interest Period then in force and effect in relation in question for which the Principal Substitute Interest Rate had been applied, the procedure for the determination of the Ordinary Interest Rate, in accordance with the provisions of Clause 7.1, shall be reinitiated.

  • The Subsidiary Substitute Interest Rate shall be notified by the Agent to the Borrower and to the Lenders on the same date on which it is determined.

  • In the event the Borrower utilizes the Overdraft Facility by drawing down moneys in excess of the Operating Limit, the Borrower shall be liable to immediately repay to the Bank amounts so drawn or utilized in excess of the Operating Limit, failing which the Borrower shall, in addition to the interest as aforesaid, be liable to pay Substitute Interest on the entire amounts outstanding at the rate specified in Item No. [VII] of the Schedule A hereto.

  • The application of the Substitute Interest Rates shall cease at the time at which the exceptional circumstances that had given rise to the application thereof have disappeared, and the Ordinary Interest Rate shall once again be applicable, as soon as the applicable market circumstances so permit, subject to the prior and immediate notification thereof from the Agent to the Borrowers and to the Lenders.

  • In the case of the application of any of the Substitute Interest Rates a separate interest settlement shall be effected in respect of each and every one of the Substitute Interest Rates used, individually in respect of the number of days of application of the respective interest rate.

  • The Substitute Interest Rate shall be the annual rate which the Lender determines as the arithmetical mean (if necessary rounded upwards to the nearest one-sixteenth of one per cent (1/16 %)) of the interest rates at which the Lender was offered by 3 prime banks (such banks to be selected by the Lender) deposits in the Loan Currency for the relevant period as at 11:00 a.m. London time on the day which is two Banking Business Days prior to the first ▇▇▇ of the relevant Interest Period.