Application of Interest. On each Deferral Date, and notwithstanding the subordination provisions of Article 4 of the Original Indenture and Article 6 hereof which shall not apply in the case of a Deferral Event Subscription, interest payable in respect of the Trust Notes — Series 2015-A on such Interest Payment Date to Holders of Trust Notes — Series 2015-A shall be paid by the Trust as Deferral Event Subscription Proceeds to give effect to the related Deferral Event Subscription Proceeds Assignment by each Holder in order to complete each such Holder’s obligations in respect of the related Deferral Event Subscription. Pursuant to the Assignment and Set-Off Agreement, such Deferral Event Subscription Proceeds Assignment shall constitute the full and final payment by the Holders for and in respect of the purchase price payable by each Holder in relation to its related Deferral Event Subscription and TCPL is required to issue and deliver to each Holder (in the manner contemplated in the Assignment and Set-Off Agreement) a number of TCPL Deferral Preferred Shares (including fractional shares, if applicable) calculated by dividing (a) the amount of the interest payment on the Trust Notes — Series 2015-A that has not been paid in cash to such Holder on the Deferral Date, by (b) the stated issue price of the applicable series of TCPL Deferral Preferred Shares.
Application of Interest. In the event the interest provisions hereof or any exactions provided for herein or in any of the Loan Documents shall result in an effective rate of interest which, for any period of time, exceeds the limit of any usury or other law applicable to the loan evidenced hereby, all sums in excess of those lawfully collectible as interest for the period in question shall, without further agreement or notice between or by any party hereto, be applied toward repayment of outstanding principal immediately upon receipt of such moneys by Holder with the same force and effect as if Maker had specifically designated such extra sums to be so applied to principal and Holder had agreed to accept such extra payment(s) in repayment of the principal balance hereof. Notwithstanding the foregoing, however, Holder may at any time and from time to time elect, by notice in writing to Maker, to reduce or limit the collection of any interest to such sums which shall not result in any payment of interest in excess of that lawfully collectable. Maker agrees that in determining whether or not any interest payable under this Note exceeds the highest rate permitted by law, any non-principal payment shall be deemed to the extent permitted by law to be an expense, fee, premium or penalty, rather than interest.
Application of Interest. At IDT's option, IDT may apply, from time to time, any or all interest accrued under the Canceled Note (prior to the date of cancellation thereof) or the Reduced Note or any other promissory note now or hereafter made and delivered by 14CI to IDT, toward the purchase price of spare parts or components for the H'Ts.
Application of Interest. All payments made hereunder shall be applied first to unpaid expenses and charges payable hereunder, then to accrued and unpaid interest, and then to principal (the "Obligations"), or in such other order or proportion as the Lender, in the Lender's sole discretion, may elect from time to time;
Application of Interest. Earned interest will be added to the principal amount unless another designation is made at the time of certificate opening. Earned interest may be withdrawn upon request by the owner without penalty so long as the balance is not reduced below the amount of the opening balance.
