Past Due Rate definition

Past Due Rate means the lesser of (a) with respect to (i) any payment made to a Noteholder under any Series of Equipment Notes, the Debt Rate then applicable to such Series plus 1% and (ii) any other payment made under any Operative Document to any other Person, the Debt Rate plus 1% (computed on the basis of a year of 360 days comprised of twelve 30-day months) and (b) the maximum rate permitted by applicable law.

Past Due Rate. In respect of (A) any amount payable to the Owner Participant or the Owner Trustee a rate per annum during the period from and including the due date to but excluding the date on which such amount is paid in full equal to 2% plus the Debt Rate and (B) any principal of or interest on any Certificate or any other amount payable under the Indenture, any Certificate or any other Operative Agreement that is not paid when due (whether at Maturity, by acceleration, by optional or mandatory prepayment or otherwise) to any Holder, the Indenture Trustee or the Pass Through Trustee, a rate per annum during the period from and including the due date to but excluding the date on which such amount is paid in full equal to (i) in the case of any such amount payable to the Holder of any Certificate, 2% plus the interest rate applicable to such Certificate and (ii) in the case of any other such amount, 2% plus the Debt Rate. Payment Date. Each January 15 and July 15 commencing on January 15, 1999. Payment Default. Any event specified in Section 16.01(a) or 16.01(b) of the Lease which with the giving of notice or lapse of time or both would constitute an Event of Default.

Past Due Rate means, on any day, a rate per annum equal to the lesser of (i) the Ceiling Rate for that day or (ii) the Base Rate plus three percent (3%).

Examples of Past Due Rate in a sentence

• All such amounts due from Borrower to Lender or any other Permitted Owner pursuant to this section shall be payable upon demand and shall accrue interest at the Past Due Rate from the date of each such demand, which interest shall be immediately due and payable.

• To the extent permitted by applicable law, interest at the Past Due Rate shall be paid, on demand, on any amount or indemnity not paid when due pursuant to this Section 4.02 until the same is paid.

• All costs or expenses required to be reimbursed by Trustor to Beneficiary hereunder shall, if not paid when due as herein specified, bear interest at the interest rate of the Notes or at the Past Due Rate if such Notes contains a Past Due Rate, until paid by Trustor.

• Each Equipment Note shall bear interest, payable on demand, at the Past Due Rate (and not at the Debt Rate) (calculated on the basis of a year of 360 days comprised of twelve 30-day months) on any principal amount and (to the extent permitted by applicable law) Make-Whole Amount, if any, interest and any other amounts payable thereunder not paid when due for any period during which the same is overdue, in each case for the period the same is overdue.

• In the event Equity Provider cures such a Default as provided above, Borrower shall reimburse Equity Provider for all reasonable costs and expenses actually incurred by Equity Provider in curing such Default together with interest at the Past Due Rate (as defined in the Note) from the date incurred until paid, immediately upon written demand from Equity Provider to Borrower.

More Definitions of Past Due Rate

Past Due Rate means (i) with respect to the portion of any payment of Rent that may be required by the Trust Indenture to be paid by the Indenture Trustee to the Loan Participants, or the holders of any outstanding Secured Certificates, the "Past Due Rate" as defined in the Trust Indenture and (ii) with respect to the remaining portion of any payment of Rent (and the entire amount of any payment of Rent after the satisfaction and discharge of the Trust Indenture), a rate per annum equal to [_]% over the Base Rate.

Past Due Rate means, with respect to the Secured Certificates, the rate per annum equal to 2% over the Debt Rate as in effect from time to time.

Past Due Rate means the default rate of interest as determined from time to time in accordance with subsection 2.2D of the Credit Agreement.

Past Due Rate. Principal Amount", "Refinancing Transaction", "Refunding Agreement", "Restatement Date", "Sublease Assignment", "Trust Company" and "Trust Indenture Estate" shall have the meanings specified in the Indenture; the terms "Intercreditor Agreement", "Liquidity Facility", "Liquidity Provider" and "Subordination Agent" shall have the meanings specified in the Intercreditor Agreement (as defined in the Pass Through Trust Agreement); and the term 3 "Lease Amendment No. 1" shall have the meaning specified in the Refunding Agreement.

Past Due Rate means a rate per annum equal to the Base Rate plus the Applicable Margin.

Past Due Rate means, on any day, a rate per annum equal to the lesser of (i) the Ceiling Rate for that day or (ii) the Base Rate plus five percent (5%).

Past Due Rate. (A) with respect to the Secured Certificates, means the rate per annum equal to 2% over the Debt Rate as in effect from time to time and (B) for purposes of the Lease, means (i) with respect to the portion of any payment of Rent that may be required by the Trust Indenture to be paid by the Indenture Trustee to the Loan Participants, or the holders of any outstanding Secured Certificates, the rate per annum equal to 2% over the Debt Rate as in effect from time to time and (ii) with respect to the remaining portion of any payment of Rent (and the entire amount of any payment of Rent after the satisfaction and discharge of the Trust Indenture), a rate per annum equal to 1% over the Base Rate.