Common use of 3Interest Clause in Contracts

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resources; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resources, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resourcesa margin of solvency in accordance with the Solvency Order; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resourcesa margin of solvency in accordance with the Solvency Order, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources a margin of solvency in accordance with the Solvency Order immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resourcesa margin of solvency in accordance with Article 13(2) of the Accounts, Audits, Reports and Solvency Order; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resourcesa margin of solvency in accordance with Article 13(2) of the Accounts, Audits, Reports and Solvency Order s, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources a margin of solvency in accordance with Article 13(2) of the Accounts, Audits, Reports and Solvency Order immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii4(xi). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resources; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resources, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi4(xiv), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v4(xiii) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,