Common use of Added Interest Clause in Contracts

Added Interest. In the event the Issuer does not create and perfect the Security in a form and manner satisfactory to the Debenture Trustee and the Debenture Holders within the timelines stipulated in Section 4 , all the outstanding principal amounts of the Debentures and the Amounts Due, pending creation and perfection of the Security, shall carry additional interest, over and above the Coupon Rate, at the rate of 2% (two percent) per annum or such other minimum rate as may be prescribed under applicable Law, whichever is higher, (“Added Interest”), computed from the date on which the Issuer was required to create and perfect the Security Interest as mentioned in Section 4 till the creation and perfection of Security, in a form and manner satisfactory to the Debenture Trustee and the Debenture Holders. The Added Interest shall be payable forthwith upon demand by the Debenture Trustee or the Debenture Holders or in the event no demand is made, on any other day but no later than the immediately following Coupon Payment Date.