Common use of Default Interest and Penalty Clause in Contracts

Default Interest and Penalty. (a) If the Issuer fails to pay any amount (other than in payment of interest) payable by it pursuant to, and in accordance with, Clause 20 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the option of the Subordinated Lender and with notice to the Issuer) from the due date up to the date of actual payment (both before and after judgment) at the rate which would have been payable for successive Interest Periods. Any interest accruing under this Clause 5.3 shall become due by the Issuer on demand by the Subordinated Lender but shall only be paid in accordance with the applicable Order of Priority, provided sufficient funds are available.

Default Interest and Penalty. (a) If the Issuer fails to pay any amount (other than in payment of interest) payable by it pursuant to, and in accordance with, Clause clause 20 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the option of the Subordinated Lender and with notice to the Issuer) from the due date up to the date of actual payment (both before and after judgment) at the rate which would have been payable for successive Interest Periods. Any interest accruing under this Clause 5.3 clause 5.2 shall become due by the Issuer on demand by the Subordinated Lender but shall only be paid in accordance with the applicable Order of Priority, provided sufficient funds are available.

Default Interest and Penalty. (a) If the Issuer fails to pay any amount (other than in payment of interest) due and payable by it pursuant to, and in accordance with, Clause 20 21 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the option opinion of the Subordinated Lender and with notice to the Issuer) from the due date up to the date of actual payment (both before and after judgment) at the rate which would have been payable for successive Interest Periods. Any interest accruing under this Clause 5.3 5.2 shall become due by the Issuer on demand by the Subordinated Lender but shall only be paid in accordance with the applicable Order of Priority, provided sufficient funds are available.

Default Interest and Penalty. (a) If the Issuer fails to pay any amount (other than in payment of interest) payable by it pursuant to, and in accordance with, Clause 20 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the option of the Subordinated Lender and with notice to the Issuer) from the due date up to the date of actual payment (both before and after judgment) at the rate which would have been payable for successive Interest Periods. Any interest accruing under this Clause 5.3 6 shall become due by the Issuer on demand by the Subordinated Lender but shall only be paid in accordance with the applicable Order of Priority, provided sufficient funds are available.