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. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 (Order of Priority) of the Trust Agreement on its due date, liquidated damages to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amount. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.

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 clause 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 clause 5.3 (Default Interest and Penalty) shall become due be immediately payable 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 availableLender. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 clause 21 (Order of Priority) of the Trust Agreement on its due date, the Issuer shall pay liquidated damages to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amountamount in accordance with clause 21 (Order of Priority) of the Trust Agreement. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.

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 clause 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 clause 5.2 (Default Interest and Penalty) shall become due be immediately payable 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. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 clause 21 (Order of Priority) of the Trust Agreement on its due date, the Issuer shall pay liquidated damages to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amountamount in accordance with clause 21 (Order of Priority) of the Trust Agreement. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.

Default Interest and Penalty. (a) If the Issuer The Borrower shall be in payment default (Verzug) if it fails to pay any amount (other than in payment of interestinterest and fees, other than the commitment fees under Clause 11.1 (Commitment Fee)) payable by it pursuant to, and in accordance with, Clause 20 (Order of Priority) of the Trust Agreement under a Finance Document on its due date. On the occurrence of such a payment default (Verzug), 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 a rate one (1) per cent. higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 5.3 8.6 shall become due be immediately payable by the Issuer Borrower on demand by the Subordinated Lender but shall only be paid in accordance with the applicable Order of Priority, provided sufficient funds are availableFacility Agent. (b) If the Issuer Borrower fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 (Order of Priority) of the Trust Agreement or fees under a Finance Document on its due date, the Borrower shall pay liquidated damages to the Subordinated Lender shall become due Facility Agent for payment by the Issuer account of the relevant Lenders in an amount determined by the Subordinated Lender Facility Agent as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender Facility Agent of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amount. (c) In the circumstances described in paragraphs (a) and paragraph (b) above, the Issuer Borrower shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than Lenders is inferior to the amounts determined in accordance therewith, and the Subordinated Lender Lenders shall be entitled to prove and claim for any higher damage.

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. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause clause 20 (Order of Priority) of the Trust Agreement on its due date, liquidated damages to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amount. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.

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. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 21 (Order of Priority) of the Trust Agreement on its due date, the Issuer shall pay liquidated damages to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amountamount in accordance with Clause 21 (Order of Priority) of the Trust Agreement. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.

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 clause 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 clause 5.2 (Default Interest and Penalty) shall become due be immediately payable 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 availableLender. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 clause 21 (Order of Priority) of the Trust Agreement on its due date, the Issuer shall pay liquidated damages to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amountamount in accordance with clause 21 (Order of Priority) of the Trust Agreement. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.

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. (b) If the Issuer fails to pay any amounts in payment of interest pursuant to, and in accordance with, Clause 20 (Order of Priority) of the Trust Agreement on its due date, the Issuer shall pay liquidated damages (pauschalisierter Schadensersatz) to the Subordinated Lender shall become due for payment by the Issuer in an amount determined by the Subordinated Lender as being, in respect of the period from the due date of payment until receipt by the Subordinated Lender of the relevant amount, the equivalent of interest at a rate determined in accordance with paragraph (a) above applied to the relevant overdue amountamount in accordance with, Clause 20 (Order of Priority) of the Trust Agreement. (c) In the circumstances described in paragraphs (a) and (b) above, the Issuer shall be entitled to demonstrate that the damage actually suffered by the Subordinated Lender was less than the amounts determined in accordance therewith, and the Subordinated Lender shall be entitled to prove and claim for any higher damage.