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) due and payable by it pursuant to, and in accordance with, clause 21 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the 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 (Default Interest and Penalty) shall be immediately payable by the Issuer on demand by the Subordinated Lender.

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 21 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the 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 (Default Interest and Penalty) shall be immediately payable by the Issuer on demand by the Subordinated LenderLender 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 21 (Order of Priority) of the Trust Agreement on its due date, interest shall accrue on the overdue amount (at the 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 (Default Interest and Penalty) shall be immediately payable by the Issuer on demand by the Subordinated Lender.