Common use of Defaulting Banks Clause in Contracts

Defaulting Banks. If a Bank (a "DEFAULTING BANK") fails to make payment on its due date of any amount (an "OVERDUE AMOUNT") due from it for the account of the Issuing Bank pursuant to clause 4.7 (Banks' Guarantee and Indemnity) then until the Issuing Bank (or the Agent on its behalf) has received payment of such overdue amount in full (and without prejudice to any other rights or remedies of the Issuing Bank in respect of such failure): (a) the Issuing Bank shall be entitled to receive any remuneration which such Defaulting Bank would otherwise have been entitled to receive in respect of the Revolving Credit Facility; and (b) the overdue amount shall bear interest at the rate of one per cent per annum over LIBOR plus the Additional Cost for the time being from the due date until the date of payment and any such interest which accrues shall be compounded monthly.

Defaulting Banks. If a Bank (a "DEFAULTING BANKDefaulting Bank") fails to make payment on its due date of any amount (an "OVERDUE AMOUNToverdue amount") due from it for the account of the Issuing Bank pursuant to clause 4.7 (Banks' Guarantee and Indemnity) then until the Issuing Bank (or the Agent on its behalf) has received payment of such overdue amount in full (and without prejudice to any other rights or remedies of the Issuing Bank in respect of such failure): (a) the Issuing Bank shall be entitled to receive any remuneration which such Defaulting Bank would otherwise have been entitled to receive in respect of the Revolving Credit Facility; and (b) the overdue amount shall bear interest at the rate of one per cent per annum over LIBOR plus the Additional Cost for the time being from the due date until the date of payment and any such interest which accrues shall be compounded monthly.

Defaulting Banks. If a Bank (a "DEFAULTING BANKDefaulting Bank") fails to make payment on its due date of any amount (an "OVERDUE AMOUNToverdue amount") due from it for the account of the Issuing Bank pursuant to clause 4.7 (Banks' Guarantee and Indemnity) then until the Issuing Bank (or the Facility Agent on its behalf) has received payment of such overdue amount in full (and without prejudice to any other rights or remedies of the Issuing Bank in respect of such failure): (a) the Issuing Bank shall be entitled to receive any remuneration which such Defaulting Bank would otherwise have been entitled to receive in respect of the Revolving Credit Facility; and (b) the overdue amount shall bear interest at the rate of one per cent per annum over LIBOR plus the Additional Mandatory Cost Rate for the time being from the due date until the date of payment and any such interest which accrues shall be compounded monthly.

Defaulting Banks. If a Bank (a "DEFAULTING BANK") fails to make payment on its due date of any amount (an "OVERDUE AMOUNT") due from it for the account of the Issuing Bank pursuant to clause 4.7 (Banks' Guarantee and Indemnity) then until the Issuing Bank (or the Facility Agent on its behalf) has received payment of such overdue amount in full (and without prejudice to any other rights or remedies of the Issuing Bank in respect of such failure): (a) the Issuing Bank shall be entitled to receive any remuneration which such Defaulting Bank would otherwise have been entitled to receive in respect of the Revolving Credit Facility; and (b) the overdue amount shall bear interest at the rate of one per cent per annum over LIBOR plus the Additional Mandatory Cost Rate for the time being from the due date until the date of payment and any such interest which accrues shall be compounded monthly.

Defaulting Banks. If a Bank (a "DEFAULTING BANKDefaulting Bank") fails to make payment on its due date of any amount (an "OVERDUE AMOUNToverdue amount") due from it for the account of the Issuing Bank pursuant to clause 4.7 4.6 (Banks' Guarantee and Indemnity) then until the Issuing Bank (or the Agent on its behalf) has received payment of such overdue amount in full (and without prejudice to any other rights or remedies of the Issuing Bank in respect of such failure): (a) the Issuing Bank shall be entitled to receive any remuneration which such Defaulting Bank would otherwise have been entitled to receive in respect of the Revolving Credit Facility; and (b) the overdue amount shall bear interest at the rate of one per cent per annum over LIBOR plus the Additional Cost for the time being from the due date until the date of payment and any such interest which accrues shall be compounded monthly.