Interest Following Default Sample Clauses
The 'Interest Following Default' clause establishes that, if a party defaults on a payment obligation, interest will accrue on the overdue amount from the date of default until the payment is made in full. Typically, this interest is calculated at a specified rate, which may be higher than the standard contract rate to incentivize timely payment and compensate the non-defaulting party for the delay. The core function of this clause is to deter late payments and ensure the non-breaching party is compensated for the time value of money lost due to the default.
Interest Following Default. Following an Event of Default, the Interest Rate payable will continue to be calculated in accordance with this Base Condition 5.9 but publication of the Interest Rate or the Interest Amount need not be made unless the Trustee otherwise requires.
Interest Following Default. Following and during the continuance of an event of default, the outstanding Principal Amount of this Note shall bear interest at the highest rate allowed by law, but in no event more than 12%. In this regard, Holders reserve the right to add any accrued interest that is not paid when due to the Principal Amount.