Interest on Defaulted Payments. If a party defaults in the performance of any payment obligation, it will, to the extent permitted by applicable law and subject to Section 6(c), pay interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as the overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment (and excluding any period in respect of which interest or compensation in respect of the overdue amount is due pursuant to clause (3)(B) or (C) below), at the Default Rate.
Interest on Defaulted Payments. . . 13 SECTION 2.13. Book-Entry Notes . . . . . . . . . . . . 14 SECTION 2.14. Notices to Clearing Agent . . . . . . . . 14 SECTION 2.15. Definitive Notes Initially Issued as Book-Entry Notes . . . . . . . . . . . . 14 SECTION 2.16. Tax Treatment . . . . . . . . . . . . . . 15 ARTICLE III
Interest on Defaulted Payments. Each Note (and all amounts payable by the Issuer thereunder and hereunder) shall bear interest at the Class A Interest Rate (as defined in the Prospectus) plus 1.00% (calculated on the basis of a 30-day month, 360-day year) payable from time to time as provided in the Pooling Agreement on any outstanding principal of the Note and, to the extent permitted by applicable law, on any interest and other amounts due thereunder (and hereunder) but not paid by the maturity date (whether by acceleration or otherwise). The Issuer, or the Collateral Agent on the Issuer's behalf as provided in the Pooling Agreement, may pay the defaulted interest to the Persons who are Noteholders on a subsequent special record date. The Seller shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Indenture Trustee and shall promptly mail to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.
