Covenant to pay default interest Clause Samples

POPULAR SAMPLE Copied 2 times
Covenant to pay default interest. The Owner shall pay to the Security Trustee interest on any expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 3.3 from the date on which the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money is paid or incurred by the Security Trustee (as well after as before judgment): (a) at the rate described in Clause 7.3(a) or (b) of the Credit Agreement; (b) compounded in accordance with Clause 7.3(c) of the Credit Agreement; and (c) on demand.
View SourceView Similar (3)
Covenant to pay default interest. The Owner shall pay interest on any expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 3.3 from the date on which the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money is paid or incurred by the Mortgagee (as well after as before judgment): (a) at the rate described in clause 6.2 of the Loan Agreement; (b) compounded in accordance with clause 6.6 of the Loan Agreement; and (c) on demand.
View SourceView Similar (7)
Covenant to pay default interest. (a) If: (i) an Event of Default occurs, then the Company shall pay Interest on the Debentures at a rate which is 2% (two per cent) over and above the Applicable Interest Rate for the period until such Event of Default ceases to exists or is cured to the satisfaction of the Trustee (acting on the instructions of the Debenture Holders); (ii) the Company fails to list the Debentures on BSE within 4 (four) trading days from the Issue Closing Date, then the Company shall pay Interest on the Debentures at a rate which is 1% (one per cent) over and above the Applicable Interest Rate for the period from the expiry of 4 (four) trading days from the Issue Closing Date till the final listing approval of Debentures is obtained from BSE; and (iii) the Company fails to execute this Deed within 60 (sixty) days from the Deemed Date of Allotment, then the Company shall pay Interest on the Debentures at a rate which is 2% (two per cent) over and above the Applicable Interest Rate for the period from the expiry of 60 (sixty) days from the Deemed Date of Allotment till the Deed is executed to the satisfaction of the Trustee (acting on the instructions of the Debenture Holders). (b) The default interest payable in accordance with Clause 3.3(a) above (“Default Interest”) will be immediately due and payable. (c) The Company agrees that the Default Interest is a genuine and reasonable pre-estimate of the loss likely to be suffered by the Debenture Holders on account of any default by the Company. Further, any determination or calculation made by a Debenture Holder with regard to the Default Interest payable by the Company under this Deed is conclusive evidence of the matters to which it relates.
View SourceView Similar (2)
Covenant to pay default interest. (a) If the Company fails to pay any amount payable by it under a Transaction Document on its due date, then interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which is 4% (four per cent.) per annum over and above the Interest Rate (“Default Rate”). The Company shall pay interest at the Default Rate accruing under this Clause 3.3 (Covenant to pay Default Interest) (“Default Interest”) compounded on a quarterly basis on the immediately succeeding Interest Payment Date or on demand by the Trustee, whichever is earlier. (b) The Company agrees that the Default Interest is a genuine pre-estimate of the loss likely to be suffered by the Debenture Holders on account of any default by the Company. (c) The obligation of the Company to make payment of the default interest under this Clause 3.3 (Covenant to pay Default Interest), shall be without prejudice to all other rights of the Secured Parties under the Transaction Documents, Applicable Laws or otherwise.
View Source
Covenant to pay default interest. The Owner shall pay to the Security Trustee interest on any expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 3.4 from the date on which the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money is paid or incurred by the Security Trustee (as well after as before judgment):
View Source

Related to Covenant to pay default interest

  • Post-Default Interest The Borrower shall pay interest on all Obligations (other than any Administrative Expenses) that are not paid when due for the period from the due date thereof until the date the same is paid in full at the Post-Default Rate. Interest payable at the Post-Default Rate shall be payable on each Payment Date in accordance with the Priority of Payments.

  • Compounding of default interest Any such interest which is not paid at the end of the period by reference to which it was determined shall thereupon be compounded.

  • Default Interest Upon the occurrence and during the continuance of an Event of Default under Section 6.01(a), the Agent may, and upon the request of the Required Lenders shall, require the Borrower to pay interest (“Default Interest”) on (i) the unpaid principal amount of each Advance owing to each Lender, payable in arrears on the dates referred to in clause (a)(i) or (a)(ii) above, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on such Advance pursuant to clause (a)(i) or (a)(ii) above and (ii) to the fullest extent permitted by law, the amount of any interest, fee or other amount payable hereunder that is not paid when due, from the date such amount shall be due until such amount shall be paid in full, payable in arrears on the date such amount shall be paid in full and on demand, at a rate per annum equal at all times to 2% per annum above the rate per annum required to be paid on Base Rate Advances pursuant to clause (a)(i) above; provided, however, that following acceleration of the Advances pursuant to Section 6.01, Default Interest shall accrue and be payable hereunder whether or not previously required by the Agent.

  • Payment of accrued default interest Subject to the other provisions of this Agreement, any interest due under this Clause shall be paid on the last day of the period by reference to which it was determined; and the payment shall be made to the Agent for the account of the Creditor Party to which the overdue amount is due.

  • Payments After Event of Default Except as otherwise provided in Section 3.04 hereof, all payments received and amounts held or realized by the Mortgagee (including any amounts realized by the Mortgagee from the exercise of any remedies pursuant to Section 15 of the Lease or Article IV hereof) after an Event of Default shall have occurred and be continuing and after the declaration specified in Section 4.04(b) hereof, as well as all payments or amounts then held by the Mortgagee as part of the Trust Indenture Estate, shall be promptly distributed by the Mortgagee in the following order of priority: First,so much of such payments or amounts as shall be required to (i) reimburse the Mortgagee or WTC for any tax (except to the extent resulting from a failure of the Mortgagee to withhold taxes pursuant to Section 2.04(b) hereof), expense or other loss (including, without limitation, all amounts to be expended at the expense of, or charged upon the rents, revenues, issues, products and profits of, the property included in the Trust Indenture Estate (all such property being herein called the “Mortgaged Property”) pursuant to Section 4.05(b) hereof) incurred by the Mortgagee or WTC (to the extent not previously reimbursed), the expenses of any sale, or other proceeding, reasonable attorneys’ fees and expenses, court costs, and any other expenditures incurred or expenditures or advances made by the Mortgagee, WTC or the Note Holders in the protection, exercise or enforcement of any right, power or remedy or any damages sustained by the Mortgagee, WTC or any Note Holder, liquidated or otherwise, upon such Event of Default shall be applied by the Mortgagee as between itself, WTC and the Note Holders in reimbursement of such expenses and any other expenses for which the Mortgagee, WTC or the Note Holders are entitled to reimbursement under any Operative Agreement and (ii) all amounts payable to the other Indenture Indemnitees hereunder and under the Participation Agreement and the Lease; and in the case the aggregate amount to be so distributed is insufficient to pay as aforesaid in clauses (i) and (ii), then ratably, without priority of one over the other, in proportion to the amounts owed each hereunder; Second,so much of such payments or amounts remaining as shall be required to reimburse the then existing or prior Note Holders for payments made pursuant to Section 5.03 hereof (to the extent not previously reimbursed) shall be distributed to such then existing or prior Note Holders ratably, without priority of one over the other, in accordance with the amount of the payment or payments made by each such then existing or prior Note Holder pursuant to said Section 5.03 hereof; Third,(i) so much of such payments or amounts remaining as shall be required to pay in full the aggregate unpaid Original Amount of all Series A Equipment Notes, and the accrued but unpaid interest and other amounts due thereon (other than Make-Whole Amount which shall not be due and payable) and all other Secured Obligations in respect of the Series A Equipment Notes (other than Make-Whole Amount) to the date of distribution, shall be distributed to the Note Holders of Series A, and in case the aggregate amount so to be distributed shall be insufficient to pay in full as aforesaid, then ratably, without priority of one over the other, in the proportion that the aggregate unpaid Original Amount of all Series A Equipment Notes held by each holder plus the accrued but unpaid interest and other amounts due hereunder or thereunder (other than Make-Whole Amount, if any) to the date of distribution, bears to the aggregate unpaid Original Amount of all Series A Equipment Notes held by all such holders plus the accrued but unpaid interest and other amounts due thereon (other than Make-Whole Amount) to the date of distribution;