Common use of Failure to Pay When Due Clause in Contracts

Failure to Pay When Due. Any amount payable by SunEdison under Section 2 which is not remitted when so due (an “Overdue Amount”) will remain due (whether on demand or otherwise) and interest will accrue on such Overdue Amount at a rate per annum equal to the interest rate then applicable under the Indenture (including default interest). In addition, SunEdison hereby irrevocably authorizes Global LLC to pay to Global Operating any Overdue Amount from any distributions that may be due to SunEdison with respect to its Class B Units, and to set off any such payment against any such distributions then due. The foregoing setoff rights of Global LLC shall be in addition to any other right of Global LLC provided by law, and shall be effective and enforceable notwithstanding any other provision of this Agreement.

Failure to Pay When Due. Any amount payable by SunEdison under Section 2 which is not remitted when so due (an “Overdue Amount”) will remain due (whether on demand or otherwise) and interest will accrue on such Overdue Amount at a rate per annum equal to the interest rate then applicable under the Indenture (including default interest)) or the Credit Facilities, as applicable. In addition, SunEdison hereby irrevocably authorizes Global LLC to pay to Global Operating any Overdue Amount from any distributions that may be due to SunEdison with respect to its Class B Units, and to set off any such payment against any such distributions then due. The foregoing setoff rights of Global LLC shall be in addition to any other right of Global LLC provided by law, and shall be effective and enforceable notwithstanding any other provision of this Agreement.