Payment of Default Interest Clause Samples
The Payment of Default Interest clause establishes the obligation for a party to pay additional interest if they fail to make payments on time under the contract. Typically, this clause specifies the rate of default interest, which is often higher than the standard rate, and details when and how it is applied to overdue amounts. Its core function is to compensate the non-defaulting party for the delay and to incentivize timely payments, thereby reducing the risk of late or missed payments.
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Payment of Default Interest. Any amount of principal, interest or other sums due on this Note which are not paid when due shall bear interest from the date due until such past due amount is paid in full at the highest non-usurious rate permitted by applicable law (the “Default Rate”).
Payment of Default Interest. Any interest which shall have accrued under Clause 16.2 (Default Interest) in respect of an unpaid sum shall be due and payable and shall be paid by the Borrower at the end of the period by reference to which it is calculated or on such other dates as the Lender may specify by written notice to the Borrower.
Payment of Default Interest. Any interest which shall have accrued under Clause 17.2 (DEFAULT INTEREST) in respect of an unpaid sum shall be due and payable and shall be paid by the Borrowers at the end of the period by reference to which it is calculated or on such other dates as the Agent may specify by written notice to the Borrowers.
Payment of Default Interest. Any interest which shall have accrued under CLAUSE 16.2 in respect of an unpaid sum shall be due and payable and shall be paid by Funding 2 at the end of the period by reference to which it is calculated.
Payment of Default Interest. Any interest which shall have accrued under Clause 12.2 (Default Interest) in respect of an Unpaid Sum shall be due and payable and shall be paid by the Obligor owing such Unpaid Sum on the last day of each Interest Period in respect thereof or on such other dates as the Agent may specify by notice to such Obligor.
Payment of Default Interest. Any interest which has accrued under clause 6.1 (Default Interest Periods) in respect of an Unpaid Sum shall be due and payable and shall be paid by the Obligor owing such Unpaid Sum on the last day of each Interest Period in respect thereof or on such other dates as the Agent may specify by notice to such Obligor or the Borrower (as the case may be).
Payment of Default Interest. Any interest which shall have accrued under Clause 15.2 (Default interest) in respect of an unpaid sum shall be due and payable and shall be paid by Funding at the end of the period by reference to which it is calculated or on such other date or dates as the Security Trustee may specify by written notice to Funding.
Payment of Default Interest. Any interest which shall have accrued under Clause 16.2 in respect of an unpaid sum shall be due and payable and shall be paid by Funding at the end of the period by reference to which it is calculated.
Payment of Default Interest. In the event that Y fails to perform any obligation owing to X relating to any Securities, etc. Clearing-Brokering Contract or Clearing-undertaken Position, Y shall, upon X's demand, pay to X default interest on the amount in default for the period from (and including) the date immediately following the due date thereof to (and including) the date of performance thereof at such rate as is specified by the Exchange.
Payment of Default Interest. Any Interest which shall have accrued under clause 12.2 above in respect of an Unpaid Sum shall be due and payable and shall be paid by the Borrower at the end of each Interest Period by reference to which it is calculated or on such other dates as TIC may specify by written notice to the Borrower.