Common use of 3Interest Clause in Contracts

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resources; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resources, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resourcesa margin of solvency in accordance with the Solvency Order; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resourcesa margin of solvency in accordance with the Solvency Order, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources a margin of solvency in accordance with the Solvency Order immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,

3Interest. (a) Subject to the provisions in Clauses 4 subsections 1.3(c) and 5 of this Agreement1.3(d), until repayment of the (i) each Eurodollar Rate Loan in full or each Advance in full, the Borrower will pay to the Lender shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the Applicable Margin; and (ii) each Base Rate Loan or each Advance (or shall bear interest on any part or parts for the time being remaining outstanding) calculated outstanding principal amount thereof from the borrowing date at a rate per annum equal to the Base Rate plus the Applicable Margin. Each determination of an interest rate by the Agent shall be conclusive and payable binding on the Borrower and the Lenders in the manner set out absence of manifest error. All computations of fees and interest payable under this Agreement for Base Rate Loans shall be made on the basis of a year of 365/366 days. All other computations of fees and interest payable under this Agreement shall be made on the basis of a 360 day year and actual days elapsed. Interest and fees shall accrue during each period during which interest or such fees are computed from the first day thereof to the last day thereof. (b) Interest on each Loan shall be paid in arrears on each Interest Payment Date. Interest on mandatory prepayments of principal under Section 1.8 shall be due on the Variable Terms. 4Repayment date such mandatory prepayment is due. (c) Upon the occurrence of an Event of Default and until such time such Event of Default is cured or waived, each Obligation and other amounts due hereunder (in each case whether or not overdue) shall bear interest (after as well as before entry of judgment thereon to the extent permitted by law) at a rate per annum equal to the sum of the Loan rate of interest applicable to Base Rate Loans (i.e. the sum of the Base Rate plus the Applicable Margin) plus an additional two percent (2.00%) from the date of such Event of Default until the earlier of (i) the date when such amount owed is paid in full in cash and (ii) the date the Event of Default is cured or Advances waived. The provisions Borrower acknowledges that the increase in rates referred to in this clause (c) reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by the Agent. (d) Anything herein to the contrary notwithstanding, the obligations of this Clause are the Borrower hereunder shall be subject in all respects to the limitation that payments of interest shall not be required, for any period for which interest is computed hereunder, to the extent (but only to the extent) that contracting for or receiving such payment by the respective Lender would be contrary to the provisions of Clause 5 any law applicable to such Lender limiting the highest rate of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance interest which may be madelawfully contracted for, charged or received by such Lender, and in whole or in partsuch event the Borrower shall pay such Lender interest at the highest rate permitted by applicable law (“Maximum Lawful Rate”); provided, before however, that if at any time thereafter the relevant repayment date provided for in rate of interest payable hereunder is less than the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepaymentMaximum Lawful Rate, the Borrower shall continue to pay interest hereunder at the Maximum Lawful Rate until such time as the total interest received by the Agent, on behalf of Lenders, is equal to the total interest that would have Minimum Financial Resources; and Payments of been received had the interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resources, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings payable hereunder been (but for the Insolvency operation of this paragraph) the Borrower after giving seven business days prior written notice to interest rate payable since the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject Closing Date as otherwise provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,.

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resourcesa margin of solvency in accordance with Article 13(2) of the Accounts, Audits, Reports and Solvency Order; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resourcesa margin of solvency in accordance with Article 13(2) of the Accounts, Audits, Reports and Solvency Order s, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources a margin of solvency in accordance with Article 13(2) of the Accounts, Audits, Reports and Solvency Order immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,

3Interest. Subject to the provisions in Clauses 4 and 5 of this Agreement, until repayment of the Loan in full or each Advance in full, the Borrower will pay to the Lender interest on the Loan or each Advance (or on any part or parts for the time being remaining outstanding) calculated and payable in the manner set out in the Variable Terms. 4Repayment of the Loan or Advances The provisions of this Clause are subject in all respects to the provisions of Clause 5 of this Agreement. The terms concerning repayment are set out in the Variable Terms but are subject to Clause 4(iii4(xi). Except where the Commission otherwise permits in writing, no repayment or prepayment of the Loan or any Advance may be made, in whole or in part, before the relevant repayment date provided for in the Variable Terms; No repayment, early repayment or prepayment of the Loan or any Advance, in whole or in part, may be made unless immediately after such repayment or prepayment, the Borrower would have Minimum Financial Resources; and Payments of interest at a rate not exceeding the rate provided for in Clause 3 may be made without notice to or consent of the Commission, except that where: immediately after payment, the Borrower would not have Minimum Financial Resources, or before payment, the Insolvency of the Borrower commences, no such payment may be made without prior written consent of the Commission. If in respect of the Loan or any Advance, default is made for a period of: seven days or more in the payment of any principal due, or fourteen days or more in the payment of any interest due, the Lender may, at its discretion and after taking such preliminary steps or action as may be necessary, enforce payment by instituting proceedings for the Insolvency of the Borrower after giving seven business days prior written notice to the Commission of its intention to do so. Subject to Clause 4(vi4(xiv), the Lender may at its discretion, subject as provided in this Agreement, institute proceedings for the Insolvency of the Borrower to enforce any obligation, condition or provision binding on the Borrower under this Agreement (other than any obligation for the payment of principal monies or interest in respect of the Loan or any Advance) PROVIDED THAT the Borrower shall not by virtue of the institution of any such proceedings for the Insolvency of the Borrower be obliged to pay any sum or sums sooner than the same would otherwise have been payable by it. The Lender may only institute proceedings for the Insolvency of the Borrower to enforce the obligations referred to in Clause 4(v4(xiii) if: a default under those obligations is not remedied to the satisfaction of the Lender within 60 days after written notice of such default has been given to the Borrower by the Lender requiring such default to be remedied; the Lender has taken all preliminary steps or actions required to be taken by it prior to the institution of such proceedings; and the Lender has given seven business days prior written notice to the Commission of its intention to institute such proceedings. No remedy against the Borrower other than as specifically provided by this Clause 4 shall be available to the Lender whether for the recovery of amounts owing under this Agreement or in respect of any breach by the Borrower of any of its obligations under this Agreement. 5Subordination Notwithstanding the provisions of Clause 4, the rights of the Lender in respect of the Subordinated Liabilities are subordinated to the Senior Liabilities and accordingly payment of any amount (whether principal, interest or otherwise) of the Subordinated Liabilities is conditional upon: (If the Borrower has not become insolvent) the Borrower having Minimum Financial Resources immediately after payment by the Borrower; and accordingly no such amount which would otherwise fall due for payment shall be payable except to the extent that,