Covenant to pay default interest Clause Samples

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.

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.

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.

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):