Common use of Default Loan Interest Periods Clause in Contracts

Default Loan Interest Periods. If any sum due and payable by Funding under this Agreement is not paid on the due date for payment in accordance with this Agreement or if any sum due and payable by Funding under any judgment or decree of any court in connection with this Agreement is not paid on the date of such judgment or decree, the period beginning on such due date or, as the case may be, the date of such judgment or decree and ending on the date upon which the obligation of Funding to pay such sum (the balance thereof for the time being unpaid being herein referred to as an unpaid sum) is discharged shall be divided into successive periods, each of which (other than the first) shall start on (and include) an Interest Payment Date and end on (but exclude) the next Interest Payment Date unless the Security Trustee otherwise provides having regard to when such unpaid sum is likely to be paid.

Default Loan Interest Periods. If any sum due and payable by Funding under this Agreement is not paid on the due date for payment in accordance with this Agreement or if any sum due and payable by Funding under any judgment or decree of any court in connection with this Agreement is not paid on the date of such judgment or decree, the period beginning on such due date or, as the case may be, the date of such judgment or decree and ending on the date upon which the obligation of Funding to pay such sum (the balance thereof for the time being unpaid being herein referred to as an unpaid sum) is discharged shall be divided into successive periods, each of which (other than the first) shall start on (and include) an Interest Payment Date and end on (but exclude) the next Interest Payment Date unless the Security Trustee otherwise provides having regard to when such unpaid sum is likely to be paid.paid.‌