Common use of Default Loan Interest Periods Clause in Contracts

Default Loan Interest Periods. If any sum due and payable by Funding under the Intercompany Loan Agreement is not paid on the due date for payment in accordance with the relevant provision of the Intercompany Loan Agreement or if any sum due and payable by Funding under any judgment or decree of any court in connection with the Intercompany Loan 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 the last day of the preceding such period and the duration of each of which shall (except as otherwise provided in this Clause 15) be selected by the Security Trustee having regard to when such unpaid sum is likely to be paid.

Default Loan Interest Periods. If any sum due and payable by Funding 1 under the Intercompany Loan Agreement is not paid on the due date for payment in accordance with the relevant provision of the Intercompany Loan Agreement or if any sum due and payable by Funding 1 under any judgment or decree of any court in connection with the Intercompany Loan 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 1 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 the last day of the preceding such period and the duration of each of which shall (except as otherwise provided in this Clause 15) be selected by the Security Trustee 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 the Intercompany Loan this Agreement is not paid on the due date for payment in accordance with the relevant provision of the Intercompany Loan this Agreement or if any sum due and payable by Funding under any judgment or decree of any court in connection with the Intercompany Loan 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 last day of the preceding such period and the duration of each of which shall (except as otherwise provided in this Clause 15) be selected by next Interest Payment Date unless the Security Trustee otherwise provides having regard to when such unpaid sum is likely to be paid.