Common use of Deferred Interest Clause in Contracts

Deferred Interest. To the extent that, subject to and in accordance with the Issuer Priority of Payments, the funds available to the Issuer to pay interest on any Class of Notes (other than the most senior Class of Notes) on an Interest Payment Date (after discharging the Issuer's liabilities of a higher priority) are insufficient to pay the full amount of such interest, payment of the shortfall attributable to such Class of Notes (Deferred Interest) will not then fall due but will instead be deferred until the first Interest Payment Date for such Notes thereafter on which sufficient funds are available (after allowing for the Issuer's liabilities of a higher priority and subject to and in accordance with the relevant Issuer Priority of Payments) to fund the payment of such Deferred Interest to the extent of such available funds. Such Deferred Interest will accrue interest (Additional Interest) at the rate of interest applicable from time to time to the applicable Class of Notes and payment of any Additional Interest will also be deferred until the first Interest Payment Date for such Notes thereafter on which funds are available (after allowing for the Issuer's liabilities of a higher priority subject to and in accordance with the relevant Issuer Priority of Payments) to the Issuer to pay such Additional Interest to the extent of such available funds. Amounts of Deferred Interest and Additional Interest shall not be deferred beyond the Final Maturity Date of the applicable Class of Notes, when such amounts will become due and payable. Payments of interest due on an Interest Payment Date in respect of the most senior Class of Notes then outstanding will not be deferred. In the event of the delivery of a Note Acceleration Notice (as described in Condition 9 (Events of Default)), the amount of interest in respect of such Notes that was due but not paid on such Interest Payment Date will itself bear interest at the applicable rate until both the unpaid interest and the interest on that interest are paid as provided in the Note Trust Deed.

Deferred Interest. To the extent that, subject to and in accordance with the relevant Master Issuer Priority of Payments, the funds available to the Master Issuer to pay interest on any Series and Class of Notes (other than any Series and Class of Notes if then the most senior Class of NotesNotes then outstanding) on an Interest Payment Date (after discharging the Master Issuer's liabilities of a higher priority) are insufficient to pay the full amount of such interest, payment of the shortfall attributable to such Series and Class of Notes (Deferred InterestDEFERRED INTEREST) will not then fall due but will instead be deferred until the first Interest Payment Date for such Notes thereafter on which sufficient funds are available (after allowing for the Master Issuer's liabilities of a higher priority and subject to and in accordance with the relevant Master Issuer Priority of Payments) to fund the payment of such Deferred Interest to the extent of such available funds. Such Deferred Interest will accrue interest (Additional InterestADDITIONAL INTEREST) at the rate of interest applicable from time to time to the applicable Series and Class of Notes and payment of any Additional Interest will also be deferred until the first Interest Payment Date for such Notes thereafter on which funds are available (after allowing for the Master Issuer's liabilities of a higher priority subject to and in accordance with the relevant Master Issuer Priority of Payments) to the Master Issuer to pay such Additional Interest to the extent of such available funds. Amounts of Deferred Interest and Additional Interest shall not be deferred beyond the Final Maturity Date of the applicable Series and Class of Notes, when such amounts will become due and payable. Payments of interest due on an Interest Payment Date in respect of the most senior Class of Notes of any Series then outstanding will not be deferred. In the event of the delivery of a Note Acceleration Notice (as described in Condition 9 (Events of Default)CONDITION 9), the amount of interest in respect of such Notes that was due but not paid on such Interest Payment Date will itself bear interest at the applicable rate until both the unpaid interest and the interest on that interest are paid as provided in the Note Master Issuer Trust Deed.

Deferred Interest. To the extent that, subject to and in accordance with the Issuer Priority of Payments, the funds available to the Issuer to pay interest on any Class of Series 2011-2 Notes (other than the most senior Class of Series 2011-2 Notes) on an Interest Payment Date (after discharging the Issuer's liabilities of a higher priority) are insufficient to pay the full amount of such interest, payment of the shortfall attributable to such Class of Series 2011-2 Notes (Deferred Interest) will not then fall due but will instead be deferred until the first Interest Payment Date for such Series 2011-2 Notes thereafter on which sufficient funds are available (after allowing for the Issuer's liabilities of a higher priority and subject to and in accordance with the relevant Issuer Priority of Payments) to fund the payment of such Deferred Interest to the extent of such available funds. Such Deferred Interest will accrue interest (Additional Interest) at the rate of interest applicable from time to time to the applicable Class of Series 2011-2 Notes and payment of any Additional Interest will also be deferred until the first Interest Payment Date for such Series 2011-2 Notes thereafter on which funds are available (after allowing for the Issuer's liabilities of a higher priority subject to and in accordance with the relevant Issuer Priority of Payments) to the Issuer to pay such Additional Interest to the extent of such available funds. Amounts of Deferred Interest and Additional Interest shall not be deferred beyond the Final Maturity Date of the applicable Class of Series 2011-2 Notes, when such amounts will become due and payable. Payments of interest due on an Interest Payment Date in respect of the most senior Class of Series 2011-2 Notes then outstanding will not be deferred. In the event of the delivery of a Note Acceleration Notice (as described in Condition 9 (Events of Of Default)), the amount of interest in respect of such Series 2011-2 Notes that was due but not paid on such Interest Payment Date will itself bear interest at the applicable rate until both the unpaid interest and the interest on that interest are paid as provided in the Note Trust Deed.

Deferred Interest. To the extent that, subject to and in accordance with the relevant Issuer Priority of Payments, the funds available to the Issuer Issuing Entity to pay interest on any Series and Class of Notes (other than the most senior Class class of NotesNotes of any Series then outstanding) on an Interest a Note Payment Date (after discharging the IssuerIssuing Entity's liabilities of a higher priority) are insufficient to pay the full amount of such interest, payment of the shortfall attributable to such Series and Class of Notes ("Deferred Interest") will not then fall due but will instead be deferred until the first Interest Note Payment Date for such Notes thereafter on which sufficient funds are available (after allowing for the IssuerIssuing Entity's liabilities of a higher priority and subject to and in accordance with the relevant Issuer Priority of Payments) to fund the payment of such Deferred Interest to the extent of such available funds. Such Deferred Interest will accrue interest ("Additional Interest") at the rate of interest applicable from time to time to the applicable Series and Class of Notes and payment of any Additional Interest will also be deferred until the first Interest Note Payment Date for such Notes thereafter on which funds are available (after allowing for the IssuerIssuing Entity's liabilities of a higher priority subject to and in accordance with the relevant Issuer Priority of Payments) to the Issuer Issuing Entity to pay such Additional Interest to the extent of such available funds. Amounts of Deferred Interest and Additional Interest shall not be deferred beyond the Final Maturity Date of the applicable Series and Class of Notes, when such amounts will become due and payable. Payments of interest due on an Interest a Note Payment Date in respect of the most senior Class class of Notes of any Series then outstanding will not be deferred. In the event of the delivery of a Note Acceleration an Issuer Enforcement Notice (as described in Condition 9 (Events of Default)9), the amount of interest in respect of such Notes that was due but not paid on such Interest Note Payment Date will itself bear interest at the applicable rate until both the unpaid interest and the interest on that interest are paid as provided in the Note Issuer Trust Deed.

Deferred Interest. To the extent that, subject to and in accordance with the relevant Issuer Priority of Payments, the funds available to the Issuer Issuing Entity to pay interest on any Series and Class of Notes (other than the most senior Class class of NotesNotes of any Series then outstanding) on an Interest a Note Payment Date for such Notes (after discharging payment of or provision for the IssuerIssuing Entity's liabilities of a higher priority) are insufficient to pay the full amount of such interest, payment of the shortfall attributable to such Series and Class of Notes ("Deferred Interest") will not then fall due but will instead be deferred until the first Interest Note Payment Date for such Notes thereafter on which sufficient funds are available (after allowing payment of or provision for the IssuerIssuing Entity's liabilities of a higher priority and subject to and in accordance with the relevant Issuer Priority of Payments) to fund the payment of such Deferred Interest to the extent of such available funds. Such Deferred Interest will accrue interest ("Additional Interest") at the rate of interest applicable from time to time to the applicable Series and Class of Notes and payment of any Additional Interest will also be deferred until the first Interest Note Payment Date for such Notes thereafter on which funds are available (after allowing payment of or provision for the IssuerIssuing Entity's liabilities of a higher W-58 priority subject to and in accordance with the relevant Issuer Priority of Payments) to the Issuer Issuing Entity to pay such Additional Interest to the extent of such available funds. Amounts of Deferred Interest and Additional Interest shall not be deferred beyond the Final Maturity Date of the applicable Series and Class of Notes, when such amounts will become due and payable. Payments of interest due on an Interest a Note Payment Date in respect of the most senior Class class of Notes of any Series then outstanding will not be deferred. In the event of the delivery of a Note Acceleration an Issuer Enforcement Notice (as described in Condition 9 (Events of Default)9), the amount of interest in respect of such Notes that was due but not paid on such Interest Note Payment Date will itself bear interest at the applicable rate until both the unpaid interest and the interest on that interest are paid as provided in the Note Issuer Trust Deed.

Deferred Interest. To For any period during which Bank Bonds are outstanding and as to each Interest Period, in the extent thatevent that the amount of interest which would be payable on the Bank Bonds (calculated at the Bank Rate for such Interest Period, subject to and or in accordance with the Issuer Priority case of Paymentsthe payment of the Differential Interest Amount, if any, on a Bank Bond, for the funds available to period from the Issuer to pay interest on any Class date of Notes (other than the most senior Class of Notes) on an recent Interest Payment Date (after discharging through but not including the Issuer's liabilities of a higher prioritydate on which such Bank Bond is remarketed) are insufficient to pay exceeds the full Maximum Interest Rate, the amount of such interest, payment of excess shall not be payable on the shortfall attributable to such Class of Notes (Deferred Interest) will not then fall due but will instead be deferred until the first Interest Payment Date for such Notes thereafter Interest Period as interest on which sufficient funds are available such Bank Bonds but shall be deferred (after allowing for the Issuer's liabilities of a higher priority and subject to and in accordance with the relevant Issuer Priority of Payments) to fund the payment of such "Deferred Interest"). Deferred Interest to shall be allocated among the extent of such available funds. Such Deferred Interest will accrue interest (Additional Interest) at the rate of interest applicable from time to time to the applicable Class of Notes and payment of any Additional Interest will also be deferred until the first Interest Payment Date for such Notes thereafter on which funds are available (after allowing for the Issuer's liabilities of a higher priority subject to and in accordance with the relevant Issuer Priority of Payments) to the Issuer to pay such Additional Interest to the extent of such available funds. Amounts of Deferred Interest and Additional Interest shall not be deferred beyond the Final Maturity Date of the applicable Class of Notes, when such amounts will become due and payable. Payments of interest due on an Interest Payment Date in respect of the most senior Class of Notes then Bank Bonds outstanding will not be deferred. In the event of the delivery of a Note Acceleration Notice (as described in Condition 9 (Events of Default)), the amount of interest in respect of such Notes that was due but not paid on such Interest Payment Date will itself based upon the principal amount thereof and the length of time such Bank Bonds were outstanding during the Interest Period related to such Interest Payment Date. Deferred Interest arising on any Interest Payment Date (i) shall, to the extent permitted by law, bear interest (compounded quarterly on the last day of each succeeding March, June, September and December) at a rate per annum equal to the Base Rate plus 2% (computed on the basis of a year of 360 days and actual days elapsed) until paid in full and (ii) shall become payable, together with interest thereon, to the extent permitted by law, on the next succeeding Interest Payment Date or Dates to the extent the interest (including Deferred Interest and, to the extent permitted by law, interest on Deferred Interest) payable on the Bank Bonds (if any) for the Interest Period ending on such Interest Payment Date does not exceed the Maximum Interest Rate. All amounts of interest payable on a Bond which is a Bank Bond, including without limitation, Deferred Interest (and interest thereon, to the extent permitted by law), for so long as such Bond shall remain a Bank Bond, shall constitute interest on such Bond and shall be insured by the Insurance Policy. To the extent Deferred Interest (or, to the extent permitted by law, any interest thereon) shall be unpaid with respect to Bank Bonds, and such Bonds shall be redeemed or remarketed or purchased by the Company or shall otherwise cease to be Bank Bonds, such unpaid Deferred Interest (including, to the extent permitted by law, any unpaid interest thereon) shall be converted into a fee payable to the Bank (herein, the "Deferred Interest Fee Amount") and shall bear interest at a rate per annum equal to the applicable rate until both Base Rate plus 2% (computed as aforesaid), compounded quarterly on the unpaid last day of each succeeding March, June, September and December; provided, however, that on the last Interest Payment Date or, if earlier, the date of the occurrence of an Event of Termination, a fee equal to the entire remaining Deferred Interest Fee Amount (the "Final Deferred Interest Fee Amount") shall be paid by the Company to the Bank and any Bank Bondholders. The Bank and any Bank Bondholder, by acceptance of the Bank Bonds, acknowledge that payment of any Deferred Interest Fee Amount and any interest thereon (including the Final Deferred Interest Fee Amount and any interest thereon) are not insured under the interest on that interest are paid as provided in terms of the Note Trust DeedInsurance Policy.