Common use of Payment of Default Interest Clause in Contracts

Payment of Default Interest. In the event that Y fails to perform any obligation owing to X relating to any Securities, etc. Clearing-Brokering Contract or Clearing-undertaken Position, Y shall, upon X's demand, pay to X default interest on the amount in default for the period from (and including) the date immediately following the due date thereof to (and including) the date of performance thereof at such rate as is specified by the Exchange.

Payment of Default Interest. In the event that Y fails to perform any obligation owing to X relating to any Securities, etc. Clearing-Brokering Contract or Clearing-undertaken PositionContract, Y shall, upon X's demand, pay to X default interest on the amount in default for the period from (and including) the date immediately following the due date thereof to (and including) the date of performance thereof at such rate as is specified by the Exchange.