How will late interest repayments charged to Issuer (SME) be accounted and paid for to investors?

How will late interest repayments charged to Issuer (SME) be accounted and paid for to investors?

Whenever an Issuer (SME) makes a repayment (late), that money will go towards paying the late interests owed to the Investors first. Afterward, the remaining money will be used to clear the outstanding interests and principal amounts of the Investors.