Common use of BROKEN PERIODS Clause in Contracts

BROKEN PERIODS. If any Bank receives or recovers all or any part of its share of an Advance or an Unpaid Sum otherwise than on the last day of the then current Interest Period relating thereto, the Borrower shall pay to the Agent for account of that Bank within seven days of demand such an amount equal to the amount (if any) by which (a) the additional interest which would have been payable on the amount so received or recovered had it been received or recovered on the last day of that Interest Period exceeds (b) the amount of interest which in the reasonable opinion of the Agent would have been payable to the Agent on the last day of that Interest Period in respect of a sterling deposit equal to the amount so received or recovered placed by it with a prime bank in London for a period starting on the third business day following the date of such receipt or recovery and ending on the last day of that Interest Period.