Common use of DEFAULT INTEREST An Unpaid Clause in Contracts

DEFAULT INTEREST An Unpaid. Sum shall bear interest during each Term in respect thereof at the rate per annum which is one per cent. per annum above the percentage rate which would apply to an Advance in the amount and currency of such Unpaid Sum and for the same Term, provided that if such Unpaid Sum relates to an Advance which became due and payable on a day other than the last day of the Term thereof: 20.2.1 the first such Term applicable to such Unpaid Sum shall be of a duration equal to the unexpired portion of the current Term relating to that Advance; and 20.2.2 the percentage rate of interest applicable thereto from time to time during such period shall be that which exceeds by one per cent. the rate which would have been applicable to it had it not so fallen due.

DEFAULT INTEREST An Unpaid. Sum shall bear interest during each Term Interest Period in respect thereof at the rate per annum which is one per cent. 1% per annum above the percentage rate which would apply to an Advance in the amount and currency of such Unpaid Sum and for the same TermInterest Period, provided that PROVIDED THAT if such Unpaid Sum relates to an Advance which became due and payable on a day other than the last day of the Term thereofan Interest Period relating thereto: 20.2.1 22.2.1 the first such Term Interest Period applicable to such Unpaid Sum shall be of a duration equal to the unexpired portion of the current Term Interest Period relating to that Advance; and 20.2.2 22.2.2 the percentage rate of interest applicable thereto from time to time during such period shall be that which exceeds by one per cent. 1% the rate which would have been applicable to it had it not so fallen due.