Common use of Default Interest Clause in Contracts

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 7 contracts

Sources: Credit Facility Agreement, Credit Facility Agreement (Gold Fields LTD), Credit Facility Agreement (Sibanye Gold LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 7 contracts

Sources: Multicurrency Revolving Facility Agreement (Markit Ltd.), Facility Agreement (Midamerican Energy Holdings Co /New/), Facility Agreement (Gold Fields LTD)

Default Interest. (a) 7.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) belowclause 7.3.2, is one per cent. 2% (1%two percent) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 clause 7.3 shall be immediately payable by that the relevant Obligor on demand by the Facility Agent. (b) 7.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) 7.3.2.1 the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) 7.3.2.2 the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. 2% (1%two percent) higher than the rate which would have applied if the overdue amount had not become due. (c) 7.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 7 contracts

Sources: Revolving Credit Facility Agreement (Gold Fields LTD), Revolving Credit Facility Agreement (Gold Fields LTD), Revolving Credit Facility Agreement (Gold Fields LTD)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 2 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 2 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 7 contracts

Sources: Facility Agreement (Mobile Telesystems Ojsc), Facility Agreement (Wimm Bill Dann Foods Ojsc), Facility Agreement (MTS Inc)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (12%) higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a part of the Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that Obligor the Borrower on demand by the AgentLender. (b) If any overdue amount Unpaid Sum consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be one two per cent. (12%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 6 contracts

Sources: Facility Agreement (Zhongpin Inc.), Facility Agreement (Fushi Copperweld, Inc.), Facility Agreement (China TransInfo Technology Corp.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted part of a Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)Facility Agent. Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount an Unpaid Sum consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be one two per cent. (1%) higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 6 contracts

Sources: Term Loan Facility (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp), Term Loan Facility (Ardmore Shipping Corp)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) % higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 12.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) % higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 6 contracts

Sources: Senior Revolving Facility Agreement (Nord Anglia Education, Inc.), Revolving Facility Agreement (Nord Anglia Education, Inc.), Amendment and Restatement Agreement (Nord Anglia Education, Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate (at the highest Margin under Clause 9.5) which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 5 contracts

Sources: Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC), Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC), Multicurrency Term and Revolving Facilities Agreement (Xstrata PLC)

Default Interest. (a) If an Obligor the Company fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph (b) below, is one two per cent. (12%) higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Company on demand by the Agent. (b) If any overdue amount Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be one two per cent. (12%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 5 contracts

Sources: Facility Agreement, Facility Agreement (Alibaba Group Holding LTD), Facility Agreement (Alibaba Group Holding LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document (including in connection with, or pursuant to, the IMUA) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (12%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Floating Rate Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 8.5 (Default interest) shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (12%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 5 contracts

Sources: Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.), Loan Agreement (Norwegian Cruise Line Holdings Ltd.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) % higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 12.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) % higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 5 contracts

Sources: Senior Facilities Agreement (Liberty Global PLC), Super Senior Facilities Agreement (Liberty Global PLC), Senior Facilities Agreement (Liberty Global PLC)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2 per cent. (1%) higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 11.3 shall be immediately payable by that the relevant Obligor on demand by the Agent. (b) If any overdue amount Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be one 2 per cent. (1%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 5 contracts

Sources: Amendment and Restatement Agreement (Melco Resorts & Entertainment LTD), Amendment and Restatement Agreement (STUDIO CITY INTERNATIONAL HOLDINGS LTD), Amendment and Restatement Agreement (STUDIO CITY INTERNATIONAL HOLDINGS LTD)

Default Interest. (a) 10.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) Clause 10.3.2 below, is one 1 per cent. (1%) cent higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) 10.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one 1 per cent. (1%) cent higher than the rate which would have applied if the overdue amount had not become due. (c) 10.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 5 contracts

Sources: Term Facility Agreement (Enstar Group LTD), Revolving Credit Facility Agreement (Enstar Group LTD), Term Facility Agreement (Enstar Group LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 5 contracts

Sources: Senior Secured Facility Agreement (Aluminum Corp of China), Facility Agreement (Gold Fields LTD), Facility Agreement (Gold Fields LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)of one Month. Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 5 contracts

Sources: Acquisition Facilities Agreement (Cemex Sa De Cv), Acquisition Facilities Agreement (Cemex Sa De Cv), Acquisition Facilities Agreement (Cemex Sab De Cv)

Default Interest. (a) 9.3.1 If an Obligor a Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) belowClause 9.3.2, is one 2 per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 Clause9.3 shall be immediately payable by that Obligor Borrower on demand by the AgentLender. (b) 9.3.2 If any overdue amount Unpaid Sum consists of all or part of a Loan and which became due on a day which was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2 per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Facilities Agreement, First Amendment and Restatement Agreement (Powerfleet, Inc.), Facilities Agreement (MiX Telematics LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate (at the highest Margin under Clause 10.5) which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Debt Bridge Facility Agreement (Xstrata PLC), Debt Bridge Facility Agreement (Xstrata PLC), Debt Bridge Facility Agreement (Xstrata PLC)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Facility Agreement (VTTI Energy Partners LP), Facility Agreement (InterXion Holding N.V.), Facility Agreement (InterXion Holding N.V.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 2 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 2 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Facility Agreement (Marine Harvest ASA), Facility Agreement (Marine Harvest ASA), Facility Agreement (Marine Harvest ASA)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Bond Bridge Facility Agreement (Coca-Cola HBC AG), Squeeze Out Facility Agreement (Coca-Cola HBC AG), Squeeze Out Facility Agreement (Coca-Cola HBC AG)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) belowclause 13.3(b), is one per cent. (1%) 2% higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 clause 13.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) 2% higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Senior Facilities Agreement (Luxfer Holdings PLC), Senior Facilities Agreement (Luxfer Holdings PLC), Senior Facilities Agreement (Luxfer Holdings PLC)

Default Interest. (a) 15.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) sub-clause 15.3.2 below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 15.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) 15.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) 15.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Facility Agreement (Shire Ltd.), Syndication and Amendment Agreement (Shire PLC), Facilities Agreement (Shuttle Corp)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 15.4 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded (to the extent permitted under any applicable law and regulation, including article 1283 of the Italian Civil Code, as amended, supplemented or implemented from time to time) with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Loan Agreement (International Game Technology PLC), Loan Agreement (International Game Technology PLC), Loan Agreement (International Game Technology PLC)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 12.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Facility Agreement (Rockwood Specialties Group Inc), Amendment and Restatement Agreement (Rockwood Holdings, Inc.), Facility Agreement (Rockwood Specialties Group Inc)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (bii) below, is one two (2) per cent. per annum higher than: (1%i) higher than in respect of a Loan, the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan under the relevant Facility in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably); and (ii) in respect of an Overdraft Facility, the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted an Overdraft Facility of the type to which the overdue amount relates in the currency of the overdue. Any interest accruing under this Clause 8.3 clause 11.4 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan Utilisation which became due on a day which was not the last day of an Interest Period relating to that LoanUtilisation: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that LoanUtilisation; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two (2) per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Amendment and Restatement Agreement (Aegean Marine Petroleum Network Inc.), Loan Agreement (Aegean Marine Petroleum Network Inc.), Amendment and Restatement Agreement (Aegean Marine Petroleum Network Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 4 contracts

Sources: Single Currency Revolving Facility Agreement (StoneX Group Inc.), Revolving Facility Agreement (StoneX Group Inc.), Usd 75,000,000 Single Currency Revolving Facility Agreement (StoneX Group Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (bclause 8.3(b) below, is one two per cent. (1%) cent per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause clause 8.3 shall be immediately payable by that Obligor the Obligors on demand by the AgentLender. (b) If any overdue amount consists of all or part of a Loan and which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) cent per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Uncommitted Borrowing Base Facility Agreement (Hafnia LTD), Uncommitted Borrowing Base Facility Agreement (Hafnia LTD), Uncommitted Borrowing Base Facility Agreement (Hafnia LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than cent and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than cent and the rate which would have applied if the overdue amount had not become due, subject to any applicable restrictions under French law. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement (Aon Corp), Facility Agreement (Aon Corp), Facility Agreement (Aon Corp)

Default Interest. (aA) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (bB) below, is one 1.0 per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-non payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 clause shall be immediately payable by that the Obligor on demand by the that Facility Agent. (bB) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 1.0 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (cC) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Revolving Credit Facility Agreement (Kosmos Energy Ltd.), Revolving Credit Facility Agreement (Kosmos Energy Ltd.), Deed of Amendment and Restatement (Kosmos Energy Ltd.)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall shall, to the extent permitted by law, accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one (1) per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one (1) per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded (to the extent permitted under applicable law) with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Senior Facilities Agreement (Atlas Investissement), Senior Facilities Agreement (Atlas Investissement), Senior Facilities Agreement (Atlas Investissement)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (bc) below, is one 3.00 (three) per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a the Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). . (b) Any interest accruing under this Clause 8.3 8.4 (Default Interest) shall be immediately payable by that Obligor the Borrower on demand by the Agent. (bc) If any overdue amount consists of all or part of a the Loan which became due on a day which was not prior to the last day of an Interest Period relating to that LoanFinal Maturity Date: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of period to the current Interest Period relating to that LoanFinal Maturity Date; and (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be one 3.00 (three) per cent. (1%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (cd) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount at Unpaid Sum on the end of each next Interest Period applicable to that overdue amount Payment Date but will remain immediately due and payable. (e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.

Appears in 3 contracts

Sources: Secured Term Loan Facility (Mohegan Tribal Gaming Authority), Secured Term Loan Facility, Secured Term Loan Facility

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall will accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (bc) below, is one 2% per cent. (1%) annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of with a duration and Quotation Day selected by the Facility Agent (acting reasonably). . (b) Any interest accruing under this Clause 8.3 shall will be immediately payable by that the Obligor on demand by the Facility Agent. (bc) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an its Interest Period relating to that LoanPeriod: (i) the first Interest Period for that overdue amount shall will have a duration equal to the unexpired portion of the then current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall will be one 2% per cent. (1%) annum higher than the rate which would have applied if the overdue amount had not become due. (cd) Default Unpaid interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement (IHS Holding LTD), Facility Agreement (IHS Holding LTD), Facility Agreement (IHS Holding LTD)

Default Interest. (a) 10.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, Clause 10.3.2 below is one 2% per cent. (1%) annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) 10.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) 10.3.2.1 the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) 10.3.2.2 the rate of interest applying to the overdue amount during that first Interest Period shall be one 2% per cent. (1%) annum higher than the rate which would have applied if the overdue amount had not become due. (c) 10.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Revolving Facility Agreement (Sibanye Gold LTD), Revolving Credit Facility Agreement (Sibanye Stillwater LTD), Revolving Facility Agreement (Sibanye Gold LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (12%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the COFACE Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the COFACE Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (12%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Coface Facility Agreement (Globalstar, Inc.), Coface Facility Agreement (Globalstar, Inc.), Facility Agreement (Globalstar, Inc.)

Default Interest. (a) 8.3.1 If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) Clause 8.3.2 below, is one per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 (Default Interest) shall be immediately payable by that Obligor the Borrower on demand by the AgentAgent . (b) 8.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that LoanPeriod: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) 8.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement (Hoegh LNG Partners LP), Facility Agreement (Hoegh LNG Partners LP), Facility Agreement (Hoegh LNG Partners LP)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Loan Agreement (Intercontinental Hotels Group PLC /New/), Dual Currency Term Facility Agreement (Xstrata PLC), Loan Facility Agreement (Falconbridge LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph (b) below, is one two per cent. (1%) higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be one two per cent. (1%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 3 contracts

Sources: Second Amendment and Restatement Agreement (Las Vegas Sands Corp), Amendment and Restatement Agreement (Las Vegas Sands Corp), Facility Agreement (Las Vegas Sands Corp)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than cent and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than cent and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Amendment and Restatement Agreement (Discovery Communications, Inc.), Facilities Agreement (LG Acquisition Corp.), Facility Agreement (Cookson Group PLC)

Default Interest. (a) If an Obligor the Company or any Guarantor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) 1.00% higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount Note for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 Section 6.3 shall be immediately payable by that Obligor the Company or such Guarantor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan Note which became due on a day which was not the last day of an Interest Period relating to that LoanNote: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that LoanNote; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) 1.00% higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Senior Unsecured Facility Agreement (TPG Advisors IV, Inc.), Senior Secured Facility Agreement (TPG Advisors IV, Inc.), Pik Facility Agreement (TPG Advisors IV, Inc.)

Default Interest. (a) If an Obligor the Company fails to pay any amount payable by it under a PIK Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the PIK Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable capitalised by that Obligor the Company on demand by the PIK Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Pik Facility Agreement (Nordic Telephone CO ApS), Pik Facility Agreement (Nordic Telephone CO ApS), Pik Facility Agreement (Nordic Telephone CO ApS)

Default Interest. (a) 10.1 If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate whichthat, subject to paragraph (b) Clause 10.2 below, is one per cent. (1%) higher than the rate which that would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.1 shall be immediately payable by that Obligor the Borrower on demand by the Facility Agent. (b) 10.2 If any overdue amount consists of all or part of a Loan which that became due on a day which that was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which that would have applied if the overdue amount had not become due. (c) 10.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement, Facility Agreement (Teekay Corp), Facility Agreement (Teekay LNG Partners L.P.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 6.3 shall be immediately payable by that Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration be for the period equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) cent higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Pre Export Finance Agreement (Votorantim Pulp & Paper Inc), Pre Export Finance Agreement (Votorantim Pulp & Paper Inc), Pre Export Finance Agreement (Votorantim Pulp & Paper Inc)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement (Intercontinental Hotels Group PLC /New/), Facility Agreement (Intercontinental Hotels Group PLC /New/), Facility Agreement (Intercontinental Hotels Group PLC /New/)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgmentjudgement) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.5 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Term SOFR Rate Loan and which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement (Bunge Global SA), Revolving Facility Agreement (Bunge Global SA), Facility Agreement (Bungeltd)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgmentjudgement) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 3 contracts

Sources: Facility Agreement (Bunge LTD), Facility Agreement (Bunge LTD), Facility Agreement (Bunge LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2 per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 11.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Unsecured Uncommitted Revolving Facilities Agreement (Molson Coors Brewing Co), Revolving Facilities Agreement (Molson Coors Brewing Co)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Contract) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph Clause 8.3(b) (bDefault interest) below, is one 2% per cent. (1%) annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount an Advance for successive ninety (90)-day Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under in accordance with this Clause 8.3 shall be immediately payable by that Obligor the Obligors on demand by the Administrative Agent. (b) If any overdue amount consists of all or part of a Loan an Advance which became due on a day which was not the last day of an Interest Period relating to that Loansuch Advance or the relevant part of it: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loansuch Advance; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2% per cent. (1%) annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Loan Agreement (Dorian LPG Ltd.), Loan Agreement (Dorian LPG Ltd.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Loan Agreement (Harry Winston Diamond Corp), Facility Agreement (Harry Winston Diamond Corp)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2% per cent. (1%) annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2% per cent. (1%) annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facilities Agreement (StarTek, Inc.), Facilities Agreement (StarTek, Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 1 per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.4 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 1 per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount (or such later date permitted by applicable law) but will remain immediately due and payable. (d) Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of an Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Unpaid Sum. Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming in reasonable detail the amount of its Break Costs for any Interest Period in which they accrue.

Appears in 2 contracts

Sources: Permanent Facility Agreement (Groupe Eurotunnel SA), Permanent Facility Agreement (Groupe Eurotunnel SA)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount in excess of US$1,000 payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of three (3) per cent. (1%) higher than per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)Lender. Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the AgentLender, Provided That no default interest shall accrue in respect of overdue amounts that have become overdue solely as a result of an acceleration under Clause 21.21 (Acceleration) arising as a result of an Event of Default under: (i) Clause 21.10 (Unlawfulness); (ii) Clause 21.12 (Security and guarantees); or (iii) Clause 21.15 (Nationalisation), for the first thirty (30) days after such acceleration. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of three (3) per cent. (1%) higher than per annum and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement, Facility Agreement (Cordlife Group LTD)

Default Interest. (a) 8.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Contract) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) clause 8.3.2 below, is one two point zero per cent. cent (12.0%) higher than the rate which would have been payable if of interest most recently calculated (prior to the overdue amount had, during the period of non-payment, constituted a Loan in the currency due date of the overdue amount amount) pursuant to clause 8.1 (Calculation of interest), for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under in accordance with this Clause clause 8.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) 8.3.2 If any overdue amount consists of all or part of a the Loan or, as the case may be, an Advance which became due on a day which was not the last day of an Interest Period relating to that LoanAdvance or the relevant part of it: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loanthe Loan or Advance; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one two point zero per cent. cent (12.0%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) 8.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Navigator Holdings Ltd.), Facility Agreement (Navigator Holdings Ltd.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Default Interest Periods, each of a duration selected by the Agent (acting reasonably)Rate. Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Revolving Facility Loan which became due on a day which was not the last day of an Interest Period a Repayment Date relating to that Revolving Facility Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Revolving Facility Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be the sum of one per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Amendment and Restatement Agreement (Cascal N.V.), Amendment and Restatement Agreement (Cascal N.V.)

Default Interest. (a) If an Obligor the Company fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, which is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that Obligor the Company on demand by of the AgentLender. (b) If any However if the overdue amount consists of all or part is principal of a Loan which and became due on a day which was not other than the last day of an Interest Period relating to that Loan: (i) , the first Interest Period for applicable to that overdue amount shall have be of a duration equal to the unexpired portion of the current that Interest Period relating to that Loan; and (ii) and the rate of interest applying to the on that overdue amount during for that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become applicable to it immediately before it became due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Best Buy Co Inc), Facility Agreement (Best Buy Co Inc)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue to the fullest extent permitted by law on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than cent and the rate which would have been payable if the overdue amount had, had during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected (and notified to the Borrower promptly) by the Agent (acting reasonably)) and in any event not exceeding a period of 1 month. Any interest accruing under this Clause 8.3 11.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan:; (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than cent and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount only if within the meaning of Article 1154 of the French Code Civil, such interest is due for a period of at the end of each Interest Period applicable to that overdue amount least one year but will remain immediately due and payable.

Appears in 2 contracts

Sources: Credit Facility Agreement (Lafarge), Credit Facility Agreement (Lafarge)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2 per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted part of a Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)Facility Agent. Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount an Unpaid Sum consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be one 2 per cent. (1%) per annum higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due. (c) Default interest (if unpaid) arising accruing on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (12%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency Utilisation of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 8.5 (Default Interest) shall be immediately payable by that Obligor the Borrower on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that LoanPeriod: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that LoanPeriod; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (12%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement, Facility Agreement (McDermott International Inc)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the that overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2% per cent. (1%) annum higher than the rate which would have been payable if the that overdue amount had, during the period of such non-payment, constituted a the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that Obligor on demand by the Facility Agent. (b) If any overdue amount under any Finance Document consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the that overdue amount during that first Interest Period shall be one 2% per cent. (1%) annum higher than the rate which would have applied if the that overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount under any Finance Document will be compounded with the that overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (WuXi PharmaTech (Cayman) Inc.), Facility Agreement (WuXi PharmaTech (Cayman) Inc.)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (12%) per annum higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a part of the Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that Obligor the Borrower on demand by the AgentLender. (b) If any overdue amount Unpaid Sum consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be one two per cent. (12%) per annum higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Sequoia Capital China I Lp), Facility Agreement (Chiu Na Lai)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Polestar Automotive Holding UK PLC), Facility Agreement (Polestar Automotive Holding UK PLC)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document this Agreement on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) higher than the rate which that would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 7.4 shall be immediately payable by that Obligor the Borrower on demand by the Agentdemand. (b) If any overdue amount consists of all or part of a Loan which became due on a day which that was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) percent higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term Loan Facility Agreement (Mittal Steel USA ISG Inc), Term Loan Facility Agreement (Mittal Steel USA ISG Inc)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two (2) per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). If any Event of Default has occurred and is continuing under any Finance Documents and notice thereof has been sent from the Agent to the Borrower, all outstanding amounts shall be deemed overdue and default interest (as specified above) will be calculated. Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two (2) per cent. (1%) cent higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Nordic American Offshore Ltd.), Facility Agreement (Nordic American Offshore Ltd.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than two times the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than two times the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Amendment and Restatement Agreement (Genesco Inc), Amendment and Restatement Agreement (Genesco Inc)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. cent (12.00%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. cent (12.00%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable. d) If an Event of Default has occurred and is continuing and the Agent has given notice to the Borrower, default interest shall be calculated in accordance with this Clause 8.3.

Appears in 2 contracts

Sources: Term Loan Facility Agreement (DHT Holdings, Inc.), Term Loan Facility Agreement (DHT Holdings, Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 11.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facilities Agreement (Signet Jewelers LTD), Facilities Agreement (Signet Jewelers LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 1 per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 1 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Single Currency Term Facility Agreement (Bristol Myers Squibb Co), Single Currency Term Facility Agreement (Bristol Myers Squibb Co)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document the Facilities on its due date, interest Default Interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than cent and the rate Rate of Interest which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount sterling for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than cent and the rate Rate of Interest which would have applied if the overdue amount had not become due. (c) Default interest Interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term and Letter of Credit Facility Agreement (Cascal B.V.), Subordinated Secured Term and Letter of Credit Facility Agreement (Cascal B.V.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of two (2) per cent. (1%) higher than cent per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lenders (acting reasonably). Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by that the Obligor on demand by the AgentLenders. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of two (2) percent per cent. (1%) higher than annum and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Senior Loan Note Subscription Agreement (Tritium DCFC LTD), Senior Loan Note Subscription Agreement (Tritium DCFC LTD)

Default Interest. (a) If an Obligor any Borrower or Guarantor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two (2) per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)) above the Margin. Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by that Obligor the Borrowers and/or the Guarantor on demand by the Agent. (b) If any overdue amount consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two (2) per cent. (1%) cent higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term Loan Facility Agreement (DHT Holdings, Inc.), Term Loan Facility Agreement (DHT Holdings, Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 2 per cent. (1%) higher than per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Revolving Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 ‎‎10.6 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan other than an RFR Revolving Loan and which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 2 per cent. (1%) higher than per annum and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Amendment and Restatement Agreement (Cboe Global Markets, Inc.), Amendment and Restatement Agreement (Cboe Global Markets, Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (bClause 5.1.3(a) below, is one two (2) per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 5.1.3 shall be immediately payable by that the Obligor on demand by the AgentLender. (b) If any overdue amount consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two (2) per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term Facility Agreement (Grindrod Shipping Holdings Ltd.), Term Facility Agreement (Grindrod Shipping Holdings Ltd.)

Default Interest. (a) If an Obligor or the Parent fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a the Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that the Obligor or the Parent on demand by the Agent. (b) If any overdue amount consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that LoanPeriod: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Baring Asia Private Equity Fund v Co-Investment L.P.), Facility Agreement (Giant Interactive Group Inc.)

Default Interest. (a) If an Obligor fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.4 shall be immediately payable by that the Obligor on demand by the an Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will not be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but and will remain immediately due and payable.

Appears in 2 contracts

Sources: Multicurrency Revolving Facility Agreement (Luxottica Group Spa), Facility Agreement (Luxottica Group Spa)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Senior Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 12.3 shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 1 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Senior Facilities Agreement (Nordic Telephone CO ApS), Senior Facilities Agreement (Nordic Telephone CO ApS)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (12%) higher than the rate which would have been payable if the overdue amount had, during the period of non-paymentnon‑payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the BPIFAE Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the BPIFAE Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (12%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Bpifae Facility Agreement (Globalstar, Inc.), Bpifae Facility Agreement (Globalstar, Inc.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 13.4 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Term Rate Loan and which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than per annum and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Revolving Credit Facility Agreement (Magnum Ice Cream Co B.V.), Revolving Credit Facility Agreement (Magnum Ice Cream Co B.V.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2.00 per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 11.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan and which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2.00 per cent. (1%) per annum higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement, Senior Facilities Agreement

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)of one Month. Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facilities Agreement (Cemex Sab De Cv), Facilities Agreement (Cemex Sab De Cv)

Default Interest. (a) If an a Primary Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two per cent. cent (12.0%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.4 shall be immediately payable by that the Primary Obligor on demand by the Facility Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. cent (12.0%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Syndicated Facility Agreement (Equinix Inc), Facility Agreement (Equinix Inc)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2 per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.4 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Senior Revolving Credit Facility Agreement, Senior Revolving Credit Facility Agreement (Logitech International Sa)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2 per cent. (1%) higher than the rate which would have been payable if the overdue amount Unpaid Sum had, during the period of non-payment, constituted a Loan loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)Facility Agent. Any interest accruing under this Clause 8.3 (Default interest) shall be immediately payable by that the Obligor on demand by the Facility Agent. (b) If any overdue amount an Unpaid Sum consists of all or part of a the Loan which became due on a day which was not the last day of an Interest Period relating to that the Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Loan; and (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be one 2 per cent. (1%) higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term Loan Facility (Dorian LPG Ltd.), Term Loan Facility (Dorian LPG Ltd.)

Default Interest. (a) 8.3.1 If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) Clause 8.3.2 below, is one per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-non- payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 ( Default Interest) shall be immediately payable by that Obligor the Borrower on demand by the AgentAgent . (b) 8.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that LoanPeriod: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) 8.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement, Facility Agreement

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Delhaize Group), Facility Agreement (Delhaize Group)

Default Interest. (aA) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount Unpaid Sum from the due date up to the date of actual payment (both before and after judgmentjudgment and to the extent interest at a default rate is not otherwise being paid on that sum) at a rate which, subject to paragraph (bB) below, is one 2.00 per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Senior Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that Obligor the Borrower on demand by the Senior Agent. (bB) If any overdue amount consists of all or part of a the Senior Loan which became due on a day which was not the last day of an Interest Period relating to that the Senior Loan: (i1) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that the Senior Loan; and (ii2) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2.00 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (cC) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 2 contracts

Sources: Securitisation Agreement (Encore Capital Group Inc), Securitization Agreement (Encore Capital Group Inc)

Default Interest. (a) 8.3.1 If an any Obligor fails to pay when due any amount payable by it under a Finance Document on its due dateDocument, interest shall will accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a ). The rate which, subject to paragraph (b) below, is one of interest will be two per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount. The duration of the Interest Periods for the overdue amount for successive Interest Periods, each of a duration will be selected by the Agent Lender (acting reasonably). Any The Borrower must pay any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor on the demand by the AgentLender. (b) 8.3.2 If any overdue amount consists of all or part of a Loan which the Loans that became due on a day which that was not the last day of an Interest Period relating to that LoanPeriod: (ia) the first Interest Period for that overdue amount shall will have a duration equal to the unexpired portion of the then current Interest Period relating to that Loanfor the Loans; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall will be one two per cent. (1%) cent higher than the rate which that would have applied if the overdue amount had not become due. (c) 8.3.3 Default interest on an overdue amount (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Transatlantic Petroleum Ltd.), Trade Finance Term Loan Facility (Transatlantic Petroleum Ltd.)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2.50 per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that the Obligor on demand by the AgentLender. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2.50 per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (FreeSeas Inc.), Facility Agreement (FreeSeas Inc.)

Default Interest. (a) 8.3.1 If an Obligor fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) 8.3.2 below, is one per cent. (1%) cent per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the an Agent. (b) 8.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) cent per annum higher than the rate which would have applied if the overdue amount had not become due. (c) 8.3.3 Default interest (if unpaid) arising on an overdue amount will not be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but and will remain immediately due and payable.

Appears in 2 contracts

Sources: Loan Agreement (Luxottica Group Spa), Term Facility Agreement (Luxottica Group Spa)

Default Interest. (a) 9.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document on its due dateMajor Event of Default occurs which is continuing, interest shall accrue on the overdue amount Total Facility Outstandings from the due date of occurrence of the Major Event of Default up to the date on which the Major Event of actual payment Default is no longer continuing, (both before and after judgment, if applicable) at a rate which, subject to paragraph (b) 9.3.2 below, is one the higher of (i) the Prime Rate plus 2% per cent. annum and (1%ii) 5% per annum higher than the prevailing interest rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan referred to in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)clause 9.1. Any interest accruing under this Clause 8.3 clause 9.3 shall be immediately payable by that the Obligor on demand by the Senior Agent. (b) 9.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one 2% per cent. (1%) annum higher than the rate which would have applied if the overdue amount had not become due. (c) 9.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Senior Facilities Agreement (Atlatsa Resources Corp), Senior Term Loan and Revolving Facilities Agreement (Atlatsa Resources Corp)

Default Interest. (a) If an Obligor fails the Borrowers fail to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one two (2) per cent. (1%) cent higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). If any Event of Default has occurred and is continuing under any Finance Documents and notice thereof has been sent from the Agent to the Borrowers, all outstanding amounts shall be deemed overdue and default interest (as specified above) will be calculated. Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that Obligor the Borrowers on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one two (2) per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (DHT Holdings, Inc.), Facility Agreement (DHT Holdings, Inc.)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 (one) per cent. (1%) higher than per annum and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in under the currency of the overdue amount Facility for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.3 shall be immediately payable by that Obligor the Borrower on demand by the AgentFacility Agent (acting on the instructions of the Majority Lenders). (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that such Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that such Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than per annum and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will will, to the extent permitted by applicable law, be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Amendment and Restatement Agreement (Atlas Investissement), Facility Agreement (Atlas Investissement)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 16.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Term Facility Agreement (Manchester United PLC), Term Facility Agreement (Manchester United PLC)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 2 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the AgentLender. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 2 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Mobile Telesystems Ojsc), Facility Agreement (Mobile Telesystems Ojsc)

Default Interest. (a) 10.3.1 If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) sub-clause 10.3.2 below, is one two per cent. (12%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) 10.3.2 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (12%) higher than the rate which would have applied if the overdue amount had not become due. (c) 10.3.3 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Borrowing Base Facility Agreement (MIE Holdings Corp), Shares Purchase Agreement (MIE Holdings Corp)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Bridge Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a an Initial Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Bridge Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Bridge Facility Agent. (b) If any overdue amount consists of all or part of a an Initial Loan which became due on a day which was not the last day of an Interest Period relating to that Initial Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Initial Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Bridge Facility Agreement (Nordic Telephone CO ApS), Bridge Facility Agreement (Nordic Telephone CO ApS)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Senior Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 12.3 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Senior Facility Agreement (Inmarsat Holdings LTD), Senior Facility Agreement (Inmarsat Launch CO LTD)

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance an Interim Document on its due date, interest shall accrue (to the extent permitted by applicable law and regulations) on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a an Interim Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Interim Facility Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that the Obligor on demand by the Interim Facility Agent. (b) If any overdue amount consists of all or part of a Term Rate Loan which became due on a day which was not the last day of an Interest Period relating to that Term Rate Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Term Rate Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded (to the extent permitted under any applicable law) with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Interim Facilities Agreement, Interim Facilities Agreement

Default Interest. (a) If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which), subject to paragraph (b) below, is one per cent. (at a rate 1%) % higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 9.4 shall be immediately payable by that the Obligor on demand by the Agent. (b) If any overdue amount consists of all or a part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one per cent. (the sum of 1%) higher than % and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Supplemental Agreement (Innospec Inc.), Multicurrency Revolving Facility Agreement (Innospec Inc.)

Default Interest. (a) 10.4.1 If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) belowclause 10.4.3, is one two per cent. (1%) higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 clause 10.4 shall be immediately payable by that Obligor the Borrower on demand by the Agent. 10.4.2 For the avoidance of doubt, any overdue amount which is not a Loan shall accrue interest as if such amount was a Loan for successive Interest Periods, each of a duration selected by the Agent (bacting reasonably) at the rate equal to two per cent. plus the applicable Margin. 10.4.3 If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (ia) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (iib) the rate of interest applying to the overdue amount during that first Interest Period shall be one two per cent. (1%) higher than the rate which would have applied if the overdue amount had not become due. (c) 10.4.4 Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facilities Agreement (International Shipping Enterprises, Inc.), Facilities Agreement (Navios Maritime Holdings Inc.)

Default Interest. (a) If an Obligor the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one the sum of 1.5 per cent. (1%) higher than and the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 shall be immediately payable by that Obligor the Borrower on demand by the Agent. (b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be one the sum of 1.5 per cent. (1%) higher than and the rate which would have applied if the overdue amount had not become due. (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

Appears in 2 contracts

Sources: Facility Agreement (Chartered Semiconductor Manufacturing LTD), Facility Agreement (Chartered Semiconductor Manufacturing LTD)

Default Interest. (a) If an Obligor a Loan Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the overdue amount any Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) below, is one 2 per cent. (1%) per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a Loan in the currency of the overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this Clause 8.3 10.3 shall be immediately payable by that Obligor the Loan Party on demand by the Agent. (b) If any overdue amount Unpaid Sum consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan: (i) the first Interest Period for that overdue amount Unpaid Sum shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be one 2 per cent. (1%) per annum higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due. (c) Default interest (if unpaid) arising on an overdue amount Unpaid Sum will be compounded with the overdue amount Unpaid Sum at the end of each Interest Period applicable to that overdue amount Unpaid Sum but will remain immediately due and payable.

Appears in 2 contracts

Sources: Syndication and Amendment Agreement (Igate Corp), Facilities Agreement (Igate Corp)