Common use of Increased Interest Clause in Contracts

Increased Interest. (a) If a Default has occurred and is continuing, interest shall accrue on the Loan from the date a notice as set forth in Clause 21.2 (Default) was received by the Borrower until the earlier of (i) the Administrative Agent (acting under the instruction of the Majority Lenders) declaring in writing to the Borrower that such Default no longer is considered in existence or waived (ii) the date all amounts due from the Borrower to the Finance Parties hereunder have been repaid at a rate which is two percentage points higher than the rate which would otherwise have been applicable. (b) If there is an Unpaid Sum, interest shall accrue on such Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which is two percentage points higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted a part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Administrative Agent (acting reasonably). Any interest accruing under this Clause 7.3 (b) shall be immediately payable by the Borrower on demand by the Administrative Agent. (c) Increased interest (if unpaid) arising on any Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.

Increased Interest. (a) If a Default has occurred and is continuing, interest shall accrue on the Loan from the date a notice as set forth in Clause 21.2 (Default) was received by the Borrower until the earlier of (i) the Administrative Agent (acting under the instruction of the Majority Lenders) declaring in writing to the Borrower that such Default no longer is considered in existence or waived (ii) the date all amounts due from the Borrower to the Finance Parties hereunder have been repaid at a rate which is two percentage points higher than the rate which would otherwise have been applicable. (b) If there is an Unpaid Sum, interest shall accrue on such Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which is two percentage points higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted a part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Administrative Agent (acting reasonably). Any interest accruing under this Clause 7.3 (b) shall be immediately payable by the Borrower on demand by the Administrative Agent. (c) Increased interest (if unpaid) arising on any Unpaid Sum will be compounded with the Unpaid Sum at the end of each Interest Period applicable to that Unpaid Sum but will remain immediately due and payable.