Common use of Payment of default interest on overdue amounts Clause in Contracts

Payment of default interest on overdue amounts. If the Borrower fails to pay any sum (including, without limitation, any sum payable pursuant to this Clause 6.1) on its due date for payment under any of the Finance Documents, the Borrower shall pay interest on such sum on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate determined by the Lender, on the due date for payment and thereafter on 30 June and 31 December in each calendar year. Each of such periods for the calculation of interest (other than the first, which shall commence on the due date for payment) shall commence on the last day of the preceding period. The rate of interest applicable to each such period shall be the aggregate of (a) 1 per cent. per annum, (b) the Margin and (c) LIBOR for such period. Such interest shall be due and payable on 30 June and 31 December in each calendar year and each such day shall, for the purposes of this Agreement, be treated as the final day of an Interest Period in respect of that amount. The Borrower hereby specifically acknowledges and agrees that the rate of default interest payable pursuant to this Clause 6.1 on any amount which is not paid on its due date shall be the aggregate (as determined by the Lender ) of (a) 2 per cent. per annum and (b) LIBOR for the relevant period and that such interest shall also be determined and payable on 30 June and 31 December in each calendar year. If, for the reasons specified in Clause 4.4, the Lender is unable to determine a rate in accordance with the foregoing provisions of this Clause 6.1, interest on any sum not paid on its due date for payment shall be calculated at a rate determined by the Lender to be 2 per cent. per annum above the cost of funds to the Lender.

Payment of default interest on overdue amounts. If the Borrower fails Borrowers fail to pay any sum (including, without limitation, any sum payable pursuant to this Clause 6.1) on its due date for payment under any of the Finance Documents, the Borrower Borrowers shall pay interest on such sum on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate determined by the Lender, on the due date for payment and thereafter on 30 June and 31 December in each calendar year. Each of such periods for the calculation of interest (other than the first, which shall commence on the due date for payment) shall commence on the last day of the preceding period. The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (a) 1 2 per cent. per annum, (b) the Margin and Margin, (c) LIBOR and (d) Mandatory Cost, if any, for such period. Such interest shall be due and payable on 30 June and 31 December in each calendar year and each such day shall, for the purposes of this Agreement, be treated as the final day of an Interest Period in respect of that amount. The Borrower Borrowers hereby specifically acknowledges acknowledge and agrees agree that the rate of default interest payable pursuant to this Clause 6.1 on any amount which is not paid on its due date shall be the aggregate (as determined by the Lender Lender) of (a) 2 per cent. per annum and annum, (b) the Margin, (c) LIBOR and (d) Mandatory Cost, if any, for the relevant period and that such interest shall also be determined and payable on 30 June and 31 December in each calendar year. If, for the reasons specified in Clause 4.4, the Lender is unable to determine a rate in accordance with the foregoing provisions of this Clause 6.1, interest on any sum not paid on its due date for payment shall be calculated at a rate determined by the Lender to be 2 per cent. cent per annum above the aggregate of (i) the Margin and (ii) the cost of funds to the Lender.

Payment of default interest on overdue amounts. If the Borrower fails to pay any sum (including, without limitation, any sum payable pursuant to this Clause 6.1) on its due date for payment under any of the Finance Documents, the Borrower shall pay interest on such sum on demand from the due date up to the date of actual payment (as well after as before judgment) at a rate determined by the Lender, on the due date for payment and thereafter on 30 June and 31 December in each calendar year. Each of such periods for the calculation of interest (other than the first, which shall commence on the due date for payment) shall commence on the last day of the preceding period. The rate of interest applicable to each such period shall be the aggregate (as determined by the Lender) of (a) 1 three per cent. (3%) per annum, annum and (b) the Margin and (c) LIBOR for such period. Such interest shall be due and payable on 30 June and 31 December in each calendar year and each such day shall, for the purposes of this Agreement, be treated as the final day of an Interest Period in respect of that amount. The Borrower hereby specifically acknowledges and agrees that the rate of default interest payable pursuant to this Clause 6.1 on any amount which is not paid on its due date shall be the aggregate (as determined by the Lender ) of (a) 2 three per cent. (3%) per annum and (b) LIBOR for the relevant period and that such interest shall also be determined and payable on 30 June and 31 December in each calendar year. If, for the reasons specified in Clause 4.4, the Lender is unable to determine a rate in accordance with the foregoing provisions of this Clause 6.1, interest on any sum not paid on its due date for payment shall be calculated at a rate determined by the Lender to be 2 three per cent. (3%) per annum above the cost of funds to the Lender.