Common use of Default Interest Periods Clause in Contracts

Default Interest Periods. If the Company does not pay any sum payable by it under the Finance Documents when due or if the Company does not pay any sum payable by it under any court judgment in connection with the Finance Documents on the date of such judgment, then for the purposes of clause 7 an Interest Period means the period beginning on: (a) such due date; or (b) the date of such judgment, and ending on the date on which the Company's obligation to pay such sum (the balance of such sum for the time being unpaid being an Unpaid Sum) is discharged. Each Interest Period (other than the first) will start on the last day of the preceding Interest Period and be of a duration selected by the Bank.