Default Interest. 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 clause 7.3.2, is 2% (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 7.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent. 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: 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 7.3.2.2 the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the overdue amount had not become due. 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% one per cent. (two percent1%) 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 7.3 Clause 8.3 shall be immediately payable by the relevant that Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% one per cent. (two percent1%) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 2 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 2 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is two per cent. (2% (two percent%) 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 Facility Agent Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentLender.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be two per cent. (2% (two percent%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per cent. 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 Facility Agent (acting reasonably)Agent. Any interest accruing under this clause 7.3 Clause 8.3 (Default interest) shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 21% (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 7.3 Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 21% (two percent) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 21% (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 7.3 Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 21% (two percent) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per 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)of one Month. Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is two per cent. (2% (two percent%) 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Company on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be two per cent. (2% (two percent%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 11.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% (two percent) 2 per cent. higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.2Clause 10.3.2 below, is 2% (two percent) 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1 per cent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per cent. 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 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per cent. 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 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.213.3(b), is 2% (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 7.3 13.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 2 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 2 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.2Clause 9.3.2, is 2% (two percent) 2 per 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 Facility Agent Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause9.3 shall be immediately payable by the relevant Obligor that Borrower on demand by the Facility AgentLender.
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2 per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.
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 4 contracts
Sources: Facilities Agreement, First Amendment and Restatement Agreement (Powerfleet, Inc.), Facilities Agreement (MiX Telematics LTD)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.2Clause 10.2 below, is 2% (two percent) one per cent. 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 7.3 Clause 10.1 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which that would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 6.3 shall be immediately payable by the relevant that Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.2Clause 8.3.2 below, is 2% (two percent) one per 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 7.3 Clause 8.3 (Default Interest) shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentAgent .
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 (Polestar Automotive Holding UK PLC), Facility Agreement (Polestar Automotive Holding UK PLC), Facility Agreement (Polestar Automotive Holding UK PLC)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 PIK Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable capitalised by the relevant Obligor Company on demand by the PIK Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
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 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent and the rate which would have applied if the overdue amount had not become due, subject to any applicable restrictions under French law.
7.3.3 (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. 7.3.1 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 clause 7.3.2, Clause 10.3.2 below is 2% (two percent) 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 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 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:
7.3.2.1 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
7.3.2.2 10.3.2.2 the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 clause 7.3.2paragraph (B) below, is 2% (two percent) 1.0 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 shall be immediately payable by the relevant Obligor on demand by the that Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1.0 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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: Revolving Credit Facility Agreement (Kosmos Energy Ltd.), Revolving Credit Facility Agreement (Kosmos Energy Ltd.), Deed of Amendment and Restatement (Kosmos Energy Ltd.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1.5 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1.5 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is two per cent. (2% (two percent%) 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be two per cent. (2% (two percent%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 (Alibaba Group Holding LTD), Facilities Agreement (Alibaba Group Holding LTD)
Default Interest. 7.3.1 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 sub-clause 7.3.210.3.2 below, is two per cent. (2% (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 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be two per cent. (2% (two percent%) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 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 clause 7.3.210.4.3, is 2% (two percent) per 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 7.3 10.4 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 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 (acting 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 judgmentjudgment and to the extent interest at a default rate is not otherwise being paid on that sum) at a rate which, subject to clause 7.3.2paragraph (B) below, is 2% (two percent) 2.00 per 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 Senior Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Senior Agent.
7.3.2 (B) 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:
7.3.2.1 (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 the Senior Loan; and
7.3.2.2 (2) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (C) 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per 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 7.3 Clause 8.3 shall be immediately promptly payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 promptly due and payable.
Appears in 2 contracts
Sources: Facility Agreement (Golden Telecom Inc), Facility Agreement (Golden Telecom Inc)
Default Interest. 7.3.1 (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), subject to paragraph (b) below, at a rate which, subject to clause 7.3.2, is 21% (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 7.3 Clause 9.4 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2the sum of 1% (two percent) higher than and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor Loan Party on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% (two percent) 2 per cent. per annum higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 11.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 16.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.2Clause 8.3.2 below, is 2% (two percent) one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 ( Default Interest) shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentAgent .
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 9.3.1 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 that Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to clause 7.3.2Clause 9.3.2 below, is 2% (two percent) higher than the rate which would have been payable if the overdue amount that Unpaid Sum had, during the period of non-payment, constituted a Loan in the currency of the overdue amount that Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). .
9.3.2 Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 9.3.3 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:
7.3.2.1 9.3.3.1 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
7.3.2.2 9.3.3.2 the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due.
7.3.3 9.3.4 Default interest (if unpaid) arising on an overdue amount any Unpaid Sum will be compounded with the overdue amount that 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 and Revolving Credit Facilities Agreement, Term and Revolving Credit Facilities Agreement (Sibanye Gold LTD)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 (Seanergy Maritime Holdings Corp.), Facility Agreement (Seanergy Maritime Holdings Corp.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1 per cent. higher than the rate which would have applied if the overdue amount had not become due.
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 2 contracts
Sources: Senior Facilities Agreement (Nordic Telephone CO ApS), Senior Facilities Agreement (Nordic Telephone CO ApS)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% two percent (two percent2.0%) 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (b) If any overdue amount an 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 the relevant Loan:
7.3.2.1 (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 relevant Loan; and
7.3.2.2 (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% two percent (two percent2.0%) higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due.
7.3.3 Default (c) To the extent permitted by applicable law, 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: Credit Agreement (Eagle Bulk Shipping Inc.), Credit Agreement (Eagle Bulk Shipping Inc.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (the sum of two percent) higher than per 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 Facility Agent Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentLender.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (the sum of two percent) higher than per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 (MediaRing LTD), Facility Agreement (Chartered Semiconductor Manufacturing LTD)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than times the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.2paragraph b) below, is 2% two per cent (two percent2.00%) 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% two per cent (two percent2.00%) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 per 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 loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably)Agent. Any interest accruing under this clause 7.3 Clause 8.3 (Default interest) shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% (two percent) 2 per cent. higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2, which is 2% (two percent) per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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: Borrowing Base Facility Agreement (Vaalco Energy Inc /De/), Borrowing Base Facility Agreement (Vaalco Energy Inc /De/)
Default Interest. 7.3.1 (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 clause 7.3.2, is 2% (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 Default Interest Periods, each of a duration selected by the Facility Agent (acting reasonably)Rate. Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of one per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.2 shall be immediately payable by the relevant Obligor Company on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 Telephone CO ApS), Facility Agreement (Nordic Telephone CO ApS)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 per 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 7.3 Clause 11.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 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 clause 7.3.29.3.2 below, is the higher of (i) the Prime Rate plus 2% per annum and (two percentii) 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 Facility Agent (acting reasonably)clause 9.1. Any interest accruing under this clause 7.3 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Senior Agent.
7.3.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 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 clause 7.3.2paragraph 8.3.2 below, is 2% (two percent) one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility an Agent.
7.3.2 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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per 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 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 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 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per annum higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per 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)of one Month. Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 1.00 per 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 7.3 Clause 13.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 Facility Agreement (South Texas Supply Company, Inc.), Revolving Facility Agreement (South Texas Supply Company, Inc.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 per 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 7.3 Clause 9.4 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Bridge Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
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 2 contracts
Sources: Bridge Facility Agreement (Nordic Telephone CO ApS), Bridge Facility Agreement (Nordic Telephone CO ApS)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per cent. 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 Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 7.4 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agentdemand.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one percent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2.50 per 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 Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility AgentLender.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2.50 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 1 per 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) per cent. 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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 Loan:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% (two percent) per cent. per annum higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.28.3(b) below, is 2% (two percent) per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% (two percent) per cent higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2.00 per cent. higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a portion of 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility AgentAgent .
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (B) below, is 2% (two percent) 1.0 per 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 7.3 shall be immediately payable by the relevant Obligor on demand by the that Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1.0 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Loan Agreement (Kosmos Energy Ltd.)
Default Interest. 7.3.1 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 clause 7.3.2Clause 8.3.2, is 2% (two percent) 2 per 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 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 8.3.2 If any overdue amount Unpaid Sum consists of all or part of a the Loan and which became due on a day which was not the last day of an Interest Period relating to that the Loan:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2 per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.
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 1 contract
Default Interest. 7.3.1 7.4.1 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 clause 7.3.27.4.2, is 2% (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 7.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 7.4.2 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:
7.3.2.1 7.4.2.1 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
7.3.2.2 7.4.2.2 the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 7.4.3 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 1 contract
Sources: Revolving Credit Facility Agreement (Gold Fields LTD)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% 2 (two percenttwo) per 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 on a duration selected by the Facility Agent (acting reasonably)daily rest basis. Any interest accruing under this clause 7.3 5.1.3 shall be immediately payable by the relevant Obligor Borrower forthwith on demand by of the Facility AgentAgent and Security Trustee.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2 per cent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (c) Default interest (if unpaid) arising on an overdue amount will be compounded paid on a daily rest basis and shall be paid 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 1 contract
Sources: Rupee Term Facility Agreement (Sterlite Industries (India) LTD)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2, paragraph (b) below is 2% (two percent) per 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 7.3 Clause 8.4 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Facility Agreement (Sterlite Industries (India) LTD)
Default Interest. 7.3.1 (a) If an Obligor a 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 clause 7.3.2, paragraph (b) below is 2% (two percent) 1 per 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 Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentLender.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Liquidity Facility Agreement (Abbey National Treasury Services PLC/Eng)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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.. 93954-4-1-v3.0 -32- 70-40529536
Appears in 1 contract
Sources: Facility Agreement (Midamerican Energy Holdings Co /New/)
Default Interest. 7.3.1 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 clause 7.3.210.4.2, is 2% (two percent) per 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 7.3 10.4 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 10.4.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) [two] per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 10.4.3 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 1 contract
Sources: Facilities Agreement (International Shipping Enterprises, Inc.)
Default Interest. 7.3.1 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 clause 7.3.2Clause 10.3.2, is 2% (two percent) per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 (Default interest) shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 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:
7.3.2.1 (A) 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
7.3.2.2 (B) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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 1 contract
Sources: Secured Revolving Loan and Letter of Credit Facility Agreement (Endeavour International Corp)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2.00 per cent. higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a portion of 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Facility Agreement (DryShips Inc.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (B) below, is 2% (two percent) 2.0 per 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 7.3 Clause shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2.0 per cent higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2, which is 2% (two percent) higher than the sum of 1 per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (b) If any 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:
7.3.2.1 , 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
7.3.2.2 and the rate of interest applying to the on that overdue amount during for that first Interest Period shall be 2% (two percent) higher than the sum of 1 per cent. per annum and the rate which would have applied if the overdue amount had not become applicable to it immediately before it became due.
7.3.3 (c) Any interest accruing under this Clause 9.3 shall be immediately payable by the Obligor on demand by the Facility Agent.
(d) 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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) one per 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 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Facility Agreement (Best Buy Co Inc)
Default Interest. 7.3.1 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 clause 7.3.28.3.2 below, is 2% (two percent) 2 percentage points 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 Facility Agent (acting reasonably). Any interest accruing under in accordance with this clause 7.3 8.3 shall be immediately payable by the relevant Obligor Obligors on demand by the Facility Agent.
7.3.2 8.3.2 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 Loanthe Loan or the relevant part of it:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2 percentage points higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 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 1 contract
Sources: Facility Agreement (DryShips Inc.)
Default Interest. 7.3.1
(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 clause 7.3.2paragraph (b) below, is 2% (two percent) [] %. higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted a an 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 7.3 Clause 11.5 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Agent.
7.3.2 (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:Loan:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2[] % (two percent) higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Development Facility Agreement
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (B) below, is 2% (two percent) 1.00 per 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 Facility Agent Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentLender.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1.00 per cent. per annum higher than the rate which would have applied if the overdue amount had not become due.
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 1 contract
Sources: Revolving Facility Agreement (MYT Netherlands Parent B.V.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is two (2% (two percent) per 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 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be two (2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Multicurrency Term and Revolving Facilities Agreement (Seawell LTD)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% three per cent. (two percent3%) 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 10.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% three per cent. (two percent3%) higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 1 contract
Sources: Term Facility Agreement (Tongjitang Chinese Medicines Co)
Default Interest. 7.3.1 (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 judgmentjudgment and to the extent interest at a default rate is not otherwise being paid on that sum) at a rate which, subject to clause 7.3.2paragraph (B) below, is 2% (two percent) 2.00 per 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 Senior Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility Senior Agent.
7.3.2 (B) 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:
7.3.2.1 (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 the Senior Loan; and
7.3.2.2 (2) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 2.00 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (C) 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 1 contract
Sources: Senior Facility Agreement (Encore Capital Group Inc)
Default Interest. 7.3.1 8.4.1 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 sub-clause 7.3.2, 8.4.2 below is 2% (two percent) three per 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 Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.4 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentLender.
7.3.2 8.4.2 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:
7.3.2.1 (a) 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
7.3.2.2 (b) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) three per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 8.4.3 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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of 1.5 per 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 Facility Agent Lender (acting reasonably). Any interest accruing under this clause 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor Borrower on demand by the Facility AgentLender.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of 1.5 per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (c) Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each the Interest Period applicable to that overdue amount but will remain immediately due and payable.
Appears in 1 contract
Sources: Facility Agreement (Chartered Semiconductor Manufacturing LTD)
Default Interest. 7.3.1 (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 clause 7.3.2, paragraph (b) below is 2% (two percent) per 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 7.3 Clause 8.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Facility Agreement (Central European Media Enterprises LTD)
Default Interest. 7.3.1 (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 clause 7.3.210.3(b) below, is 2% (two percent) one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 10 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) one per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 If an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest (a) Interest shall accrue on each Unpaid Sum (or, as the overdue amount case may be, the balance thereof outstanding) from the its due date up to the date of actual payment (both before and after judgment) at a rate which, subject to clause 7.3.2paragraph (b) below, is 2% (two percent) 1 per cent. per annum higher than the rate at which it would have been payable accrued 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 9.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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 LoanLoan which was current when it became due; and
7.3.2.2 (ii) the rate of interest applying applicable to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% (two percent) 1 per cent. per annum higher than the rate which would have applied been applicable if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 thereto but will remain immediately due and payable.
Appears in 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 percent 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 Facility Agent (acting reasonably)Agent. Any interest accruing under this clause 7.3 Clause 8.3 (Default interest) shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount that Unpaid Sum during that first Interest Period shall be 2% (two percent) 2 percent per annum higher than the rate which would have applied if the overdue amount that Unpaid Sum had not become due.
7.3.3 (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.
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Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 1 per 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 7.3 Clause 14.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) 1 per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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.
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Sources: Super Senior Revolving Facility Agreement (Orion Engineered Carbons S.a r.l.)
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) 2 per cent. 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 Loan in the currency of the overdue amount Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount Unpaid Sum during that first Interest Period shall be 2% (two percent) 2 per cent. per annum higher than the rate which would have applied if the overdue amount Unpaid Sum had not become due.
7.3.3 (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 1 contract
Default Interest. 7.3.1 (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 clause 7.3.2paragraph (b) below, is 2% (two percent) higher than the sum of one per 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 Facility Agent (acting reasonably). Any interest accruing under this clause 7.3 Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) higher than the sum of one per cent. and the rate which would have applied if the overdue amount had not become due.
7.3.3 (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.
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Default Interest. 7.3.1 (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 clause 7.3.2Clause 8.4(b) below, is 2% (two percent) per 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 7.3 Clause 8.4 shall be immediately payable by the relevant Obligor Company on demand by the Facility Agent.
7.3.2 (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:
7.3.2.1 (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
7.3.2.2 (ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 2% (two percent) per cent. higher than the rate which would have applied if the overdue amount had not become due.
7.3.3 (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 1 contract
Sources: Term Facility Agreement