Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably). (b) Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower on demand by the Agent. (c) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Final Maturity Date: (i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and (ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become due. (d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable. (e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 3 contracts
Sources: Secured Term Loan Facility (Mohegan Tribal Gaming Authority), Secured Term Loan Facility, Secured Term Loan Facility
Default Interest. (a) If the Borrower an Obligor Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before before, on and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) per centthe applicable Default Rate. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Any interest accruing under this Clause 8.4 paragraph (Default Interesta) shall be immediately payable by the Obligor Party on demand by the Facility Agent.
(b) If any Borrower applies any part of the Loans otherwise as contemplated in Clause 3 (Purpose), then notwithstanding any other rights of the Finance Parties under the Finance Documents, that Borrower must immediately on demand by the Facility Agent pay interest on the misappropriated amount from and including the date of such misappropriation up to the date of actual payment or the date on which such misappropriation is rectified satisfactory to the Facility Agent (both before, on and after judgment) at the applicable Default Rate. Any interest accruing under this paragraph (b) shall be immediately payable by that Borrower on demand by the Facility Agent.
(c) Default interest (if unpaid) arising on an Unpaid Sum or misappropriated amount will be compounded with the Unpaid Sum or misappropriated amount at each Interest Payment Date, and such Unpaid Sum and misappropriated amount (including the default interest compounded thereto) shall remain immediately due and payable.
(d) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become dueapplicable Default Rate.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 3 contracts
Sources: Facility Agreement (GDS Holdings LTD), Facility Agreement (GDS Holdings LTD), Facility Agreement (GDS Holdings LTD)
Default Interest. (a) If the Borrower or a Security Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the relevant due date for payment thereunder, that is: (i) the date on which such Finance Documents provide that such amount is due for payment; or (ii) if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or (iii) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two point five per cent. (2.5%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Agent. Any interest accruing under this Clause 8.4 (Default Interest) 5.3 shall be immediately payable by the Borrower and the Security Parties on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 two and a half per cent (three2.5%) per cent. annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest Interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 3 contracts
Sources: Loan Agreement (Euroseas Ltd.), Loan Agreement (Euroseas Ltd.), Loan Agreement (EuroDry Ltd.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 13.4 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Term Rate Loan and which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than per annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Revolving Credit Facility Agreement (Magnum Ice Cream Co B.V.), Revolving Credit Facility Agreement (Magnum Ice Cream Co B.V.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) per cent. per annum 2% higher than the rate per annum which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 7.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2% per cent. annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default interest that would otherwise be applicable in respect Upon the occurrence and during the continuance of any Unpaid Sums due upon an Event of Default resulting (or, in the case of any involuntary proceeding described in Clause 25.7 (Bankruptcy, Insolvency), a Default), the Borrower shall pay interest on the Loan from the breach date of Clause 22.1 (Completion and Operation) the occurrence of such Event of Default or Default, as the case may be, until such Event of Default or Default, as the case may be, shall not have been cured or waived, at a rate per annum equal to 2% per annum above the rate per annum required to be applicable in respect of any period in which paid on the increase in PIK Interest applies Loan pursuant to that clauseClause 7.1 (Calculation of interest) above.
Appears in 2 contracts
Sources: Credit Agreement (DHT Holdings, Inc.), Credit Agreement (DHT Holdings, Inc.)
Default Interest. (a) If the Borrower a Primary Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 two per cent (three2.0%) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.4 shall be immediately payable by the Borrower Primary Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 two per cent (three2.0%) per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Syndicated Facility Agreement (Equinix Inc), Facility Agreement (Equinix Inc)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due datewill pay, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower on demand by the Agent.
(c) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting through the earlier of the date upon which the Event of Default is cured or the date upon which the Debt is paid in full, interest on the unpaid principal balance of the Note at a per annum rate equal to the lesser of (a) four percent (4%) plus the Applicable Interest Rate (as defined in the Note), and (b) the maximum interest rate which Borrower may by law pay or Lender may charge and collect (the “Default Rate”). Notwithstanding the foregoing, in the event Borrower becomes liable for interest at the Default Rate under this Section 10.3 (such interest, the “Default Interest”) due to the occurrence of a Qualifying Non-Monetary Default (as defined in the Note), Borrower shall only be liable for such Default Interest for a period not to exceed six (6) months unless (i) Lender actively pursues a foreclosure action (or non-judicial foreclosure) as a result of such Qualifying Non-Monetary Default (in which case, Borrower shall be liable for Default Interest for a period equal to (I) the duration of Lender’s pursuit of the remedies described above plus (II) the first six (6) months following the occurrence of the applicable Qualifying Non-Monetary Default (less any portion of such six (6) month period occurring after Lender’s commencement of its pursuit of the remedies described above)) or (ii) a monetary Event of Default shall at any time exist (in which case, Borrower shall be liable for Default Interest from the breach date of Clause 22.1 (Completion and Operation) shall not be the occurrence of the applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clauseQualifying Non-Monetary Default).
Appears in 2 contracts
Sources: Deed of Trust and Security Agreement (American Assets Trust, Inc.), Mortgage, Assignment of Leases and Rents, Security Agreement (American Assets Trust, Inc.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. cent per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.4 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Term Rate Loan and which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than cent per annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Bridge and Term Facilities Agreement (Magnum Ice Cream Co B.V.), Bridge and Term Facilities Agreement (Magnum Ice Cream Co B.V.)
Default Interest. (a) If the Borrower fails Borrowers fail to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 two (three2) per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
. If any Event of Default has occurred and is continuing under any Finance Documents and notice thereof has been sent from the Agent to the Borrowers, all outstanding amounts shall be deemed overdue and default interest (bas specified above) will be calculated. Any interest accruing under this Clause 8.4 (Default Interest) 10.3 shall be immediately payable by the Borrower Borrowers on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 two (three2) per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Facility Agreement (DHT Holdings, Inc.), Facility Agreement (DHT Holdings, Inc.)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 the sum of 1 (threeone) per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted a Loan under the Loan in the currency of the Unpaid Sum Facility for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower on demand by the AgentFacility Agent (acting on the instructions of the Majority Lenders).
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datesuch Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datesuch Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than per annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will overdue amount will, to the extent permitted by applicable law, be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Amendment and Restatement Agreement (Atlas Investissement), Facility Agreement (Atlas Investissement)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 the sum of two (three2) per cent. cent per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent Lenders (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentLenders.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 the sum of two (three2) percent per cent. higher than annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Senior Loan Note Subscription Agreement (Tritium DCFC LTD), Senior Loan Note Subscription Agreement (Tritium DCFC LTD)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 4 per cent. cent per annum higher than the rate which would have been payable as if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 on the Unpaid Sum owing by the Borrower shall be immediately payable by the Borrower on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) 4 per cent. per annum higher than the rate which would have applied as if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Facility Agreement (TOM Group LTD), Facility Agreement (Tom Online Inc)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 2 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Revolving Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 10.6 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan other than an RFR Revolving Loan and which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 2 per cent. higher than per annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Amendment and Restatement Agreement (Cboe Global Markets, Inc.), Amendment and Restatement Agreement (Cboe Global Markets, Inc.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum (2%) higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-paymentnon‑payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the BPIFAE Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower on demand by the BPIFAE Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) two per cent. (2%) higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Bpifae Facility Agreement (Globalstar, Inc.), Bpifae Facility Agreement (Globalstar, Inc.)
Default Interest. (a) If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue accrue, subject to paragraph (c) below, on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, which is 3.00 (three) the sum of one per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Any interest amounts accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower on demand following request by the AgentAgent on the last day of the respective Interest Period selected by the Agent or determined in accordance with paragraph (c) below.
(c) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) the sum of one per cent. higher than and the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with This Clause 9.3 shall not limit or affect the Unpaid Sum on right of any Finance Party to demand compensation for damages exceeding the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clausepayable hereunder.
Appears in 2 contracts
Sources: Credit Facility Agreement (Sap Ag), Credit Facility Agreement (Sap Ag)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) per cent. per annum 200 basis points higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan an Advance which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Dateit:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Advance; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. 200 basis points higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default Additionally the rate of interest that would otherwise be applicable in respect payable on any amount to which Clause 8.1 (Calculation of interest) continues to apply shall increase by 200 basis points on the date following any Unpaid Sums due upon notice served by the Facility Agent following an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clausewhilst it is continuing, unremedied or unwaived.
Appears in 2 contracts
Sources: Addendum to First Preferred Marshall Islands Mortgage (Ocean Rig UDW Inc.), Term Loan Agreement (Ocean Rig UDW Inc.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 1 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 10.4 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) 1 per cent. per annum higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount (or such later date permitted by applicable law) but will remain immediately due and payable.
(ed) Any default interest Each Borrower shall, within three Business Days of demand by a Finance Party, pay to that would otherwise be applicable Finance Party its Break Costs attributable to all or any part of an Unpaid Sum being paid by that Borrower on a day other than the last day of an Interest Period for that Unpaid Sum. Each Lender shall, as soon as reasonably practicable after a demand by the Facility Agent, provide a certificate confirming in respect reasonable detail the amount of its Break Costs for any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period Interest Period in which the increase in PIK Interest applies pursuant to that clausethey accrue.
Appears in 2 contracts
Sources: Permanent Facility Agreement (Groupe Eurotunnel SA), Permanent Facility Agreement (Groupe Eurotunnel SA)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document other than a Master Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower on demand by the Agent.
(cb) If any overdue Without prejudice to the rights of the Finance Parties under Clause 22.2 (Acceleration), if the Agent (acting on the instructions of the Majority Lenders) gives written notice to the Borrower of the occurrence of an Event of Default (other than an Event of Default referred to in Clause 22.1(a) (Non-payment)) and demands payment of interest under this paragraph (b) of Clause 8.3 (Default interest), interest shall accrue on the amount consists of all or the Loan from the date of such notice up to the date on which the Agent (acting on the instructions of the Majority Lenders) gives notice to the Borrower that such Event of Default is no longer continuing. Interest shall accrue at a rate which is 2 per cent per annum higher than the applicable rate for each part of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become dueLoan.
(dc) Default interest (if unpaid) arising on an Unpaid Sum or, in the case of paragraph (b), the Loan will be compounded with the Unpaid Sum on or, as the next case may be, the Loan at the end of each Interest Payment Date Period applicable to that Unpaid Sum or, as the case may be, the Loan but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Loan Agreement (Safe Bulkers, Inc.), Loan Agreement (Safe Bulkers, Inc.)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. (2%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower on demand by the AgentLender.
(cb) If any overdue amount Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. (2%) per annum higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Facility Agreement (Sequoia Capital China I Lp), Facility Agreement (Chiu Na Lai)
Default Interest. (a) 4.5.1 If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document hereunder on its due date, interest shall will accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is 1 per cent higher than:
(a) in relation to an amount becoming due and payable before expiration of the Interest Period applicable thereto, subject for the period until the expiration of such Interest Period the rate applicable to paragraph such overdue amount immediately prior to the due date; and
(cb) belowin all other cases, the Interest Rate on the most recent Quotation Date for such periods as the Agent may designate, provided, however, that such Interest Period will not exceed three (3) months.
4.5.2 If the Borrower fails to pay any interest payable by it hereunder on its due date, it will pay, at the time of payment of all arrears of interest, lump sum damages (pauschalierter Schadensersatz) on the overdue amount from the due date up to the date of actual payment at a percentage rate which is 3.00 (three) 1 per cent. per annum higher than the interest rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum an Advance for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) 4.5.3 In the case of lump sum damages, the Borrower shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount and any Finance Party shall be entitled to prove that further damages have arisen. Any interest or lump sum accruing under this Clause 8.4 (Default Interest) 4.5 shall be immediately payable by the Borrower on demand by the Agent.
(c) If any overdue amount consists of all or part 4.5.4 The right of the Loan which became due on a day prior Lenders to compensation for any loss arising from the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall default remains unaffected. Payments made under Clause 4.5.2 will however be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become duededucted from such compensation.
(d) Default interest (if unpaid) arising on an Unpaid Sum 4.5.5 The Agent will promptly notify the Borrower and the Lenders of the determination of any default interest. Each determination by the Agent will, in the absence of a manifest error, be compounded with the Unpaid Sum conclusive and binding on the next Interest Payment Date but will remain immediately due Borrower and payablethe Lenders.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Project Financing Agreement (Mercer International Inc.), Project Financing Agreement (Mercer International Inc.)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document the Facilities on its due date, interest Default Interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. per annum higher than cent and the rate Rate of Interest which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum sterling for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than cent and the rate Rate of Interest which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest Interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Term and Letter of Credit Facility Agreement (Cascal B.V.), Subordinated Secured Term and Letter of Credit Facility Agreement (Cascal B.V.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) per cent. per annum 2.00 percentage points higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Dateit:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. 2.00 percentage points higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default Additionally the rate of interest that would otherwise be applicable in respect payable on any amount to which Clause 8.1 (Calculation of interest) continues to apply shall increase by 2.00 percentage points on the date following any Unpaid Sums due upon notice served by the Agent to the Borrowers following an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clausewhilst it is continuing.
Appears in 2 contracts
Sources: Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement (KNOT Offshore Partners LP)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue and if the Facility Agent, acting on the Unpaid Sum instructions of the Majority Lenders, gives notice that the default interest rate shall apply, such amount shall, subject to any increased interest rate pursuant to paragraph (b) below, accrue interest or, insofar as it relates to unpaid interest, shall give rise to a claim for lump sum damages from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, which is 3.00 (three) one per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-non payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 12.5 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) one per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Senior Facilities Agreement (Sirona Dental Systems, Inc.), Senior Facilities Agreement (Sirona Dental Systems, Inc.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably) (except that, in relation to overdue interest, default interest shall only be due from the earliest date permitted pursuant to Article 1154 of the Belgian Civil Code).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower Obligor on demand by the AgentLender.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
payable (e) Any except that, in relation to overdue interest, default interest that would otherwise shall only be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies earliest date permitted pursuant to that clauseArticle 1154 of the Belgian Civil Code).
Appears in 2 contracts
Sources: Facility Agreement (WABCO Holdings Inc.), Facility Agreement (WABCO Holdings Inc.)
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document other than a Hedging Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Facility Agreement (Okeanis Eco Tankers Corp.), Facility Agreement (Okeanis Eco Tankers Corp.)
Default Interest. (a) 12.1 If the Borrower fails to pay any amount sum due and payable by it an Obligor to any Finance Party under a Finance this Agreement or under any other Transaction Document is not paid on its due date, interest shall accrue on the Unpaid Sum from the due date up to therefor or if any sum due and payable by such Obligor under any judgment of any court in favour of any Finance Party in connection herewith or therewith is not paid on the date of actual payment (both before and after such judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period beginning on (and including) such due date or, as the case may be, the date of non-payment, constituted such judgment and ending on (but excluding) the Loan in date upon which the currency obligation of such Obligor to pay such sum (the balance thereof for the time being unpaid being herein referred to as an Unpaid Sum for Sum) is discharged shall be divided into successive Interest Periodsperiods, each of having a duration selected by the Facility Agent (acting reasonably) and each of which (other than the first) shall start on the last day of the preceding such period and shall end on (but exclude) the first day of the next succeeding period (each, a Default Interest Period).
12.2 Default interest shall accrue on each Unpaid Sum owed to a Finance Party during each Default Interest Period relating thereto at the percentage rate per annum that is the sum of the Cost of Funds to such Finance Party for such Unpaid Sum for the relevant Default Interest Period, the Margin and two per cent. (b2%) per annum (the Default Rate).
12.3 Any interest accruing which shall have accrued under this Clause 8.4 (Default Interest) 12.2 in respect of an Unpaid Sum shall be immediately due and payable and shall be paid by the Borrower relevant Obligor on demand by the Agent.
(c) If any overdue amount consists of all or part last day of the Loan which became due relevant Default Interest Period or on a day prior such other date or dates as the Facility Agent may specify by written notice to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become duerelevant Obligor.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) per cent. per annum 2.00 percentage points higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Dateit:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. 2.00 percentage points higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default Additionally the rate of interest that would otherwise be applicable in respect payable on any amount to which Clause 8.1 (Calculation of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operationinterest) continues to apply shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.by
Appears in 2 contracts
Sources: Term Facility Agreement, Term and Revolving Facilities Agreement
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (b) and (c) below, is 3.00 (three) the sum of 2 per cent. cent per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 11.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 2 per cent. higher than cent per annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(c) If any overdue amount relates in any way to a Letter of Credit, 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, in respect of each Lender, is the sum of:
(i) the cost of funds of each Lender's participation if the overdue amount had, during the period of non-payment, constituted a loan denominated in the currency of the relevant Letter of Credit; plus
(ii) 3 per cent per annum; plus
(iii) 2 per cent per annum.
(d) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Syndicated Facility Agreement (Metals Acquisition LTD), Syndicated Facility Agreement (Metals Acquisition Corp)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue to the fullest extent permitted by law on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 2 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior to which was not the Final Maturity Date:
(i) the first last day of an Interest Period for relating to that Unpaid Sum Loan then upon expiry of the current Interest Period relating to that Loan such Loan shall have an Interest Period of a duration equal to selected by the period to the Final Maturity Date; and
Agent (iiacting reasonably) and the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) the sum of 2 per cent. higher than and the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Facility Agreement (Synnex Corp), Facility Agreement (Synnex Corp)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 10.4 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Term SOFR Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datea Term SOFR Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Loan Agreement (Ardmore Shipping Corp), Loan Agreement (Ardmore Shipping Corp)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document to which it is a party in accordance with its terms on its due datedate (after taking into account any grace periods, if applicable), interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Facility Agreement (Euroseas Ltd.), Facility Agreement (Euroseas Ltd.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising accruing on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 2 contracts
Sources: Term Loan Facility (Grindrod Shipping Holdings Ltd.), Facility Agreement (Grindrod Shipping Holdings Pte. Ltd.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of two per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of two per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the Loan a Notes Subscription in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 13.4 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the Loan a Notes Subscription which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Notes Subscription:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Notes Subscription; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) 1 per cent. per annum higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Notes Purchase Agreement (Membership Collective Group Inc.)
Default Interest. (a) If the a Borrower or a Security Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the relevant due date for payment thereunder, that is: (i) the date on which such Finance Documents provide that such amount is due for payment; or (ii) if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or (iii) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two point five per cent. (2.5%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Agent. Any interest accruing under this Clause 8.4 (Default Interest) 5.3 shall be immediately payable by the Borrower Borrowers and the Security Parties on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 two and a half per cent (three2.5%) per cent. annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest Interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Loan Agreement (EuroDry Ltd.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 the sum of two (three2) per cent. cent per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent Lenders (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentLenders.
(cb) If any overdue amount consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 the sum of two (three2) percent per cent. higher than annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Senior Loan Note Subscription Agreement (Tritium DCFC LTD)
Default Interest. (a) If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document on its due date, interest shall accrue accrue, subject to paragraph (c) below, on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, which is 3.00 (three) the sum of one per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Any interest amounts accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower on demand following request by the AgentAgent on the last day of the respective Interest Period selected by the Agent or determined in accordance with paragraph (c) below.
(c) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) the sum of one per cent. higher than and the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with This Clause 8.3 shall not limit or affect the Unpaid Sum on right of any Finance Party to demand compensation for damages exceeding the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clausepayable hereunder.
Appears in 1 contract
Default Interest. (a) If the a Borrower fails to pay any amount payable by it under a Finance Document this Agreement when due (an "OVERDUE AMOUNT"), it shall forthwith on its due datedemand by the Agent or, as the case may be, the U.S. Swingline Agent pay interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (payment, both before and after judgment) , at a rate which(the "DEFAULT RATE") determined by the Agent or, subject as the case may be, the U.S. Swingline Agent to paragraph (c) below, is 3.00 (three) be one per cent. per annum (the "DEFAULT MARGIN") above the higher than of:
(i) the rate on the overdue amount under Clause 8.2 (Interest rate for all Advances) immediately before the due date (in the case of principal); and
(ii) the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted a Tranche C Advance at the Loan Margin applicable to a new Tranche C Advance if it had been drawn down at such time in the currency of the Unpaid Sum overdue amount for such successive Interest Periods, each Periods or Terms of a such duration selected by as the Agent may determine (acting reasonablyeach a "DESIGNATED TERM"), except that during any grace period specified in Clause 18.2 (Non-payment) the Default Margin portion of the default rate will only apply to overdue payments of principal.
(b) Any interest accruing under this Clause 8.4 (Default Interest) shall The default rate will be immediately payable by determined on each Business Day or the Borrower on demand by first day of, or two Business Days before the Agentfirst day of, the relevant Designated Term, as appropriate.
(c) If any the Agent or, as the case may be, the U.S. Swingline Agent determines that deposits in the currency of the overdue amount consists of all or part of are not at the Loan which became due on a day prior relevant time being made available by the Reference Banks to leading banks in the London interbank market, the default rate will be determined by reference to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal cost of funds to the period to Agent or, as the Final Maturity Date; and
(ii) case may be, the rate of interest applying to U.S. Swingline Agent from whatever sources it selects, acting reasonably at all times, after consultation with the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become dueReference Banks.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with at the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payableend of each Designated Term.
(e) Any default interest that would otherwise be applicable in respect The Agent shall notify the Borrowers' Agent of any Unpaid Sums due upon an Event the duration of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clauseeach Designated Term.
Appears in 1 contract
Sources: Term and Revolving Credit Facility (Vodafone Group Public Limited Co)
Default Interest. (a) If the Borrower or a Guarantor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph paragraphs (b) and (c) below, is 3.00 two (three2) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower or a Guarantor (as the case may be) on demand by the Facility Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 two (three2) per cent. per annum higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 two (three2) per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
. If any Event of Default has occurred and is continuing under any Finance Documents and notice thereof has been sent from the Agent to the Borrower, all outstanding amounts shall be deemed overdue and default interest (bas specified above) will be calculated. Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 two (three2) per cent. cent higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph (cb) below, is 3.00 (three) eighteen per cent. per annum (18%) higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentLender.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) eighteen per cent. (18%) higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Cheng Zheng)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of two per cent. (2.0%) per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i1) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii2) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of two per cent. higher than (2.0%) per annum and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document hereunder on its due datedate or following acceleration, interest shall will accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) of 2 per cent. per annum higher than above:
(i) in relation to an amount becoming due and payable before expiration of the Interest Period applicable thereto, for the period until the expiration of such Interest Period the rate applicable to such overdue amount immediately prior to the due date; and
(ii) in all other cases, the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)Facility Agent.
(b) Any If the Borrower fails to pay any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by it hereunder on its due date, it will make, at the time of payment of all arrears of interest, a lump sum payment for all arrears of interest in the amount of 2 per cent. above EURIBOR applicable to the respective Interest Period of the amount due and payable. The right of the Borrower on demand by to prove a lower loss of the AgentLenders remains unaffected.
(c) If any overdue amount consists of all or part The right of the Loan which became due on a day prior Lenders to compensation for any loss arising from the Final Maturity Date:
default remains unaffected. Payments made under Clause (ib) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall will, however, be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become duededucted from such compensation.
(d) Default interest (if unpaid) arising on an Unpaid Sum The Facility Agent will promptly notify the Borrower and the Lenders of the determination of any default interest. Each determination by the Facility Agent will, in the absence of a manifest error, be compounded with the Unpaid Sum conclusive and binding on the next Interest Payment Date but will remain immediately due Borrower and payablethe Lenders.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Lender. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Transaction Obligor on demand by the AgentLender.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Reducing Revolving Credit Loan Facility (Navios Maritime Partners L.P.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Facility Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgmentjudgement) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) 2 per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Centerpulse LTD)
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Transaction Obligors on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Term Loan Facility Agreement (Navios Maritime Partners L.P.)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest Interest shall accrue on the an Unpaid Sum (other than any Unpaid Sum attributable to an Additional Facility) owing by an Obligor from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 equal to 130% of the applicable interest rate under Clause 11.1 (threeCalculation of interest) per cent. per annum higher than the rate which would have been payable if the that Unpaid Sum had, during the period of non-payment, constituted the an Initial Term Facility Loan made under this Agreement in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 11.3 shall be immediately payable by the Borrower that Obligor on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the any Initial Term Facility Loan which and that Initial Term Facility Loan became due on a day prior which was not an Interest Payment Date relating to the Final Maturity Datethat Initial Term Facility Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Initial Term Facility Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 equal to 130% of the applicable interest rate under Clause 11.1 (threeCalculation of interest) per cent. higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum (other than any Unpaid Sum attributable to an Additional Facility) will be compounded with the that Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default Default interest that would otherwise be applicable in respect of on any Unpaid Sums due upon Sum (that is attributable to an Event of Default resulting from the breach of Clause 22.1 (Completion and OperationAdditional Facility) shall not be applicable calculated and paid in respect accordance with the terms of any period in which the increase in PIK Interest applies pursuant Additional Facility Notice relating to that clausesuch Additional Facility.
Appears in 1 contract
Sources: Facilities Agreement (New Frontier Public Holding Ltd.)
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan Loan, in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Lender. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentLender.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower fails to pay any amount (other than interest) payable by it under a Finance Document hereunder on its due datedate or following acceleration, interest shall will accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) of 2 per cent. per annum higher than above:
(i) in relation to an amount becoming due and payable before expiration of the Interest Period applicable thereto, for the period until the expiration of such Interest Period the rate applicable to such overdue amount immediately prior to the due date; and
(ii) in all other cases, the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)Facility Agent.
(b) Any If the Borrower fails to pay any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by it hereunder on its due date, it will make, at the time of payment of all arrears of interest, a lump sum payment for all arrears of interest in the amount of 2 per cent. above EURIBOR applicable to the respective Interest Period of the amount due and payable. The right of the Borrower on demand by to prove a lower loss of the AgentLenders remains unaffected.
(c) If any overdue amount consists of all or part The right of the Loan which became due on a day prior Lenders to compensation for any loss arising from the Final Maturity Date:
default remains unaffected. Payments made under Clause (ib) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall will however be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become duededucted from such compensation.
(d) Default interest (if unpaid) arising on an Unpaid Sum The Facility Agent will promptly notify the Borrower and the Lenders of the determination of any default interest. Each determination by the Facility Agent will, in the absence of a manifest error, be compounded with the Unpaid Sum conclusive and binding on the next Interest Payment Date but will remain immediately due Borrower and payablethe Lenders.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate whichrate, subject to paragraph (c) belowClause 6.4(b), that is 3.00 (three) two per cent. per annum higher than the rate which that would have been payable if the Unpaid Sum hadoverdue amount, during the period of non-payment, had constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Relevant Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 6.4 immediately shall be immediately payable by the Borrower Obligor on demand by the Relevant Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which that became due on a day prior that was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which that would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will overdue amount shall be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will shall remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Amendment and Restatement Agreement (Pacific Drilling S.A.)
Default Interest. (a) If the Borrower or a Security Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the relevant due date for payment thereunder, that is: (i) the date on which such Finance Documents provide that such amount is due for payment; or (ii) if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or (iii) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two point five per cent. (2.5%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Agent. Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower and the Security Parties on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 two and a half per cent (three2.5%) per cent. annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest Interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.”
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. , per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonablyon the instructions of the Lenders).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentFacility Agent (acting on the instructions of the Lenders).
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. , per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower either (i) an Obligor fails to pay any amount payable by it under a Finance Document (other than the Offtake Agreement) on its due date, or (ii) interest is capitalised in accordance with Clause 9.3 (Capitalisation) when an Event of Default is continuing (such unpaid sum or capitalised interest being referred to as an “overdue amount”) interest shall accrue be payable in advance on the Unpaid Sum overdue amount from the due date up to to: in the case of (i) above, the date of actual payment and, in the case of (ii) above, until the date on which the Event of Default has been waived (both before and after judgment) at a rate which, subject to paragraph (c) below, which is 3.00 (three) four per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably).
(b) Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by in advance on the Borrower demand of the Lender. Default interest (if unpaid) arising on demand by an overdue amount will be compounded with the Agentoverdue amount at the end of each Month but will remain immediately due and payable.
(c) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) four per cent. cent higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(d) Where, at the start of an Interest Period, interest is paid in advance in accordance with this Clause 9.4 (Default interest (if unpaidInterest) arising on an Unpaid Sum will be compounded with and the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an outstanding Event of Default resulting from is waived by the breach Lender before the expiry of Clause 22.1 (Completion and Operation) shall not be that Interest Period, then the Lender will give credit where applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clausefor interest overpaid.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph (cb) below, is 3.00 (three) [*] per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Transaction Obligor on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) [*] per cent. per annum higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Advanced Technology (Cayman) LTD)
Default Interest. (a) If the Borrower Borrowers or a Security Party fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the relevant due date for payment thereunder, that is: (i) the date on which such Finance Documents provide that such amount is due for payment; or (ii) if a Finance Document provides that such amount is payable on demand, three (3) days following the date on which the demand is served; or (iii) if such amount has become immediately due and payable under Clause 19.4, the date on which it became immediately due and payable, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two point five per cent. (2.5%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Agent. Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower Borrowers and the Security Parties on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 two and a half per cent (three2.5%) per cent. annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest Interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.”
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the Loan a Notes Subscription in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 13.4 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the Loan a Notes Subscription which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Notes Subscription:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Notes Subscription; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) 1 per cent. per annum higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Notes Purchase Agreement (Membership Collective Group Inc.)
Default Interest. (a) 18.1 If any sum due and payable by the Borrower fails to pay any amount payable by it under a Finance Document hereunder is not paid on its due date, interest shall accrue on the Unpaid Sum from the due date up to therefor or if any sum due and payable by the Borrower under any judgement or decree of any court in connection herewith is not paid on the date of actual such judgement or decree, the period beginning on the date seven days after such due date (in the case of non payment by the Borrower of an amount due hereunder) or, as the case may be, the date of such judgement or decree and ending on the date upon which the obligation of the Borrower to pay such sum (both before the balance thereof for the time being unpaid being herein referred to as an "UNPAID SUM") is discharged shall be divided into successive periods, each of which (other than the first) shall start on the last day of the preceding such period and after judgmentthe duration of each of which shall (except as otherwise provided in this clause 18) be selected by the Lender.
18.2 During each such period relating thereto as is mentioned in clause 18.1 an unpaid sum shall bear interest at a the rate which, subject to paragraph (c) below, is 3.00 (three) per cent. per annum higher which is the sum from time to time of two per cent and the Margin in respect thereof at such time and LIBOR on the first day of the relevant period provided that:
(1) if, for any such period, LIBOR cannot be determined, the rate of interest applicable to such unpaid sum shall be the rate per annum which is the sum of two per cent and the Margin in respect thereof at such time and the rate per annum determined by the Lender to be equal to the rate which express as a percentage rate per annum equals the cost to it of funding such unpaid sum for such period from whatever sources it may select; and
(2) if such unpaid sum is all or part of an Advance which became due and payable on a day other than the Repayment Date therefor, the first such period applicable thereto shall be of a duration equal to the unexpired portion of that Term and the rate of interest applicable thereto from time to time during such period shall be that which exceeds by two per cent the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably)applicable to it had it not so fallen due.
(b) 18.3 Any interest accruing which shall have accrued under this Clause 8.4 (Default Interest) clause 18 in respect of an unpaid sum shall be immediately due and payable and shall be paid by the Borrower on demand by at the Agent.
(c) If any overdue amount consists of all or part end of the Loan period by reference to which became due it is calculated or on a day prior such other dates as the Lender may specify by written notice to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become dueBorrower.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (ai) If the Borrower an Obligor fails to pay any amount payable by it under a the Finance Document Documents, it shall forthwith on its due date, demand by the Agent pay interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both payment, as well after as before and after judgment) judgement, at a rate which(the "default rate") determined by the Agent to be 1 per cent per annum above, subject to sub-paragraph (cii) below, is 3.00 (three) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted a Sterling Loan for such successive Interest Periods of such duration as the Loan in Agent may reasonably determine having regard to the currency likely duration of the Unpaid Sum for successive default (each a "Designated Interest Periods, each Period").
(ii) If the overdue amount is a principal amount of a duration selected by Loan and it becomes due and payable prior to the Agent last day of an Interest Period for that Loan, then:-
(acting reasonably)1) the first Designated Interest Period for that overdue sum will be the unexpired portion of that Interest Period; and
(2) the rate of interest on the overdue amount for that first Designated Interest Period will be 1 per cent per annum above the rate on the overdue amount under Clause 9.1 (Interest rate) immediately before the due date. After the expiry of the first Designated Interest Period for that overdue amount, the rate on the overdue amount will be calculated in accordance with sub-paragraph (i) above.
(b) Any interest accruing under this Clause 8.4 (Default Interest) shall The default rate will be immediately payable by determined on each Business Day or the Borrower on demand by first day of the Agentrelevant Designated Interest Period, as appropriate.
(c) If any overdue amount consists the Agent determines that Sterling deposits are not at the relevant time being made available by the Reference Banks to leading banks in the London interbank market, the default rate will be determined by reference to the cost of all or part funds to the Banks from whatever sources the Banks may reasonably select, having due regard to the likely duration of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become duedefault.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with at the Unpaid Sum on the next end of each Designated Interest Payment Date but will remain immediately due and payablePeriod.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 the sum of (threei) seven per cent. per annum higher than and (ii) the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Default Interest PeriodsPeriods (being the Loan Interest Rate), each of a duration selected by the Agent Lender (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower on demand by the AgentLender.
(cb) If any overdue amount Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Default Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Default Interest Period shall be 3.00 (three) the sum of seven per cent. higher than and the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Default Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Margin Loan Facility Agreement (E-House (China) Holdings LTD)
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Agreement) on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2.00 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan Loan, in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Lender. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower an Obligor on demand by the AgentLender.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2.00 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will may be compounded with the Unpaid Sum on a six month basis commencing on the next Interest Payment Date date that such Unpaid Sum becomes due and payable but such default interest will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Seanergy Maritime Holdings Corp.)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due datewill pay, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Any interest accruing under this Clause 8.4 (Default Interest) shall be immediately payable by the Borrower on demand by the Agent.
(c) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting through the earlier of the date upon which the Event of Default is cured or the date upon which the Debt is paid in full, interest on the unpaid principal balance of the Note at a per annum rate equal to the lesser of (a) four percent (4%) plus the Applicable Interest Rate (as defined in the Note), and (b) the maximum interest rate which Borrower may by law pay or Lender may charge and collect (the “Default Rate”). Notwithstanding the foregoing, in the event Borrower becomes liable for interest at the Default Rate under this Section 10.3 (such interest, the “Default Interest”) due to the occurrence of a Qualifying Non-Monetary Default (as defined in the Note), Borrower shall only be liable for such Default Interest for a period not to exceed six (6) months unless (i) Lender actively pursues a foreclosure action (or non-judicial 50 foreclosure) as a result of such Qualifying Non-Monetary Default (in which case, Borrower shall be liable for Default Interest for a period equal to (I) the duration of Lender's pursuit of the remedies described above plus (II) the first six (6) months following the occurrence of the applicable Qualifying Non-Monetary Default (less any portion of such six (6) month period occurring after Lender's commencement of its pursuit of the remedies described above)) or (ii) a monetary Event of Default shall at any time exist (in which case, Borrower shall be liable for Default Interest from the breach date of Clause 22.1 (Completion and Operation) shall not be the occurrence of the applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.Qualifying Non-Monetary Default). Article
Appears in 1 contract
Sources: Deed of Trust and Security Agreement
Default Interest. (a) If To the Borrower extent permitted under applicable law, if an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) one per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 11.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) one per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default To the extent permitted under applicable law, default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower any Obligor fails to pay any amount sum (including, without limitation, any sum payable by it pursuant to this Clause 6.5 (Default Interest)) under a any Senior Finance Document on its due datedate (an "UNPAID SUM"), such Obligor will pay default interest shall accrue on the Unpaid Sum such unpaid sum from the its due date up to the date of actual payment (both as well after as before and after judgment) at a rate which, subject determined by the Facility Agent to paragraph (c) below, is 3.00 (three) be 1 per cent. per annum higher than above:-
(a) where the unpaid sum is principal which has fallen due prior to the expiry of the relevant Interest Period, the rate applicable to such principal immediately prior to the date it so fell due (but only for the period from such due date to the end of the relevant Interest Period); or
(b) in any other case (including principal falling within Clause 6.5
(a) (Default Interest) above once the relevant Interest Period has expired), the rate which would have been be payable if the Unpaid Sum had, during unpaid sum was an Advance made for a period equal to the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for payment divided into successive Interest Periods, each Periods of a such duration as shall be selected by the Facility Agent (acting reasonablyeach a "DEFAULT INTEREST PERIOD").. For the purposes of determining the rate of interest on an overdue sum under this Clause 6.5, the Margin shall be:-
(a) if such sum comprises principal or interest or any other amount due under the Tranche A Term Facility or the Revolving Facility, the Margin in relation to the Tranche A Term Facility and the Revolving Facility;
(b) Any if such sum comprises principal or interest accruing of or any other amount due under this Clause 8.4 the Tranche B Term Facility, the Margin in relation to the Tranche B Facility;
(c) if such sum comprises principal or interest of or any other amount due under the Tranche C Term Facility, the Margin in relation to the Tranche C Term Facility; and
(d) if such sum is not properly attributable to either the Tranche A Term Facility, the Revolving Facility, the Tranche B Term Facility or the Tranche C Term Facility, the Margin under the Tranche A Term Facility. Default Interest) shall interest will be immediately payable by the Borrower on demand by the Agent.
(c) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum Facility Agent and will be compounded with at the Unpaid Sum on the next end of each Default Interest Payment Date but will remain immediately due and payablePeriod.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Credit Facilities Agreement (Lucite International Group Holdings LTD)
Default Interest. (a) If the Borrower a Relevant Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 10.3 shall be immediately payable by the Borrower Relevant Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) 2 per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Senior Facilities Agreement (Melco PBL Entertainment (Macau) LTD)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of [***] per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable. *** Confidential material redacted and filed separately with the Commission.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Multicurrency Loan Facility Agreement (Xstrata PLC)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 2 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the Loan a Tranche in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent Lender (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower on demand by the AgentLender.
(cb) If any overdue amount consists of all or part of the Loan a Tranche which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Tranche:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Tranche; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 2 per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) 8.3.1 If the Borrower an Obligor fails to pay any amount payable by it under a an ITO Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) clause 8.3.2 below, is 3.00 (three) 1.5 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the ITO Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 clause 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the ITO Facility Agent.
(c) 8.3.2 If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(ia) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(iib) the rate of interest applying to applying·to the Unpaid Sum during that first Interest Period shall be 3.00 (three) 1.5 per cent. higher than the rate which would have applied if the Unpaid Sum had not become due.
(d) 8.3.3 Default interest (if unpaid) arising on an Unpaid Sum will be compounded calculated in accordance with the Unpaid Sum on provisions of article 1283 of the next Interest Payment Date Italian Civil Code but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Amendment and Restatement Agreement (Titan International Inc)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) per cent. per annum 2.00 percentage points higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Dateit:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. 2.00 percentage points higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default Additionally the rate of interest that would otherwise be applicable in respect payable on any amount to which Clause 8.1 (Calculation of interest) continues to apply shall increase by 2.00 percentage points on the date following any Unpaid Sums due upon notice served by the Agent to the Borrower following an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clausewhilst it is continuing.
Appears in 1 contract
Sources: Term Facility Agreement (KNOT Offshore Partners LP)
Default Interest. (a) 7.1 If the Borrower fails to does not pay any sum payable under the Finance Documents when due for payment of such amount (including any amount due and payable by pursuant to this Clause 7.1) within 5 Business Days of the payment due date, it under a Finance Document shall pay interest on the Unpaid Amount from time to time outstanding from the period beginning on its due date, interest shall accrue date for the payment thereof and ending on the Unpaid Sum from the due date up to the date of actual payment its receipt by the Lender (both before and after judgment) at a rate which, subject calculated by reference to paragraph (c) below, is 3.00 (three) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by Periods at the Agent Default Interest Rate (acting reasonably“Default Interest”).
(b) Any interest 7.2 Default Interest accruing under this Clause 8.4 (on an Unpaid Amount shall, if unpaid, be compounded with such Unpaid Amount at the end of each Default Interest) Interest Period for such Unpaid Amount and shall be immediately payable by the Borrower on demand by the AgentLender.
(c) If any overdue amount consists of all or part 7.3 The first Default Interest Period shall begin on the due date for payment of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first relevant Unpaid Amount and each succeeding Default Interest Period for that Unpaid Sum shall have a begin on the last day of the previous Default Interest Period.
7.4 The duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first each Default Interest Period shall be 3.00 (three) per cent. higher than one week provided that if any Default Interest Period would otherwise end on a day that is not a Business Day, the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum Interest Period shall instead end on the next Interest Payment Date but will remain immediately due and payableBusiness Day.
(e) Any default interest that would otherwise be applicable in respect 7.5 The determination by the Lender of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies payable pursuant to that clausethis Clause 7 shall be prima facie evidence of the relevant amount payable and, in the absence of manifest error shall be binding on the parties.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue or, insofar as it relates to unpaid interest, lump sum damages shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, which is 3.00 (three) one per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . In the case of lump sum damages the relevant Obligor shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount. Any interest or lump sum damages accruing under this Clause 8.4 (Default Interest) 11.4 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) one per cent. higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will Each Finance Party shall be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting entitled to claim from the breach relevant Borrower further compensation for any further losses (i.e. not compensated for by the operation of Clause 22.1 (Completion 11.4(a) and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause11.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2.50 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 (Default Interestinterest) shall be immediately payable by the Borrower Transaction Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Term SOFR Loan which became due on a day prior which was not the last day of an Interest Period relating to that Term SOFR Loan or that part of the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of that Term SOFR Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2.50 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest Interest shall accrue on the an Unpaid Sum (other than any Unpaid Sum attributable to an Additional Facility) owing by an Obligor from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the that Unpaid Sum had, during the period of non-payment, constituted the Initial Term Facility Loan made under this Agreement in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 11.3 shall be immediately payable by the Borrower that Obligor on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the Initial Term Facility Loan which and the Initial Term Facility Loan became due on a day prior which was not an Interest Payment Date relating to the Final Maturity DateInitial Term Facility Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Initial Term Facility Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum (other than any Unpaid Sum attributable to an Additional Facility) will be compounded with the that Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any default Default interest that would otherwise be applicable in respect of on any Unpaid Sums due upon Sum (that is attributable to an Event of Default resulting from the breach of Clause 22.1 (Completion and OperationAdditional Facility) shall not be applicable calculated and paid in respect accordance with the terms of any period in which the increase in PIK Interest applies pursuant Additional Facility Notice relating to that clausesuch Additional Facility.
Appears in 1 contract
Default Interest. (a) If the Borrower 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 Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 1.0 per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably). Any interest accruing under this Clause 12.3 shall be immediately payable by the relevant Obligor on demand by the Facility Agent.
(b) If any overdue amount consists of all or part of a Loan which became due on a day which was not the last day of an Interest Period relating to that Loan:
(i) the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and
(ii) the rate of interest applying to the overdue amount during that first Interest Period shall be 1.0 per cent. higher than the rate which would have applied if the overdue amount had not become due.
(c) If an Obligor fails to pay interest payable by it under the Finance Documents on its due date, each Finance Party shall be entitled to claim damages under statutory law. If an Obligor fails to pay interest payable by it under the Finance Documents on its due date, lump sum damages (pauschalierter Schadenersatz) shall accrue on that overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is 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 Agent (acting reasonably).
(b) . In the case of lump sum damages, the Obligor shall be free to prove that no damages have arisen or that damages have not arisen in the asserted amount and any Finance Party shall be entitled to prove that further damages have arisen. Any interest or lump sum accruing under this Clause 8.4 12.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Agent.
(c) If any overdue amount consists of all or part of the Loan which became due on a day prior to the Final Maturity Date:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to the Final Maturity Date; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) per cent. higher than the rate which would have applied if the Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on the next Interest Payment Date but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Multicurrency Revolving Credit and Bank Guarantee Facilities (Elster Group SE)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 2 (threetwo) per cent. per annum higher than cent above the rate which would have been payable if the applicable interest rates depending upon whether such Unpaid Sum had, during the period of non-payment, constituted the relates to Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) A or Loan B. Any interest accruing under this Clause 8.4 (Default Interest) clause 5.1.3 shall be immediately payable by the Borrower forthwith on demand by of the AgentAgent and Security Trustee or of the Lenders on failure of the Trustee to make demand.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior to which was not the Final Maturity Datelast day of an Interest Period:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period to unexpired portion of the Final Maturity Datecurrent Interest Period; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. cent higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded paid on a daily rest basis and shall be paid with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Rupee Term Facility Agreement (Sterlite Industries (India) LTD)
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document other than a Hedging Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 9.4 (Default Interestinterest) shall be immediately payable by the Borrower Obligors on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Term Rate Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Term Rate Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the Loan a loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document other than a Hedging Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligors on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the a Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration of 3 months or such shorter period selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the an Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph paragraphs (b) and (c) below, is 3.00 two (three2) per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower on demand by the Facility Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 two (three2) per cent. higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facilities Agreement (3SBio Inc.)
Default Interest. (a) If the Borrower fails Obligors fail to pay any amount payable by it them under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum cent higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligors on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. cent higher than the rate which would have applied if the Unpaid Sum had not become due.. 37 = NUMPAGES 135-2 133
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(ed) Any Notwithstanding anything to the contrary in the Finance Documents, default interest shall not accrue with respect to any Compounded Rate Interest Payment until the later of the due date for such Compounded Rate Interest Payment and the date immediately following the date falling three RFR Banking Days after the date on which the Agent notifies the Company of the amount of that would otherwise be applicable Compounded Rate Interest Payment in respect of any Unpaid Sums due upon an Event of Default resulting from the breach accordance with paragraph (c) of Clause 22.1 8.8 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clauseNotifications).
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, or after the occurrence of an Event of Default and for so long as that Event of Default is continuing, interest shall accrue on each overdue amount and each other amount owed to any or all of the Unpaid Sum Finance Parties under the Finance Documents, whether or not due, from the due date of that overdue amount or the date of that Event of Default, as the case may be, up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 2 per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum each of such overdue and other amounts had, during the period of non-paymentsuch period, constituted the a Loan in the currency of the Unpaid Sum such overdue or other amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 on any amount shall be immediately payable by the Borrower Obligor owing such amount on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum which interest (at the rate referred to in paragraph (a)) accrues shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum such overdue amount during that first Interest Period shall be 3.00 (three) the sum of 2 per cent. higher than per annum and the rate which would have applied if such overdue amount had not become due.
(c) If an Event of Default occurs on a day which was not the Unpaid Sum last day of an Interest Period relating to a Loan, then in relation to each amount owed to any or all of the Finance Parties under the Finance Documents (to which amount paragraph (b) does not apply):
(i) the first Interest Period for which interest (at the rate referred to in (a)) accrues on such amount shall have a duration equal to (if such amount constitutes all or part of any Loan) the unexpired portion of the current Interest Period relating to that Loan or (in any other case) the unexpired portion of the current Interest Period relating to any Loan which Interest Period is the soonest to expire; and
(ii) the rate of interest applying to such amount during that first Interest Period shall be the sum of 2 per cent. per annum and the rate which would have applied if such amount had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum the relevant amount will be compounded with that amount at the Unpaid Sum on the next end of each Interest Payment Date Period applicable to that amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Multicurrency Revolving Credit Facility Agreement (Energizer Holdings Inc)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of two per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by of one Month or such other period as the Agent (acting reasonably).
(b) may from time to time select. Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of two per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Term Loan Facilities Agreement (Sterlite Industries (India) LTD)
Default Interest. (a) If the Borrower if an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Date:Loan or such other period as the Facility Agent may elect (acting on the instructions of all Lenders):
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or such other period as the Facility Agent may elect (acting on the instructions of all Lenders); and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cClause 9.3(b) below, is 3.00 the sum of two (three2) per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 9.3 (Default Interestinterest) shall be immediately payable by the Borrower on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 the sum of two (three2) per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonablyon the instructions of the Lenders).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentFacility Agent (acting on the instructions of the Lenders).
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 1.00 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.6 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Term Rate Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) 1.00 per cent. per annum higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Multicurrency Revolving Facility Agreement (H Lundbeck a S)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document (including default interest subject to paragraph (c)) on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate whichwhich is, subject to paragraph (cb) belowbelow and to the extent permitted by applicable laws and regulations, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount Unpaid Sum consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum during that first Interest Period shall (to the extent permitted under applicable laws and regulations) be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the Unpaid Sum had not become due.
(dc) Default To the extent permitted under applicable laws and regulations, default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (PCGI Intermediate Holdings LTD)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of one per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) of up to three Months. Any interest accruing under this Clause 8.4 (Default Interest) 8.3 shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of one per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Solutia Inc)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall will accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) below, is 3.00 (three) two per cent. per annum higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of with a duration and Quotation Day selected by the Facility Agent (acting reasonably).
(b) Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall will be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(c) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of the then current Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum shall overdue amount will have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall will be 3.00 (three) two per cent. per annum higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(d) Default Unpaid interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document other than a Hedging Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonablyexcept where such failure to pay an amount is the result of an error by the Facility Agent).
(b) . Any interest accruing under this Clause 8.4 9.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligors on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph paragraphs (b) and (c) below, is 3.00 (three) per cent. per annum higher than the sum of * and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the Loan a Utilisation in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 10.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Date:that Loan:-
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of two per cent. higher than cent and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) two per cent. (2%) per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan Loan, in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Lender. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower an Obligor on demand by the AgentLender.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) two per cent. (2%) per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower Parent or an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of 1 per cent. per annum higher than cent and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 9.3 shall be immediately payable by the Borrower Parent or the Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of 1 per cent. higher than cent and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Allied Healthcare International Inc)
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document other than a Hedging Agreement on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 9.4 (Default Interestinterest) shall be immediately payable by the Borrower Obligors on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the a Term Rate Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Term Rate Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) If the Borrower a Transaction Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Term Loan Facility Agreement (Okeanis Eco Tankers Corp.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) the sum of two per cent. per annum higher than and the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Revolving Facility Loan in the currency US Dollars of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 (Default Interest) 10.3 shall be immediately payable by the Borrower Obligor on demand by the Agent.
(cb) If any overdue amount consists of all or part of the a Revolving Facility Loan which became due on a day prior which was not a Repayment Date relating to the Final Maturity Datethat Revolving Facility Loan:
(i) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Revolving Facility Loan; and
(ii) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) the sum of two per cent. higher than and the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Facility Agreement (Cascal B.V.)
Default Interest. (a) If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (cb) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted part of the Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonablyon the instructions of the Majority Lenders).
(b) . Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the AgentFacility Agent (acting on the instructions of the Majority Lenders).
(cb) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan or that part of the Loan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan or that part of the Loan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. per annum higher than the rate which would have applied if the that Unpaid Sum had not become due.
(dc) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Default Interest. (a) 10.3.1 If the Borrower an Obligor fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (c) belowClause 10.3.2, is 3.00 (three) per cent. per annum *** redacted commercially sensitive term negotiated between the parties *** higher than the rate which would have been payable if the Unpaid Sum overdue amount had, during the period of non-payment, constituted the a Loan in the currency of the Unpaid Sum overdue amount for successive Interest Periods, each of a duration selected by the Facility Agent (acting reasonably).
(b) . Any interest accruing under this Clause 8.4 10.3 (Default Interestinterest) shall be immediately payable by the Borrower Obligor on demand by the Facility Agent.
(c) 10.3.2 If any overdue amount consists of all or part of the a Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity Datethat Loan:
(iA) the first Interest Period for that Unpaid Sum overdue amount shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity Datethat Loan; and
(iiB) the rate of interest applying to the Unpaid Sum overdue amount during that first Interest Period shall be 3.00 (three) per cent. *** redacted commercially sensitive term negotiated between the parties *** higher than the rate which would have applied if the Unpaid Sum overdue amount had not become due.
(d) 10.3.3 Default interest (if unpaid) arising on an Unpaid Sum overdue amount will be compounded with the Unpaid Sum on overdue amount at the next end of each Interest Payment Date Period applicable to that overdue amount but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Borrowing Base Facility Agreement (Transglobe Energy Corp)
Default Interest. (a) If the Borrower fails to pay any amount payable by it under a Finance Document on its due date, interest shall accrue on the Unpaid Sum from the due date up to the date of actual payment (both before and after judgment) at a rate which, subject to paragraph (ca) below, is 3.00 (three) 2 per cent. per annum higher than the rate which would have been payable if the Unpaid Sum had, during the period of non-payment, constituted the part of a Loan in the currency of the Unpaid Sum for successive Interest Periods, each of a duration selected by the Agent (acting reasonably).
(b) Facility Agent. Any interest accruing under this Clause 8.4 8.3 (Default Interestinterest) shall be immediately payable by the Borrower on demand by the Facility Agent.
(b) If any Unpaid Sum remains outstanding after the applicable Maturity Date, Interest on that Unpaid Sum, shall, as from the applicable Maturity Date, accrue at the rate of (i) 2 per cent. plus OD 8.75 per cent. per annum (unless an adjustment of the Margin has been agreed between the parties pursuant to Clause 8.5 (Re-adjustment of Margin), in which case that rate will apply in substitution of the rate of 8.75 per cent. per annum).
(c) If any overdue amount an Unpaid Sum consists of all or part of the Loan which became due on a day prior which was not the last day of an Interest Period relating to the Final Maturity DateLoan:
(i) the first Interest Period for that Unpaid Sum shall have a duration equal to the period unexpired portion of the current Interest Period relating to the Final Maturity DateLoan; and
(ii) the rate of interest applying to the that Unpaid Sum during that first Interest Period shall be 3.00 (three) 2 per cent. higher than the rate which would have applied if the that Unpaid Sum had not become due.
(d) Default interest (if unpaid) arising on an Unpaid Sum will be compounded with the Unpaid Sum on at the next end of each Interest Payment Date Period applicable to that Unpaid Sum but will remain immediately due and payable.
(e) Any default interest that would otherwise be applicable in respect of any Unpaid Sums due upon an Event of Default resulting from the breach of Clause 22.1 (Completion and Operation) shall not be applicable in respect of any period in which the increase in PIK Interest applies pursuant to that clause.
Appears in 1 contract
Sources: Term Loan Facility (DryShips Inc.)