Default Interests. (a) If a Guarantor fails to pay any amount under this Agreement on its due date, default interest shall accrue on such overdue amount from the due date up to the date of actual payment (both before and after judgment) at a rate which is equal to the sum of (i) the rate of interest which at the time applies to the Secured Obligations in respect of which the relevant demand under this Agreement was made (which, for the avoidance doubt, shall not include the rate of any default interest which applies to those Secured Obligations) and (ii) 3.00 per cent. per annum. (b) Any default interest accruing under this Clause 5.4 shall be immediately payable by such Guarantor on demand.
Appears in 2 contracts
Sources: Guarantee Agreement, Guarantee Agreement (Tidewater Inc)