Common use of Late Interest Clause in Contracts

Late Interest. (A) If any sum whatsoever which is owed under the Agreement is not paid on its due date, the Borrower will pay the Agent late interest calculated on the unpaid sum from the due date concerned up until the date of actual payment (whether this is before or after the pronouncement of a judgment) at the EONIA rate increased by the applicable margin if the delay of payment involves interest plus * * *. (B) Any late interest will be immediately payable by the Borrower, on the Agent’s request. If it remains unpaid the late interest will be capitalized in every way authorized by law but will remain immediately due and payable. (C) This late interest clause cannot adversely affect any payment, which has become due and consequently, is not a valid agreement for time to pay or a waiver by the Bank(s) of any right under the Agreement

Late Interest. (A) If any sum whatsoever which is owed under the Agreement is not paid on its due date, the Borrower will pay the Agent late interest calculated on the unpaid sum from the due date concerned up until the date of actual payment (whether this is before or after the pronouncement of a judgment) at the EONIA rate increased by the applicable margin if the delay of payment involves interest plus * * *two percent (2%). (B) Any late interest will be immediately payable by the Borrower, on the Agent’s request. If it remains unpaid the late interest will be capitalized in every way authorized by law but will remain immediately due and payable. (C) This late interest clause cannot adversely affect any payment, which has become due and consequently, is not a valid agreement for time to pay or a waiver by the Bank(s) of any right under the AgreementAgreement 7 CHANGES TO THE INTEREST CALCULATION