Normal Default Interest Sample Clauses
The Normal Default Interest clause establishes the rate of interest that will be charged on overdue payments under a contract. Typically, this clause specifies the percentage rate applied to outstanding amounts and details how interest accrues, such as compounding frequency or calculation method. Its core practical function is to incentivize timely payment and compensate the non-defaulting party for the delay, thereby addressing the risk and cost associated with late payments.
Normal Default Interest. Subject as provided in Clause 15.1(b), the Borrowers shall pay interest on such overdue sum from and including the due date to the date of actual payment (after as well as before judgment) at the rate per annum determined by the Lender to be the aggregate of:
(i) five per cent (5%);
(ii) the Margin; and
(iii) LIBOR (as determined by the Lender on such date or dates on or after the due date for payment as the Lender may select) calculated with reference to such periods and such amounts as the Lender considers appropriate or, if any of the circumstances described in Clause 7.1 applies, the rate from time to time certified by the Lender to be the rate representing the cost to it of funding the unpaid sum by whatever means it considers to be appropriate. The Lender shall notify the Borrowers of the duration of each such funding period and each interest rate determined under this Clause.
Normal Default Interest. Subject as provided in Clause 14.1(b), the Borrower shall pay interest on such sum from and including the due date to the date of actual payment (after as well as before judgment) at the rate per annum determined by the Agent to be the aggregate of:
(i) two per cent (2%);
(ii) the Margin; and
(iii) LIBOR (as determined by the Agent on such date or dates on or after the due date for payment as the Agent may select) calculated with reference to such periods and such amounts as the Agent considers appropriate or, if any of the circumstances described in Clause 6.1 applies, the rate from time to time certified by each respective Lender or the Agent (as the case may be) to be the rate representing the cost to it of funding the unpaid sum by whatever means it considers to be appropriate. The Agent shall notify the Borrower and the Lenders of the duration of each such funding period and each interest rate determined under this Clause.
Normal Default Interest. Subject as provided in Clause 14.1(b), the Borrower shall pay interest on such sum from and including the due date to the date of actual payment (after as well as before judgment) at the rate per annum determined by the Lender to be the aggregate of:
(i) two per cent (2%);
(ii) the Margin; and
(iii) LIBOR (as determined by the Lender on such date or dates on or after the due date for payment as the Lender may select) calculated with reference to such periods and such amounts as the Lender considers appropriate or, if any of the circumstances described in Clause 6.1 applies, the rate from time to time certified by the Lender to be the rate representing the cost to it of funding the unpaid sum by whatever means it considers to be appropriate. The Lender shall notify the Borrower of the duration of each such funding period and each interest rate determined under this Clause.
Normal Default Interest. Subject as provided in Clause 16.1(b), the Borrower shall pay interest on such sum from and including the due date to the date of actual payment (after as well as before judgment) at the rate per annum determined by the Facility Agent to be the aggregate of:
(i) two per cent (2%);
(ii) the Margin; and
(iii) LIBOR (as determined by the Facility Agent on such date or dates on or after the due date for payment as the Facility Agent may select) calculated with reference to Interest Periods of the length last chosen by the Borrower under this Agreement for any purpose and such amounts as the Facility Agent, acting reasonably, considers appropriate or, if any of the circumstances described in Clause 8.2 applies, the rate from time to time certified by each respective Lender or the Facility Agent (as the case may be) to be the rate representing the cost to it of funding the unpaid sum by whatever means it considers to be appropriate. The Facility Agent shall notify the Borrower and the Lenders of the duration of each such funding period and each interest rate determined under this Clause.