Common use of Normal Default Interest Clause in Contracts

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 15.1(b16.1(b), the Borrowers Borrower 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 Agent to be the aggregate of: (i) five one per cent (51%); (ii) the Marginapplicable Margin as determined by the Agent; and (iii) LIBOR HIBOR (as determined by the Lender Agent on such date or dates on or after the due date for payment as the Lender Agent may select) calculated with reference to such periods and such amounts as the Lender Agent considers appropriate or, if any of the circumstances described in Clause 7.1 8.1 applies, the rate from time to time certified by each respective Lender or the Lender 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 Lender Agent shall notify the Borrowers Borrower and the Lenders of the duration of each such funding period and each interest rate determined under this Clause.; and