Common use of Default Interest Clause in Contracts

Default Interest. In the event of the default on payment of amounts due under this loan contract (interest or redemption payments), the Company shall owe the Crowd-investor a default interest of 12% p.a. on the amount due calculated with the day count convention actual/360. In accordance with standard commercial practice, amounts due shall be rounded to the second decimal place. For the avoidance of doubt, it is emphasized that amounts are not due for payment (at the time being), if the requirements for payment pursuant to section 8 are not fulfilled. In such a case they do not accrue default interest; but rather continue to bear interest pursuant to section 5.3. Payment obligation shall fall due at the earliest possible Interest payment date or Redemption date on which the contractual conditions for payment are fulfilled.