Default Interest Period definition

Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.”

Default Interest Period means, with respect to any amount overdue under this Agreement, a period commencing on the day on which such payment becomes due or, as the case may be, on the last day of the previous Default Interest Period with respect to such overdue amount, and ending on a Business Day selected by EBRD.

Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.

Examples of Default Interest Period in a sentence

• Interest at the Default Interest Rate shall accrue from the first day of each Default Interest Period and shall be payable semi-annually in arrears on each Payment Date.

• However, in the case of a Term or Default Interest Period of more than 6 months, the interest accrued during the first 6 months and each, if any, successive 6 month period during that Term or Default Interest Period shall be paid on the last day of any such 6 month period.

• Default interest will be payable by the Counterparty automatically and will be, to the extent permitted by law, compounded at the end of each Default Interest Period.

• The Calculation Agent will promptly notify the Counterparty of each determination of the Default Rate and each selection of a Default Interest Period.

• Interest on an Unpaid Amount accrues each day in a Default Interest Period at the Default Interest Rate, and is capitalised (if not paid) on the last day of that Default Interest Period.

More Definitions of Default Interest Period

Default Interest Period has the meaning given to it in Clause 12.5(b) (Default Interest).

Default Interest Period means, in respect of an Unpaid Amount, each period (not exceeding six (6) months) as the relevant Agent or, in the case of clause 8.3 of any Lease, the relevant Borrower selects in its absolute discretion, the first such period commencing on the date on which the Unpaid Amount was due and each subsequent period commencing on the last day of the preceding period for so long as the relevant default continues;

Default Interest Period means a period by reference to which interest is calculated on an overdue sum;

Default Interest Period means with respect to any overdue principal of or interest on any Loan or any other overdue amount hereunder, during any period while any Default set forth in clause (a) of Article VII has occurred and is continuing, each successive one-month period, provided that the first such period shall commence as of the date of the occurrence of such Default and each succeeding such period shall commence upon the expiry of the immediately preceding such period.

Default Interest Period is added to the Appendix and defined to read as follows:

Default Interest Period means, during any period in which any principal of the Loan or any other amount under this Agreement or any other Loan Document is not paid when due; PROVIDED that (a) no such period shall exceed three months’ duration and (b) the first such period shall commence as of the date on which such principal or other amount became due and each succeeding period shall commence upon the expiry of the immediately preceding period.

Default Interest Period is defined at Clause 9.1.