Common use of Default interest Clause in Contracts

Default interest. If any repayment instalments or prepayments pursuant to Article 5.4 (Prepayment) are not at the disposal of KfW when due, KfW may without prior reminder charge default interest at a rate of 300 basis points p.a. above the Base Rate for the period beginning on the due date and ending on the date on which such payments are credited to the account of KfW specified in Article 6.3. This rate must at least equal the loan interest rate. The "Base Rate" is the interest rate announced by the German Central Bank (Deutsche Bundesbank) as base rate prevailing on the respective due date. Such default interest must be paid immediately upon ▇▇▇'▇ first demand.

Default interest. If any repayment instalments or prepayments pursuant to Article 5.4 6.4 (Prepayment) are not at the disposal of KfW when due, KfW may without prior reminder charge default interest at a rate of 300 basis points p.a. above the Base Rate for the period beginning on the due date and ending end- ing on the date on which such payments are credited to the account of KfW specified in Article 6.37.3. This rate must at least equal the loan interest rate. The "Base Rate" is the interest rate announced by the German Central Bank (Deutsche Bundesbank) as base rate prevailing on the respective due date. Such default interest must be paid immediately upon ▇▇▇'▇ first demandde- mand.