Examples of Default Interest Period in a sentence
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.
If any Overdue Amount corresponds to the principal amount payable in respect of an Advance which has become repayable prior to its Repayment Date, the first Default Interest Period which shall be selected by the Facility Agent shall be of a duration equal to the unexpired portion of the Term of such Advance.
Any interest which shall have accrued under this Clause 9 in respect of an Overdue Amount shall be payable on demand and, if not paid, compounded at the end of its then current Default Interest Period.
The duration of each Default Interest Period shall (save as provided at Clause 9.4) be selected by the Facility Agent having regard, where possible, to the likely date that the relevant Overdue Amount will be repaid in full.
Default interest will be payable on demand by the Agent and will be compounded at the end of each Default Interest Period.