Common use of Calculation of Default Interest Clause in Contracts

Calculation of Default Interest. Default Interest will be calculated at the Default Rate on a daily basis from (and including) the date the relevant Event of Default occurs or the date on which the Maximum Amount or Maximum Credit Limit is exceeded (as applicable). Default Interest on an Interest Only Loan or a Principal and Interest Loan will be added to the Loan on each Date for Payment (or on such other date as the Lender shall elect). Default Interest on a Revolving Credit Loan will be added to the Loan on the last day of each month (or on such other date as the Lender shall elect).

Calculation of Default Interest. Default Interest will be calculated at the Default Rate on a daily basis from (and including) the date the relevant Event of Default occurs or the date on which the Maximum Amount or Maximum Credit Limit is exceeded (as applicable). Default Interest on an Interest Only Loan or a Principal and Interest Loan will be added to the Loan on the last day of each Date for Payment month (or on such other date as the Lender shall elect). Default Interest on a Revolving Credit Loan will be added to the Loan on the last day of each month (or on such other date as the Lender shall elect).

Calculation of Default Interest. Default Interest will be calculated at the Default Rate on a daily basis from (and including) the date the relevant Event of Default occurs or the date on which the Maximum Amount or Maximum Credit Limit is exceeded (as applicable). Default Interest on an Interest Only Loan or a Principal and Interest Loan will be added to the Loan on the last day of each Date for Payment month (or on such other date as the Lender we shall elect). Default Interest on a Revolving Credit Loan will be added to the Loan on the last day of each month (or on such other date as the Lender we shall elect).