Common use of General Interest Rules Clause in Contracts

General Interest Rules. (a) Interest on each Loan and on overdue interest thereon shall be payable in the currency of such Loan. (b) If the Borrower fails to pay any fee or other amount of any nature payable by it to the Administrative Agent or the Lenders under this Agreement or under any document, instrument or agreement delivered pursuant to this Agreement on the due date therefor, the Borrower shall pay to the Administrative Agent or the Lenders, as the case may be, interest on such overdue amount in the same currency as such overdue amount is payable from and including such due date to but excluding the date of actual payment (as well after as before judgment) at the rate per annum, calculated and compounded monthly, which is equal to the U.S. Base Rate plus the Applicable Margin plus 2.00% per annum (but, for avoidance of doubt, such 2.00% shall not be payable in duplication of any increase in interest on an Event of Default that is continuing as set out in the definition of Applicable Margin). Such interest on overdue amounts shall become due and be paid on demand made by the Administrative Agent. (c) At any time that an Event of Default occurs and is continuing, the Applicable Margin shall, if the Administrative Agent so notifies the Borrower, be increased by an additional 2.00% per annum.