Common use of Notification of interest Clause in Contracts

Notification of interest. The Bank shall notify the Borrower promptly of the duration of each Interest Period and of each rate of interest determined by it under this Clause 3 without prejudice to the right of the Bank to make determinations at its sole discretion. In case that the Bank fails to notify the Borrower as above, such failure will not affect the validity of the determination of the Interest Period and Interest Rate made pursuant to Clause 3 and neither constitute nor will be interpreted as if to constitute a breach of obligation of the Bank except in case of wilful misconduct.

Notification of interest. The Bank shall notify the Borrower Borrowers promptly of the duration of each Interest Period and of each rate of interest determined by it under this Clause 3 without prejudice to the right of the Bank to make determinations at its sole discretion. In case that the Bank fails to notify the Borrower Borrowers as above, such failure will not affect the validity of the determination of the Interest Period and Interest Rate made pursuant to this Clause 3 and neither constitute nor will be interpreted as if to constitute a breach of obligation of the Bank except in case of wilful misconductmisconduct or gross negligence.

Notification of interest. The Bank shall notify the Borrower Borrowers promptly of the duration of each Interest Period and of each the applicable rate of interest determined by it in respect thereof under this Clause 3 without prejudice to the right of the Bank to make determinations at its sole discretiondiscretion under Clause 3.6. In case that the Bank fails to notify the Borrower Borrowers as above, such failure will not affect the validity of the determination of the Interest Period and Interest Rate interest rate made pursuant to this Clause 3 and neither constitute nor will be interpreted as if to constitute a breach of obligation of the Bank except in case of wilful misconduct.