Common use of Payment and Compounding of Default Interest Clause in Contracts

Payment and Compounding of Default Interest. Any interest accrued due under clause 18.3 in respect of an unpaid sum shall be due and payable and shall be paid by the relevant Obligor at the end of the period by reference to which it is calculated or on such other date as the Agent may specify by written notice to Ideal. If not paid on the due date, the interest shall be added to and form part of the unpaid sum on which interest shall accrue and be payable in accordance with the provisions of this clause 18.