Common use of Rate of Default Interest Clause in Contracts

Rate of Default Interest. The rate of interest applicable to an Unpaid Sum during an Interest Period relating thereto (both before and after judgment) shall be the percentage rate per annum which exceeds by one per cent. the rate which would have been applicable thereto had it been an Advance with a corresponding Interest Period Provided that the rate of interest applicable to an Unpaid Sum which is all or part of an Advance which became due and payable otherwise than on the last day of an Interest Period relating to that Advance shall, during the first Interest Period relating to that Unpaid Sum, be the percentage rate per annum which exceeds by one per cent. the rate applicable to that Advance immediately before it became so due and payable.

Rate of Default Interest. The rate of interest applicable to an Unpaid Sum during an Interest Period relating thereto (both before and after judgment) shall be the percentage rate per annum which exceeds by one per cent. the rate which would have been applicable thereto had it been an the Advance with a corresponding Interest Period Provided that the rate of interest applicable to an Unpaid Sum which is all or part of an the Advance which became due and payable otherwise than on the last day of an Interest Period relating to that the Advance shall, during the first Interest Period relating to that Unpaid Sum, be the percentage rate per annum which exceeds by one per cent. the rate applicable to that the Advance immediately before it became so due and payable.