Common use of SWING-LINE DEFAULT INTEREST Clause in Contracts

SWING-LINE DEFAULT INTEREST. If any sum due and payable by the Borrower hereunder in respect of a Swing-Line Advance is not paid on the due date therefor in accordance with the provisions of Clause 29 (Payments) or if any sum due and payable by the Borrower under any judgment of any court in connection with any Swing-Line Advance is not paid on the date of such judgment, then interest shall accrue on such sum on each day (a "relevant day") from and including the due date thereof or the date of such judgment (as the case may be ) until (but excluding) the date of actual payment at a rate per annum (as determined by the Swing-Line Agent at 11.00 a.m. on each such relevant day) equal to the sum of two per cent. and the greater of:

SWING-LINE DEFAULT INTEREST. If any sum due and payable by the Borrower hereunder in respect of a Swing-Line Advance is not paid on the due date therefor in accordance with the provisions of Clause 29 (Payments) or if any sum due and payable by the Borrower under any judgment of any court in connection with any Swing-Line Advance is not paid on the date of such judgment, then interest shall accrue on such sum on each day (a "relevant dayRELEVANT DAY") from and including the due date thereof or the date of such judgment (as the case may be ) until (but excluding) the date of actual payment at a rate per annum (as determined by the Swing-Line Agent at 11.00 a.m. on each such relevant day) equal to the sum of two per cent. and the greater of: