Default Interest Period definition

Default Interest Period means for any overdue amount of the Withdrawn Loan Balance, each Interest Period during which such overdue amount remains unpaid; provided, however, that the first such Default Interest Period shall commence on the 31st day following the date on which such amount becomes overdue, and the final such Default Interest Period shall end on the date at which such amount is fully paid.”

Default Interest Period means, with respect to any amount overdue under this Agreement, a period commencing on the day on which such payment becomes due or, as the case may be, on the last day of the previous Default Interest Period with respect to such overdue amount, and ending on a Business Day selected by EBRD.

Default Interest Period has the meaning given to it in Clause 12.5(b) (Default Interest).

Examples of Default Interest Period in a sentence

• Default interest will be payable on demand by the Facility Agent and will be compounded at the end of each Default Interest Period.

• On the Repayment Date of an Advance or (in the case of an overdue sum) the last day of each Default Interest Period relating to that overdue sum, the Borrower shall pay the unpaid interest accrued during that Term or Default Interest Period on the Advance or overdue sum to which it relates at the rate(s) applicable for that Term or Default Interest Period.

• However, in the case of a Term or Default Interest Period of more than 6 months, the interest accrued during the first 6 months and each, if any, successive 6 month period during that Term or Default Interest Period shall be paid on the last day of any such 6 month period.

• Interest at the Default Interest Rate shall accrue from the first day of each Default Interest Period and shall be payable semi-annually in arrears on each Payment Date.

• If any Overdue Amount corresponds to the principal amount payable in respect of an Advance which has become repayable prior to its Repayment Date, the first Default Interest Period which shall be selected by the Facility Agent shall be of a duration equal to the unexpired portion of the Term of such Advance.

More Definitions of Default Interest Period

Default Interest Period means, in respect of an Unpaid Amount, each period (not exceeding six (6) months) as the relevant Agent or, in the case of clause 8.3 of any Lease, the relevant Borrower selects in its absolute discretion, the first such period commencing on the date on which the Unpaid Amount was due and each subsequent period commencing on the last day of the preceding period for so long as the relevant default continues;

Default Interest Period means a period by reference to which interest is calculated on an overdue sum;

Default Interest Period is added to the Appendix and defined to read as follows:

Default Interest Period means, during any period in which any principal of the Loan or any other amount under this Agreement or any other Loan Document is not paid when due; PROVIDED that (a) no such period shall exceed three months’ duration and (b) the first such period shall commence as of the date on which such principal or other amount became due and each succeeding period shall commence upon the expiry of the immediately preceding period.

Default Interest Period. “Default Interest Rate”; “Default Variable Rate”; “Fixed Rate”; “Fixed Reference Rate”; “Fixed Spread”; “Interest Rate Cap”; “Interest Rate Conversion”; “Principal Payment Date”; “Reference Rate Reset Date”; “Screen Rate”; “Variable Rate”; “Variable Spread”; “Variable Spread Fixing Charge”; the term “the Loan” is modified to read “the Non-Concessional Portion of the Loan”; the term “Unwithdrawn Loan Balance” is modified to read “the Unwithdrawn Balance of the Non-Concessional Portion of the Loan”; and the term “Withdrawn Loan Balance” is modified to read “Withdrawn Balance of the Non-Concessional Portion of the Loan”.

Default Interest Period is defined at Clause 9.1.

Default Interest Period means, for an Unpaid Sum, a period of 30 days (or any other period the Facility Agent selects) beginning on the day on which the amount falls due, or on the last day of another Default Interest Period for that Unpaid Sum.