rate of interest on each Loan for each Interest Period is the percentage
rate per annum which is the aggregate of the applicable:
(A)
MARGIN; AND
(B)
IN RELATION TO ANY LOAN IN:
(I)
AUSTRALIAN DOLLARS, BBSY BID; AND
(II)
US DOLLARS, LIBOR.
10.2
PAYMENT OF INTEREST
The Borrower to which a Loan has been made shall pay accrued interest in the
relevant currency on that Loan on the last day of each Interest Period (and, if
the Interest Period is longer than six Months, on the dates falling at
six-monthly intervals after the first day of the Interest Period).
10.3
DEFAULT INTEREST
(A)
IF AN OBLIGOR FAILS TO PAY ANY AMOUNT PAYABLE BY IT UNDER A FINANCE
DOCUMENT ON ITS DUE DATE, INTEREST SHALL ACCRUE ON THE OVERDUE AMOUNT FROM THE
DUE DATE UP TO THE DATE OF ACTUAL PAYMENT (BOTH BEFORE AND AFTER JUDGMENT) AT A
RATE WHICH, SUBJECT TO PARAGRAPH (B) BELOW, IS THE SUM OF 2 PER CENT PER ANNUM
AND THE RATE WHICH WOULD HAVE BEEN PAYABLE IF THE OVERDUE AMOUNT HAD, DURING THE
PERIOD OF NON-PAYMENT, CONSTITUTED A LOAN IN THE CURRENCY OF THE OVERDUE AMOUNT
FOR SUCCESSIVE INTEREST PERIODS, EACH OF A DURATION SELECTED BY THE AGENT
(ACTING REASONABLY).
ANY INTEREST ACCRUING UNDER THIS CLAUSE 10.3
(DEFAULT
INTEREST) SHALL BE IMMEDIATELY PAYABLE BY THE OBLIGOR ON DEMAND BY THE AGENT.
(B)
IF ANY OVERDUE AMOUNT CONSISTS OF ALL OR PART OF A LOAN WHICH BECAME DUE
ON A DAY WHICH WAS NOT THE LAST DAY OF AN INTEREST PERIOD RELATING TO THAT LOAN:
(I)
THE FIRST INTEREST PERIOD FOR THAT OVERDUE AMOUNT SHALL HAVE A DURATION
EQUAL TO THE UNEXPIRED PORTION OF THE CURRENT INTEREST PERIOD RELATING TO THAT
LOAN; AND
(II)
THE RATE OF INTEREST APPLYING TO THE OVERDUE AMOUNT DURING THAT FIRST
INTEREST PERIOD SHALL BE THE SUM OF 2 PER CENT PER ANNUM AND THE RATE WHICH
WOULD HAVE APPLIED IF THE OVERDUE AMOUNT HAD NOT BECOME DUE.
(C)
DEFAULT INTEREST (IF UNPAID) ARISING ON AN OVERDUE AMOUNT WILL BE
COMPOUNDED WITH THE OVERDUE AMOUNT AT THE END OF EACH INTEREST PERIOD APPLICABLE
TO THAT OVERDUE AMOUNT BUT WILL REMAIN IMMEDIATELY DUE AND PAYABLE.
81
10.4
NOTIFICATION OF RATES OF INTEREST
(A)
THE AGENT SHALL PROMPTLY NOTIFY THE RELEVANT LENDERS AND THE RELEVANT
BORROWER OF THE DETERMINATION OF A RATE OF INTEREST UNDER THIS AGREEMENT.
(B)
THE AGENT SHALL PROMPTLY NOTIFY THE RELEVANT BORROWER OF EACH FUNDING
RATE RELATING TO A LOAN.
11.
INTEREST PERIODS
11.1
SELECTION OF INTEREST PERIODS
(A)
A BORROWER MAY SELECT AN INTEREST PERIOD FOR A LOAN IN THE UTILISATION
REQUEST FOR THAT LOAN OR (IF THE LOAN HAS ALREADY BEEN BORROWED) IN A SELECTION
NOTICE.
(B)
EACH SELECTION NOTICE FOR A LOAN IS IRREVOCABLE AND MUST BE DELIVERED TO
THE AGENT BY THE BORROWER TO WHICH THAT LOAN WAS MADE NOT LATER THAN THE
SPECIFIED TIME.
(C)
IF A BORROWER FAILS TO DELIVER A SELECTION NOTICE TO THE AGENT IN
ACCORDANCE WITH PARAGRAPH (B)