last day of each Interest Period the Borrower shall pay accrued interest
on the Loan to which that Interest Period relates (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).
8.3
DEFAULT INTEREST
8.3.1
IF THE BORROWER 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 SUB-CLAUSE 8.3.2 BELOW, IS ONE
PER CENT HIGHER THAN 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 LENDER (ACTING REASONABLY). ANY INTEREST ACCRUING UNDER THIS
CLAUSE 8.3 SHALL BE IMMEDIATELY PAYABLE BY THE BORROWER ON DEMAND BY THE LENDER.
8.3.2
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:
(A)
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
(B)
THE RATE OF INTEREST APPLYING TO THE OVERDUE AMOUNT
DURING THAT FIRST INTEREST PERIOD SHALL BE ONE PER CENT. HIGHER THAN THE RATE
WHICH WOULD HAVE APPLIED IF THE OVERDUE AMOUNT HAD NOT BECOME DUE.
8.3.3
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.
10
8.4
NOTIFICATION OF RATES OF INTEREST
The Lender shall promptly notify the Borrower of the determination of a rate of
interest under this Agreement.
9.
INTEREST PERIODS
9.1
SELECTION OF INTEREST PERIODS
9.1.1
THE 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.
9.1.2
EACH SELECTION NOTICE FOR A LOAN IS IRREVOCABLE
AND MUST BE DELIVERED TO THE LENDER BY THE BORROWER NOT LATER THAN THE SPECIFIED
TIME.
9.1.3
IF THE BORROWER FAILS TO DELIVER A SELECTION
NOTICE TO THE LENDER IN ACCORDANCE WITH SUB-CLAUSE 9.1.2 ABOVE, THE RELEVANT
INTEREST PERIOD WILL, SUBJECT TO CLAUSE 9.2 (CHANGES TO INTEREST PERIODS), BE
ONE MONTH.
9.1.4
SUBJECT TO THIS CLAUSE 9, THE BORROWER MAY SELECT
AN INTEREST PERIOD OF ONE, THREE OR SIX MONTHS OR ANY OTHER PERIOD AGREED
BETWEEN THE BORROWER AND THE LENDER.
9.1.5
AN INTEREST PERIOD FOR A LOAN SHALL NOT EXTEND
BEYOND THE TERMINATION DATE.
9.1.6
EACH INTEREST PERIOD FOR A LOAN SHALL START ON THE
UTILISATION DATE OR (IF ALREADY MADE) ON THE LAST DAY OF ITS PRECEDING INTEREST
PERIOD.
9.2
NON-BUSINESS DAYS
If an