Article 5 Overdue Payments

If the Borrower falls to make any required payment with respect the repayment of the loan, payment of the Interest, payment of the Management Fee, or any other items payable under this Agreement on the date(s) due, from and including the due date to and including the date of actual payment, at the rate of 2.375% per annum over and above the week, one month, three month or six month LIBOR determined on the due date(s) and from time to time thereafter for successive interest periods for so long as such amount remains unpaid, hereinafter called ‘the Overdue Interest’.

The applicable LIBOR shall be the arithmetic mean, rounded upwards, if necessary to the nearest whole multiple of 1/16 of 1% of the relevant LIBOR for deposits in the United States Dollars as quoted on the Renter’s monitor page ‘LIBO’ as or about 11: 00 a.m., London time on the due date(s) and thereafter for each successive Overdue Interest Period as defined below, on the second business day in London, England prior to the first day of each such Overdue Interest Period.

The Lender shall in its discretion determine the interest period with respect to any overdue amount. Overdue Interest Period. The Overdue Interest shall be calculated on a 360 day year basis, by counting the actual number of days elapsed in that period.

Any payment made by the Borrower after such a failure shall be applied first to the Expenses and the Management Fee, then to the Overdue Interest, then to accrued Interest and then to repayments of the Loan overdue.