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(b) Calculation of Late Payment Amount

No: 43013189 Date(g): 19/9/2021 | Date(h): 12/2/1443

Effective from 2021-09-19 - Sep 18 2021
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(i) The Late Payment Amount shall be:

(x) an amount equal to the Unpaid Sum multiplied by the Applicable Rate, multiplied further by the number of days in such Applicable Period and divided by 360 or 365 in accordance with the applicable market convention (or as otherwise agreed between the parties); or

(y) such other amount as may be agreed between the parties at the relevant time.

(ii) If the Applicable Period exceeds one week it shall be deemed to be divided into successive sub-periods, each of which (other than the first, which shall be for a period of seven (7) days commencing on the Due Date) shall start on (and include) the last day of the preceding such period and the duration of which shall be selected by the Affected Party (acting reasonably). The Late Payment Amount shall be calculated for each such sub-period as if the references to Applicable Period above were references to such sub-period and shall be payable at the end of each such sub-period.