# The Financial Provisions (Northern Ireland) Order 1983, Article 11: Default by borrower


If a borrower of a government loan makes default—
(a) in paying any money due in respect of the loan for a period exceeding 10 days after the money becomes due; or
(b) in complying with any provisions implied by Schedule 2;
the entire amount of the principal outstanding under the loan at the time of the default, together with—
(i) interest on it at the appropriate rate or rates;
(ii) such interest as is chargeable under Article 12 on any sum which is in arrear at the time of default; and
(iii) an amount equivalent to the premium which would have been payable by the borrower under Article 9 if the premature repayment of the loan had been agreed on the date when the loan and interest are repaid to the Department under this Article,
shall thereupon become payable and shall be paid by the borrower to the Department on demand.

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Source: https://www.legislation.gov.uk/nisi/1983/147/article/11 (the official version)
Page: https://openlegislation.uk/financial-provisions-northern-ireland-order-1983/article-11
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.