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Regulation 7

Original text. Later amendments are not shown.

(1)

Beginning on 1st April 1993 interest at the relevant rate shall be payable on any unpaid amount for the time being due or to become due under regulation 6 above.

(2)

Interest shall accrue from day to day compounded with six-monthly rests and shall be paid at the same time as payments are made under regulation 6 above.

(3)

In this regulation “the relevant rate” means the London Inter-Bank Bid Rate (LIBID) for three month deposit less one eighth of one percentage point.