On 8 October 2015, the Claimant entered into a loan agreement with the First Defendant, providing them with a loan of  5,000,000 Riyals. It was agreed between the Claimant and the First Defendant that the latter would settle the loan, along with interest at a rate of 5% per year, by making 35 instalments of 150,000 Riyals plus a final instalment of 166,290 Riyals which would be paid on 10 October 2018. The Claimant agreed to postpone this final date for payment to 1 January 2019, however, to date, 1,159,236.27 Riyals remained unpaid. Article 6 of the loan agreement providedn for “default interest” on all overdue accounts from the date such sums were due up until the date of payment. The applicable rate was identified as “two points higher” than the 5% rate to be paid on the loan, i.e. 7%.