4. Prescribed interest for late payment

For the purposes of section 88(1) of the Act, the prescribed rate of interest on the late payment of any service charge mentioned in paragraph 3(1) or part thereof is 4.5% points above the 3-month compounded SORA for the period —

starting on the date the payment or part of it is in arrears; and

ending on the date the service charge mentioned in that paragraph is paid to the Authority in full.