Common use of Central Time on the Closing Date Clause in Contracts

Central Time on the Closing Date. For each full or partial day after the Closing Date that Seller has not received in its account the payment specified in Article 2, Buyer shall pay to Seller one (1) day's interest on the unpaid funds at the rate per annum equal to the "prime rate" as announced from time to time by The Wall Street Journal. Notwithstanding the foregoing, provided Seller is not in default, Seller shall have the right to terminate this Agreement at any time if such payment is not received in Seller's designated account within one (1) business day after the Closing Date.