Common use of Covenant to pay default interest Clause in Contracts

Covenant to pay default interest. The Owner shall pay interest on any expenses, claims, liabilities, losses, costs, duties, fees, charges or other moneys referred to in Clause 3.3 from the date on which the relevant expense, claim, liability, loss, cost, duty, fee, charge or other money is paid or incurred by the Mortgagee (as well after as before judgment): (a) at the rate described in clause 6.2 of the Loan Agreement; (b) compounded in accordance with clause 6.6 of the Loan Agreement; and (c) on demand.