Common use of Debt and Interest Clause in Contracts

Debt and Interest. (a) The Funding Recipient must pay Interest to GBRF on any amount due but unpaid under this Agreement calculated from the due date for payment until the amount is paid. Interest on any unpaid amount will be capitalised monthly and will itself thereafter bear interest. (b) The Funding Recipient must pay any amount owed or payable to GBRF or which the Funding Recipient is entitled to recover from the Funding Recipient under this Agreement, including any interest, as a debt due to GBRF by the Funding Recipient without further proof of the debt by GBRF being necessary. (c) The Funding Recipient agrees that the Interest represents a reasonable pre-estimate of the loss incurred by GBRF.

Debt and Interest. SAMPLE (a) The Funding Recipient must pay Interest to GBRF on any amount due but unpaid under this Agreement calculated from the due date for payment until the amount is paid. Interest on any unpaid amount will be capitalised monthly and will itself thereafter bear interest. (b) The Funding Recipient must pay any amount owed or payable to GBRF or which the Funding Recipient is entitled to recover from the Funding Recipient under this Agreement, including any interest, as a debt due to GBRF by the Funding Recipient without further proof of the debt by GBRF being necessary. (c) The Funding Recipient agrees that the Interest represents a reasonable pre-estimate of the loss incurred by GBRF.