Common use of Interest and Expenses Clause in Contracts

Interest and Expenses. If the Company shall fail or refuse to pay any amount due under this Section 9 within the time required, the Company shall pay to Executive, in addition to the payment of any other sums required under this Section: (a) interest, compounded daily, on any amount remaining unpaid from the date payment is required under this Section until payment to Executive, at the rate from time to time announced by Corestates Bank as its prime rate plus 1.5%, each change in the rate of interest hereunder to take effect on the effective date of the change in such prime rate; and (b) on demand, the amount necessary to reimburse Executive for all expenses (including reasonable attorneys' fees and disbursements) incurred by Executive in enforcing any of the obligations of the Company under this Section.

Interest and Expenses. If the Company shall fail or refuse to pay any amount due under this Section 9 within the time required, the Company shall pay to ExecutiveEmployee, in addition to the payment of any other sums required under this Section:. (a1) interest, compounded daily, on any amount remaining unpaid from the date payment is required under this Section until payment to ExecutiveEmployee, at the rate from time to time announced by Corestates Bank as its prime rate plus 1.5%, each change in the rate of interest hereunder to take effect on the effective date of the change in such prime rate; and (b2) on demand, the amount necessary to reimburse Executive Employee for all expenses (including reasonable attorneys' fees and disbursements) incurred by Executive Employee in enforcing any of the obligations of the Company under this Section.