Common use of Interest on amounts to be repaid Clause in Contracts

Interest on amounts to be repaid. Unless otherwise stated by the Department, the Recipient must pay interest to the Department in connection with any amount notified as owing to the Department under clauses 25.1. The rate of interest will be calculated: (a) on the amount to be repaid to the Department as set out in the Department’s repayment notice; (b) at the Interest Rate plus 3%; (c) on a semi-annually compounding basis upon the principal amount specified in the notice as repayable to the Department; and (d) from and including the date the amount is payable under clause 25.2(a) up to but excluding the day on which the Recipient repays the total amount specified in the notice as owing to the Department, without any set off, counter-claim, condition, abatement, deduction or withholding.

Interest on amounts to be repaid. Unless otherwise stated by the Department, the Recipient must pay interest to the Department in connection with any amount notified as owing to the Department under clauses 25.123.1. The rate of interest will be calculated: (a) on the amount to be repaid to the Department as set out in the Department’s repayment notice; (b) at the Interest Rate plus 3%; (c) on a semi-annually compounding basis upon the principal amount specified in the notice as repayable to the Department; and (d) from and including the date the amount is payable under clause 25.2(a23.2(a) up to but excluding the day on which the Recipient repays the total amount specified in the notice as owing to the Department, without any set off, counter-claim, condition, abatement, deduction or withholding.