Common use of Interest on liability merged in judgment or order Clause in Contracts

Interest on liability merged in judgment or order. (a) If a liability under this Agreement becomes merged in a judgment or order, then the Registered Proprietor agrees to pay interest to the Council on the amount of that liability as an independent obligation. This interest accrues from the date the liability becomes due for payment both before and after the judgment or order until it is paid, at a rate that is the higher of the rate payable under the judgment or order and the rate referred to in this Clause 7. (b) For the avoidance of doubt, if a liability under this Agreement becomes merged in a judgment or order then the Developer will only be required to pay either interest payable under the judgment or order or interest calculated under this Clause 7 but not both.

Interest on liability merged in judgment or order. (a) If a liability under this Agreement becomes merged in a judgment or order, then the Registered Proprietor Applicant agrees to pay interest to the Council on the amount of that liability as an independent obligation. This interest accrues from the date the liability becomes due for payment both before and after the judgment or order until it is paid, at a rate that is the higher of the rate payable under the judgment or order and the rate referred to in this Clause 78. (b) For the avoidance of doubt, if a liability under this Agreement becomes merged in a judgment or order then the Developer will only be required to pay either interest payable under the judgment or order or interest calculated under this Clause 7 8 but not both.