Interest on Monies Owing Sample Clauses

Interest on Monies Owing. Except as provided otherwise in this Agreement, if upon completion of the Motion Picture, monies are owed to the District Council or a Guild Member by the Producer, then the Producer shall pay simple interest at the prime rate on all monies outstanding calculated from the date on which the monies became due and payable to the date of payment, and at the prime rate in effect on the date on which the monies became due and payable. If no due date is specified, interest shall be calculated from the date on which the principal photography was completed. This provision shall not apply in the following circumstances:
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Related to Interest on Monies Owing

  • Interest on Overdue Payments (a) If, for any reason, a Party does not pay an amount payable under or in connection with this Agreement on or before the due date for payment, it must pay interest to the other Party (who is entitled to receive the payment).

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