Common use of Interest on Monies Owing Clause in Contracts

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:

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 efect on the date on which the monies became due and payable. If no due date is specifiedspeciied, interest shall be calculated from the date on which the principal photography was completed. This provision shall not apply in the following circumstances:

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:.