Interest on Overdue Amounts. Each of State Street and the Borrower agrees to pay interest on any amount payable by it under this Agreement during the period that it has become due for payment and remains unpaid. The interest rate applicable to such outstanding amounts will be the Default Rate. Interest that is not paid when due for payment may be capitalized at intervals of thirty days. Interest is payable on capitalized interest at the rate and in the manner referred to in this Section 24. The obligation of State Street or the Borrower, as applicable, to pay the outstanding amount on the date it becomes due for payment is not affected by this Section 24. The interest accrues from the date the liability becomes due for payment (both before and after any judgment or order) until it is paid by State Street or the Borrower, as applicable.
Appears in 15 contracts
Samples: Securities Lending and Services Agreement, Securities Lending and Services Agreement (Highland Global Allocation Fund), Securities Lending and Services Agreement (Highland Global Allocation Fund)
