Common use of Interest on Reimbursement Obligations Clause in Contracts

Interest on Reimbursement Obligations. Any reimbursement not paid promptly shall bear interest, payable on demand, at a rate per annum equal to the Prime Rate, as published in The Wall Street Journal, in effect from time to time. Such interest will accrue commencing on the date that State Street makes any payment under the Guaranty on behalf of the Client until such amount is paid in full in cash. Interest on the same terms will likewise be payable on the value of any securities delivered by State Street under the Guaranty on behalf of the Client until the securities are delivered by Client to State Street or their value is paid in full in cash to State Street.