Common use of Late Payment/Indemnity Clause in Contracts

Late Payment/Indemnity. 15.1 If any sum due and payable by VWFS is not paid on the due date or if any sum due and payable by VWFS under any judgment of any court in connection herewith is not paid on the date of such judgment, the period beginning on the day after such due date or, as the case may be, the date of such judgment and ending on the date upon which the obligation of VWFS to pay such sum (the balance thereof for the time being unpaid being herein referred to as an "unpaid sum") is discharged shall be divided into successive periods (an "unpaid sum period"), each of which (other than the first) shall start on the last day of the preceding such period and the duration of each of which shall be selected by the person to whom such sum is payable.

Late Payment/Indemnity. 15.1 14.1 If any sum due and payable by VWFS is not paid on the due date or if any sum due and payable by VWFS under any judgment of any court in connection herewith is not paid on the date of such judgment, the period beginning on the day after such due date or, as the case may be, the date of such judgment and ending on the date upon which the obligation of VWFS to pay such sum (the balance thereof for the time being unpaid being herein referred to as an "unpaid sum") is discharged shall be divided into successive periods (an "unpaid sum period"), each of which (other than the first) shall start on the last day of the preceding such period and the duration of each of which shall be selected by the person to whom such sum is payable.