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Common use of Obligation to pay interest Clause in Contracts

Obligation to pay interest. The Guarantor agrees to pay interest on any amount under this Guarantee and Indemnity which: (a) is not paid on the due date for payment; and (b) is not otherwise incurring interest. The interest accrues daily from (and including) the due date to (but excluding) the date of actual payment and is calculated on actual days elapsed and a year of 365 days. The Guarantor agrees to pay interest under this clause on demand from the Seller.

Appears in 4 contracts

Samples: Contract for Houses and Residential Land, Contract for Houses and Residential Land, Contract for Houses and Residential Land

Obligation to pay interest. The Guarantor agrees to pay interest on any amount under this Guarantee and Indemnity which: (a) which is not paid on the due date for payment; and (b) is not otherwise incurring interest. The Guarantor must pay to the Seller on demand interest accrues daily on the due amount at the Interest Rate, with interest to accrue from (and including) the due date to (but excluding) until the date of actual payment payment, calculated daily on the basis of a 365 day year and is calculated on actual days elapsed and a year of 365 days. The Guarantor agrees to pay interest under this clause on demand from the Sellercapitalised daily.

Appears in 1 contract

Samples: Share Sale Agreement

Obligation to pay interest. The Guarantor agrees to pay interest on any amount under this Guarantee guarantee and Indemnity which: indemnity (aother than under clause 2.2 (“Guarantee”)) which is not paid on the due date for payment; and (b) is not otherwise incurring interest. The interest accrues daily from (and including) the due date to (but excluding) the date of actual payment and is calculated on actual days elapsed and a year of 365 days. The rate of interest applying to each daily balance is the Default Rate. The Guarantor agrees to pay interest under this clause on demand from the SellerTrustee.

Appears in 1 contract

Samples: Guarantee and Indemnity (WEX Inc.)