Pay Interest Clause Samples

The 'Pay Interest' clause requires a party to pay interest on certain amounts, typically when payments are overdue under the contract. This clause specifies the interest rate, the period over which interest accrues, and the circumstances that trigger the obligation, such as late payment of invoices or outstanding balances. Its core function is to incentivize timely payments and compensate the non-breaching party for the time value of money lost due to delays, thereby reducing the risk of late payments.
Pay Interest. Pay interest on any amounts of Rent due and in arrears by in excess of 14 days at the rate of 3% above the Bank of England annual base rate calculated on a day to day basis from the date that the same shall become due until payment in full is made.
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Pay Interest. The Landlord reserves the right to charge interest on any amounts of rent due and in arrears at the rate of 4% above the Bank of England base rate calculated on a day to day basis from the date that the same shall become due until payment in full is made and recover the interest as though it were rent.
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Pay Interest. In the event of any of the Reserved Rents being unpaid more than 14 days after the same shall have become due to pay to the Landlord Interest on the sum or sums outstanding from the due date until payment.
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Pay Interest. If there is no agreement between the relevant parties as to liability for payment of interest on the secured moneys, the party granting the security will pay to the security holder interest on the secured moneys (whether or not demand has been made) on the last day of each month at the prescribed interest rate, calculated with daily rates from the date on which the moneys become owing.
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Pay Interest. If any monies payable to the Council are not paid: (a) on or within seven days of the day appointed for payment (whether the money has been formally demanded or not); or (b) if payable on demand, has not been paid within seven days of the demand being made; or (c) if the Council, with good reason, refuses to accept the payment of any money due under this ▇▇▇▇▇ then those outstanding monies will bear interest from the date when they became due until the date of actual payment, that interest being calculated on a daily basis at the Interest Rate
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Pay Interest. Pay interest on any amounts of Rent due and in arrears by in excess of 14 days at the rate of 3% above the Bank of England annual base rate calculated on a day-to-day basis from the date that the same shall become due until payment in full is made. The Tenant shall be in breach of this Agreement if the Tenant fails to pay the Rent in accordance with this clause and the Landlord shall be entitled to use the statutory provisions contained in the Housing Act 1988 (HA 1988) or any other statutory remedies available to recover possession of the Property.
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Pay Interest. You must pay interest: (i) on the principal sum in the manner and at the times set out in item (k) of the Initial Disclosure Statement or as set out in the Annexure Schedule; and (ii) on that part of the principal sum in respect of which there is no agreement between the relevant parties as to liability for payment of interest (whether or not demand has been made) on the last day of each month at 2% per annum above the taxpayer's paying rate as prescribed from time to time, calculated with daily rests from the date on which the moneys become owing.
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Pay Interest. 4.2.1 If the Rent is not paid or on the due date (whether formally demanded or not) or if any of the other Rents are not paid within 5 Working Days after written demand to pay interest on the unpaid amount at the Prescribed Rate (both before and after judgment) accruing on a daily basis from the date such amount becomes due up to and including the date of actual payment 4.2.2 If the Owner refuses to accept any of the Rents so as not to prejudice its rights of re-entry in this Lease to pay interest at 1% below the Base Rate (or 0% if higher) on those Rents for the period from and including the due date until acceptance by the Owner
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Pay Interest. If the Lessee shall fail to pay the rent hereinbefore reserved or any other sum reserved or made payable hereunder within 14 days of the day and in the manner herein prescribed for the payment of same every such unpaid rent or sum shall bear interest at the rate of 3% per annum above the rate from time to time charged by the Associated Banks in the Republic of Ireland at the A.A.A. rate on overdrafts from the date on which the rent or other sum became due until the actual date of payment or if there shall be no such rate the aforesaid rent or sum shall bear interest at the rate of 12% per annum,
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Related to Pay Interest

  • Sources of Funds to Pay Interest Any interest payable by NYSERDA pursuant to Exhibit shall be paid only from the same accounts, funds, or appropriations that are lawfully available to make the related Payment.

  • Interest (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period at a rate per annum equal to the sum of the Eurodollar Rate for such Interest Period plus the Applicable Rate; (ii) each Base Rate Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the sum of the Base Rate plus the Applicable Rate; and (iii) each Swing Line Loan shall bear interest on the outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal to the sum of the Base Rate plus the Applicable Rate. (i) If any amount of principal of any Loan is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. (ii) If any amount (other than principal of any Loan) payable by the Borrower under any Loan Document is not paid when due (without regard to any applicable grace periods), whether at stated maturity, by acceleration or otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. (iii) Upon the request of the Required Lenders, while any Event of Default exists (other than as set forth in clauses (b)(i) and (b)(ii) above), the Borrower shall pay interest on the principal amount of all outstanding Obligations hereunder at a fluctuating interest rate per annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws. (iv) Accrued and unpaid interest on past due amounts (including interest on past due interest) shall be due and payable upon demand. (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto and at such other times as may be specified herein. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

  • Interest and Payments (1) Every Note, whether issued originally or in exchange for other previously issued Notes, shall bear interest from and including the later of (i) the Issue Date; and (ii) the last Interest Payment Date with respect to which interest shall have been paid or made available for payment on the Notes, to, but not including, the subsequent Interest Payment Date. Interest shall be paid monthly in arrears on the first Business Day of each month for interest accrued in the previous month, provided that interest with respect to the first twelve month period that the Notes are outstanding shall be paid in advance on the applicable Closing Date for such Notes. (2) Interest shall be computed on the basis of a year of 365 days for payments. For the purposes of this Agreement, whenever interest is computed on the basis of a year (a "Deemed Year") which contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest shall be expressed as a yearly rate by multiplying such rate of interest by the actual number of days in the calendar year of calculation and dividing such product by the number of days of the Deemed Year. (3) Wherever in this Agreement or the Notes there is mention, in any context, of the payment of interest, such mention shall be deemed to include the payment of interest on amounts in default to the extent that in such context such interest is, was or would be payable pursuant to this Agreement or such Notes and express mention of interest on amounts in default in any of the provisions hereof shall not be construed as excluding such interest in those provisions hereof where such express mention is not made. (4) All payments of principal or interest under the Notes shall be made to the Administrative Agent for the benefit of the Noteholders by wire transfer of immediately available funds to such location as may from time to time be specified by the Administrative Agent.

  • Interim Interest If the Issuing Bank shall make any LC Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e) of this Section, then Section 2.13(d) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph (e) of this Section to reimburse the Issuing Bank shall be for the account of such Lender to the extent of such payment.

  • Deferred Interest The amount by which the interest due on a Mortgage exceeds the borrower’s monthly payment, which amount is added to the unpaid principal balance of the Mortgage.