Common use of Payment of General Services Charge Clause in Contracts

Payment of General Services Charge. The Resident shall pay the General Services Charge to the Scheme Operator or its manager without formal or other demand by the Scheme Operator and without any deduction whatsoever in advance on such dates and in respect of such periods as the Scheme Operator shall from time to time nominate and shall pay to the Scheme Operator interest on the outstanding amount at the rate equal to the greater of 6% or interest per annum which is one (1) percentage point higher than the national benchmark rate published by the National Australia Bank on the first day of each calendar month (if not published on the first day, then the first national benchmark rate published in that month) to be reviewed monthly.