Common use of Payment on Demand Clause in Contracts

Payment on Demand. All obligations of the Indemnitor hereunder shall be payable on demand, and any amount due and payable hereunder to Indemnitee by Indemnitor which is not paid within ten (10) days after written demand therefor from Indemnitee with an explanation of the amounts demanded shall, to the extent permitted by applicable law, bear interest from the date of such demand at the “Default Rate” provided for in the Promissory Note evidencing the Loan.

Payment on Demand. All obligations of the Indemnitor hereunder shall be payable on demand, and any amount due and payable hereunder to Indemnitee Indemnitees by Indemnitor which is not paid within ten thirty (1030) days after written demand therefor from Indemnitee with an explanation of the amounts demanded shall, to the extent permitted by applicable law, bear interest from the date of such demand at the “Default Rate” provided for Rate (as defined in the Promissory Note evidencing the LoanLease).