Common use of Penalty Interest Clause in Contracts

Penalty Interest. 12.1 If the Purchaser fails to comply with the payment of any instalment or of any of the Conditions of Sale, those being the provisions requiring the payment of any moneys on account of the purchase price and interest thereon, then the Purchaser shall: (a) pay the Penalty Rate of interest from the date on which compliance was due and terminating on the date on which the default has been remedied, and (b) pay all expenses and legal costs incurred by the Vendor in or towards obtaining remedy of such failure to comply. 12.2 The Purchaser will (if required by the Vendor) pay to the Vendor interest calculated at the Penalty Interest Rate on any judgement sum awarded in respect of any judgement sum in respect of this agreement, or on any payments to be made in accordance with the provisions of this Agreement which shall for the time being remain unpaid after the due date for payment such interest to be computed from the due date for payment until the date the amount remains unpaid and the relevant amount is fully paid to the Vendor PROVIDED THAT the Vendor shall not be entitled to require payment of interest in accordance with the provisions of this Condition in respect of any instalment to be paid hereunder if the Penalty Interest Rate already applies as a result of the default of the Purchaser in making such payment. 12.3 If the Purchaser has elected to pay the purchase price on a deferred payment basis and the Purchaser fails duly and punctually to pay on the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may immediately give notice to the Purchaser calling up the unpaid balance of the Purchase Price, which shall upon service of the notice fall immediately due and payable as though the sale were a cash sale and the date of service of the notice under this condition shall be deemed the settlement date as hereinbefore defined. The Vendor may give a settlement notice with a notice under this clause.

Penalty Interest. 12.1 If the Purchaser fails to comply with the payment of any instalment or of any of the Conditions of Sale, those being the provisions requiring the payment of any moneys on account of the purchase price and interest thereon, then the Purchaser shall: (a) pay Pay the Penalty Rate of interest from the date on which compliance was due and terminating on the date on which the default has been remedied, and (b) pay Pay all expenses and legal costs incurred by the Vendor in or towards obtaining remedy of such failure to comply. 12.2 The Purchaser will (if required by the Vendor) pay to the Vendor interest calculated at the Penalty Interest Rate on any judgement sum awarded in respect of any judgement sum in respect of this agreement, or on any payments to be made in accordance with the provisions of this Agreement which shall for the time being remain unpaid after the due date for payment such interest to be computed from the due date for payment until the date the amount remains unpaid and the relevant amount is fully paid to the Vendor PROVIDED THAT the Vendor shall not be entitled to require payment of interest in accordance with the provisions of this Condition in respect of any instalment to be paid hereunder if the Penalty Interest Rate already applies as a result of the default of the Purchaser in making such payment. 12.3 If the Purchaser has elected to pay the purchase price on a deferred payment basis and the Purchaser fails duly and punctually to pay on the date on which it fell due for payment then, whether or not the Purchaser is in possession, the Vendor may immediately give notice to the Purchaser calling up the unpaid balance of the Purchase Price, which shall upon service of the notice fall immediately due and payable as though the sale were a cash sale and the date of service of the notice under this condition shall be deemed the settlement date as hereinbefore defined. The Vendor may give a settlement notice with a notice under this clause.