Common use of Rate on Overdue Payments Clause in Contracts

Rate on Overdue Payments. In the event the Town should fail to make any of the payments required in this Section 4.3, the payment in default shall continue as an obligation of the Town until the amount in default shall have been fully paid, and the Town agrees to pay the same with interest thereon, from the date of default to the date of payment at the De- fault Rate. Such interest, if received, shall be deposited in the Revenue Fund.

Rate on Overdue Payments. In the event the Town should fail to make any of the payments required in this Section 4.34.4, the payment in default shall continue as an obligation of the Town until the amount in default shall have been fully paid, paid and the Town agrees to pay the same with interest thereon, to the extent permitted by law, from the date of default to the date of payment at the De- fault Raterate per annum payable with respect to the Certificates. Such interest, if received, shall be deposited in the Revenue Lease Payment Fund or in the Reserve Fund to replenish the Reserve Fund.

Rate on Overdue Payments. In the event the Town should fail to make any of the payments required in this Section 4.34.4, the payment in default shall continue as an obligation of the Town until the amount in default shall have been fully paid, paid and the Town agrees to pay the same with interest thereon, to the extent permitted by law, from the date of default to the date of payment at the De- fault Raterate per annum payable with respect to the Certificates. Such interest, if received, shall be deposited in the Revenue FundLease Payment Fund or in the Reserve Fund to replenish the Reserve Fund if withdrawals were made therefrom as a result of the default.