Common use of Time for Payment; Interest Clause in Contracts

Time for Payment; Interest. The severance payment described in Section 8 and the Termination Payment described in Section 9 shall be paid to Executive in a single lump sum within 15 days following the date of termination, provided that the Gross-Up Payment described in Section 9(c) shall be payable in accordance with the procedures described therein. The Company's obligation to pay to Executive any amounts under this Agreement will bear interest at the prime rate as quoted in The Wall Street Journal plus 2%, and all accrued and unpaid interest will bear interest at the same rate, all of which interest will be compounded annually.

Time for Payment; Interest. The severance payment described in Section 8 and the Termination Payment described in Section 9 shall be paid to Executive in a single lump sum within 15 days following the date of termination, provided that the Gross-Up Payment described in Section 9(c) 9 shall be payable in accordance with the procedures described therein. The Company's ’s obligation to pay to Executive any amounts under this Agreement will bear interest at the prime rate as quoted in The Wall Street Journal plus 2%, and all accrued and unpaid interest will bear interest at the same rate, all of which interest will be compounded annually.