Common use of Waiver of Interest Clause in Contracts

Waiver of Interest. (a) Each of the Trustee and the Guarantor irrevocably agrees that no interest will be payable or receivable under or in connection with this Guarantee and if it is determined that any interest is payable or receivable in connection herewith by a party, whether as a result of any judicial award or by operation of any applicable law or otherwise, such party agrees to waive any rights it may have to claim or receive such interest and further agrees that if any such interest is actually received by it, it shall promptly donate the same to a registered or otherwise officially recognised charitable organisation.