Common use of XXXX INTEREST Clause in Contracts

XXXX INTEREST. 13.1 Penalty interest shall be charged at 5% above the prime rate charged from time to time by Standard Bank of South Africa Limited ("the prime rate") on every amount payable by the Purchaser to the Developer in terms of this Agreement, should any such amount not be paid on due date whether such date is fixed in this Agreement or specified in a written demand made by or on behalf of the Developer to the Purchaser. Such penalty interest shall accrue from the due date for payment until the actual date of payment of such amount both days inclusive, and shall be paid by the Purchaser to the Developer prior to transfer of the Property. 13.2 Should the Purchaser fail to deliver the guarantee(s) on or before the due date specified in 3.2 above or should the Purchaser fail to comply with any of the Purchaser's obligations relating to transfer as specified in 6 above, then penalty interest will be charged at 5% above the prime rate on the balance of the purchase price. Such penalty interest will accrue from the due date for delivery of the guarantee(s) up until whichever is the later of the actual date of delivery of the guarantee(s) and the date upon which the Purchaser has complied with all the Purchaser's obligations relating to transfer, and shall be paid by the Purchaser to the Developer prior to transfer of the property.

XXXX INTEREST. 13.1 12.1 Penalty interest shall be charged at 5% above the prime rate charged from time to time by Standard Bank of South Africa Limited ("the prime rate") on every amount payable by the Purchaser to the Developer in terms of this Agreement, should any such amount not be paid on due date whether such date is fixed in this Agreement or specified in a written demand made by or on behalf of the Developer to the Purchaser. Such penalty interest shall accrue from the due date for payment until the actual date of payment of such amount both days inclusive, and shall be paid by the Purchaser to the Developer prior to transfer of the Property. 13.2 12.2 Should the Purchaser fail to deliver the guarantee(s) on or before the due date specified in 3.2 above or should the Purchaser fail to comply with any of the Purchaser's obligations relating to transfer as specified in 6 above, then penalty interest will be charged at 5% above the prime rate on the balance of the purchase price. Such penalty interest will accrue from the due date for delivery of the guarantee(s) up until whichever is the later of the actual date of delivery of the guarantee(s) and the date upon which the Purchaser has complied with all the Purchaser's obligations relating to transfer, and shall be paid by the Purchaser to the Developer prior to transfer of the property.