Defaulted Amount. To the extent any portion of the Purchase Price is not paid to Seller when due hereunder (any such amount, a “Defaulted Payment”), then such Defaulted Payment shall bear interest at the rate of 10.0% per annum, compounded daily, from the due date for such Defaulted Payment until such time as the entire outstanding balance of such Defaulted Payment is paid in full by (or on behalf of) Buyer to Seller.
Appears in 3 contracts
Sources: Agreement of Direct Purchase and Sale, Agreement of Direct Purchase and Sale (Bank of America Corp /De/), Agreement of Direct Purchase and Sale (Bank of America Corp /De/)