Common use of Interest Accrues on Amounts Owing Clause in Contracts

Interest Accrues on Amounts Owing. Any amount owing to a Party by the other Party pursuant to any provision of this Agreement after Closing and remaining unpaid shall bear compound interest, as computed monthly, from the day such amount was due to be paid until the day such amount was paid, at the rate of one (1%) percent per annum above the rate designated as the prime rate for Canadian dollar commercial loans by the main branch in Calgary of the Alberta Treasury Branches, regardless of whether such Party has given the other Party prior notice of the accrual of interest hereunder.