Common use of Interest Accrues on Amounts Owing Clause in Contracts

Interest Accrues on Amounts Owing. Any amount owing to a Party by another Party pursuant to any provision of this Agreement after Closing and remaining unpaid shall bear interest calculated daily and not compounded, from the day such amount was due to be paid until the day such amount was paid, at the Interest Rate regardless of whether such Party has given the other Party prior notice of the accrual of interest hereunder.