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 ARTICLE 2 after Closing and remaining unpaid shall bear interest calculated daily and compounded monthly, from the day such amount was due to be paid until the day such amount was paid, at the Prime Rate plus 1% per annum regardless of whether such Party has given the other Party prior notice of the accrual of interest hereunder. For the purposes of this Section 2.7, amounts withheld and paid to the Closing Escrow Agent as provided in Sections 2.9 and 2.10 shall be deemed to not be amounts owing by the Purchaser to the Seller that remain unpaid after Closing.

Interest Accrues on Amounts Owing. Any amount owing to a Party by the other Party pursuant to any provision of this ARTICLE 2 after Closing and remaining unpaid shall bear interest calculated daily and compounded monthly, from the day such amount was due to be paid until the day such amount was paid, at the Prime Rate plus 1% per annum regardless of whether such Party has given the other Party prior notice of the accrual of interest hereunder. For the purposes of this Section 2.7, amounts withheld and paid to the Closing Escrow Agent as provided in Sections Section 2.9 and 2.10 shall be deemed to not be amounts owing by the Purchaser to the Seller that remain unpaid after Closing.