Common use of Interest on Amounts Payable Clause in Contracts

Interest on Amounts Payable. If any party fails to pay any amount payable by it under or in accordance with this Agreement (including the Purchase Price) that party must, if demand is made, pay simple interest on that amount from the due date for payment until that amount is paid in full at the rate per annum which is the sum of the Interest Rate on the date on which the payment was due, plus a margin of 2%, calculated daily. The right to require payment of interest under this clause is without prejudice to any other rights the non-defaulting party may have against the defaulting party at law or in equity.

Interest on Amounts Payable. If any party fails to pay any amount payable by it under or in accordance with this Agreement agreement (including the Purchase Price and, if applicable, the Option Price) that party must, if demand is made, pay simple interest on that amount from the due date for payment until that amount is paid in full at the rate per annum which is the sum of the Agreed Interest Rate on the date on which the payment was due, plus a margin of 2%Rate, calculated daily. The right to require payment of interest under this clause is without prejudice to any other rights the non-defaulting party may have against the defaulting party at law or in equity.