Common use of Interest on demand Clause in Contracts

Interest on demand. If any Obligor party hereto fails to pay any amount payable by it under this Agreement on its due date, interest shall accrue on the overdue amount (and be compounded with it) from the due date up to the date of actual payment (both before and after judgment and to the extent interest at a default rate is not otherwise being paid on that sum) at the rate which is calculated under the Facility Agreement (in the form subsisting as at the date of this Agreement, and applying mutatis mutandis) as if it were an Unpaid Sum thereunder.