Common use of OCCUPATIONAL INTEREST Clause in Contracts

OCCUPATIONAL INTEREST. 4.1 If the Purchaser obtains occupation of the Unit prior to the Transfer Date the Purchaser shall be liable for and shall pay to the Seller occupational interest for the period from the Occupation Date to the Transfer Date. 4.2 The occupational interest shall be calculated on the purchase price, at a rate equal to the prime rate of interest levied by Investec Bank Limited from time to time and which interest shall be calculated and be payable for the period from the Occupation Date to the last Day of the month in which the Occupation Date occurs and thereafter on the first Day of each and every month until the Transfer Date. 4.3 The interest shall be payable to the Seller or its agent monthly in advance at the offices of the Seller or its agent alternatively it shall be paid into the Conveyancer’s Trust Account.

OCCUPATIONAL INTEREST. 4.1 8.1 If the Purchaser obtains occupation of the Unit prior to the Transfer Date the Purchaser shall be liable for and shall pay to the Seller occupational interest for the period from the Occupation Date to the Transfer Date. 4.2 8.2 The occupational interest shall be calculated on the purchase price, at a rate equal to the prime rate of interest levied by Investec Bank Limited from time to time and which interest shall be calculated and be payable for the period from the Occupation Date to the last Day of the month in which the Occupation Date occurs and thereafter on the first Day of each and every month until the Transfer Date. 4.3 8.3 The interest shall be payable to the Seller or its agent monthly in advance at the offices of the Seller or its agent alternatively it shall be paid into the Conveyancer’s Trust Account.