Common use of Simple Interest Payments Clause in Contracts

Simple Interest Payments. Except as specifically provided in this Agreement, any outstanding and past due amounts owing and unpaid by either Party under the terms of this Agreement will be eligible to receive, in addition to the outstanding and past due amounts, payment equal to the product of (i) the applicable outstanding and past due amount, (ii) the Interest Rate, and (iii) the number of days between the date due and the date paid. Severability . The invalidity of one or more phrases, sentences, clauses, Sections or Articles contained in this Agreement shall not affect the validity of the remaining portions of this Agreement so long as the material purposes of this Agreement can be determined and effectuated. Joint Effort . Preparation of this Agreement has been a joint effort of the Parties, and the resulting document shall not be construed more severely against one of the Parties than against the other. Any rule of construction that ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of this Agreement, or any amendments hereto.