Template:Pledge GMSLA 2018 15: Difference between revisions

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{{gmslaprov|15}}. '''{{gmslaprov|Interest on Outstanding Payments}}''' <br>
{{pgmslaprov|15}}. '''{{pgmslaprov|Interest on Outstanding Payments}}''' <br>
In the event of either {{gmslaprov|Party}} failing to remit sums in accordance with this {{gmslaprov|Agreement}} such {{eqderivprov|Party}} hereby undertakes to pay to the other {{eqderivprov|Party}} upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency as the principal sum and at the rate referred to in paragraph {{gmslaprov|11.7}}.  Interest will accrue daily on a compound basis and will be calculated according to the actual number of days elapsed.  No interest shall be payable under this paragraph in respect of any day on which one {{gmslaprov|Party}} endeavours to make a payment to the other Party but the other {{gmslaprov|Party}} is unable to receive it.<br>
In the event of either {{pgmslaprov|Party}} failing to remit sums in accordance with this {{pgmslaprov|Agreement}} such {{eqderivprov|Party}} hereby undertakes to pay to the other {{eqderivprov|Party}} upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency as the principal sum and at the rate referred to in paragraph {{pgmslaprov|11.7}}.  [[Interest]] will accrue daily on a compound basis and will be calculated according to the actual number of days elapsed.  No interest shall be payable under this paragraph in respect of any day on which one {{pgmslaprov|Party}} endeavours to make a payment to the other {{pgmslaprov|Party}} but the other {{pgmslaprov|Party}} is unable to receive it.<br>

Latest revision as of 15:46, 3 July 2020

15. Interest on Outstanding Payments
In the event of either Party failing to remit sums in accordance with this Agreement such Party hereby undertakes to pay to the other Party upon demand interest (before as well as after judgment) on the net balance due and outstanding, for the period commencing on and inclusive of the original due date for payment to (but excluding) the date of actual payment, in the same currency as the principal sum and at the rate referred to in paragraph 11.7. Interest will accrue daily on a compound basis and will be calculated according to the actual number of days elapsed. No interest shall be payable under this paragraph in respect of any day on which one Party endeavours to make a payment to the other Party but the other Party is unable to receive it.

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