Interest on Overdue Obligations. All amounts due hereunder, whether as damages, credits, revenue or reimbursements, that are not paid when due shall bear interest at the Default Interest Rate on the amount outstanding from time to time, on the basis of a 365-day year, counting the actual number of days elapsed, and all such interest accrued at any time shall, to the extent permitted by applicable law, be deemed added to the amount due, as accrued. The Parties agree that the Default Interest Rate will apply to payments under this Agreement as specified herein in lieu of any different rate that would otherwise apply generally to late payments by the District.
Appears in 4 contracts
Samples: Construction, Operating and Cooperative Endeavor Agreement, Construction, Operating and Cooperative Endeavor Agreement, Construction, Operating and Cooperative Endeavor Agreement
