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Doll Posted 16 years ago
Vocabulary
Confusing promissory note
Hello,
I was trying to understand the following article in vain. I guess there is a gramamtical mistake or the language is formal and difficult for me. Iw ill be happy if you can simplify it for me.
In the event that any amount of principal or interest on this promissory note is not paid when due, the Borrower, to the extent permitted by applicable law, shall pay on demand interest on such unpaid amount from the date such amount was due to the date such amount is paid in full at one percent (1%) Per annum above the Prime Rate, changing each time the Prime Rate changes, effective on as of the date of the change
In general I understand what the articl emeans but "shall pay on demand on such interest" doesn't make sense to me.
Thanks in advance.
I was trying to understand the following article in vain. I guess there is a gramamtical mistake or the language is formal and difficult for me. Iw ill be happy if you can simplify it for me.
In the event that any amount of principal or interest on this promissory note is not paid when due, the Borrower, to the extent permitted by applicable law, shall pay on demand interest on such unpaid amount from the date such amount was due to the date such amount is paid in full at one percent (1%) Per annum above the Prime Rate, changing each time the Prime Rate changes, effective on as of the date of the change
In general I understand what the articl emeans but "shall pay on demand on such interest" doesn't make sense to me.
Thanks in advance.
Top answer
Aha! You didn't read what you wrote. shall pay on demand, interest on such unpaid amount (not "demand on such interest") If there is an amount which is not paid when due, Then you have to pay interest on that amount.
- Aha!
- You didn't read what you wrote.
- shall pay on demand, interest on such unpaid amount (not "demand on such interest") If there is an amount which is not paid when due, Then you have to pay interest on that amount.
- When do you have to pay it?
- " (when they ask for it) What is the period of time over which this 1% interest is computed on this unpaid amount?
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4 Answers
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Aha! You didn't read what you wrote.
shall pay on demand,
interest on such unpaid amount
(not "demand on such interest")
If there is an amount which is not paid when due,
Then you have to pay interest on that amount.
When do you have to pay it? "On demand." (when they ask for it)
What is the period o
shall pay on demand,
interest on such unpaid amount
(not "demand on such interest")
If there is an amount which is not paid when due,
Then you have to pay interest on that amount.
When do you have to pay it? "On demand." (when they ask for it)
What is the period o
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Hi, Avangi
Do you think we need the definite article in front of the word "principle" ?
(In the event that any a
Do you think we need the definite article in front of the word "principle" ?
(In the event that any a
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Thank you Avangi,
It is very late here and I can't concentrate on anything. I should go and sleep.
It is cle
It is very late here and I can't concentrate on anything. I should go and sleep.
It is cle
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