Common use of Default in Payment Clause in Contracts

Default in Payment. Any payment not made within ten (10) days after it is due in accordance with this Agreement shall thereafter bear interest, compounded quarterly, at 5% above the prime rate from time to time in effect at ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank or any successor bank.

Default in Payment. Any payment not made within ten (10) days after it is due in accordance with this Agreement shall thereafter bear interest, compounded quarterly, at 5% above the prime rate from time to time in effect at the ▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ Bank of New York or any successor bank.