Common use of Delinquency in Payment Clause in Contracts

Delinquency in Payment. Without detracting from any right that the lessor may have in accordance with this agreement and any legal provision on account of breach of the agreement, it is agreed that any case in which the lessee is delinquent in payment of any sum that it owes the lessor under this agreement, the lessee shall pay to the lessor that amount, linked to the index, as stipulated in this agreement (and if there is no base index with regard to the sum, the "base index" for this amount shall be the known index on the day when the lessee was supposed to have paid the amount), plus arrears interest at a rate that is twice the interest rate (including fees and expenses) charged by Bank Hapoalim, Ltd., (main Tel Aviv branch) on authorized overdraft (hahad) accounts for nonpreferred customers, with this arrears interest being computed by the method and manner whereby Bank Hapoalim, Ltd., computes during the period of delinquency (including compound interest).