Failure to Make Timely Payments. Without waiving any other right available to the Authority, in the event of default of Company's payment of any rents, fees, charges, and/or payments due and payable in accordance with the terms of this Agreement within twenty (20) days after same shall become due and payable, Authority reserves the right to charge Company interest thereon, from the date such rents, fees and charges became due until the date payment is received by the Authority, at the maximum interest rate then authorized by law, or twelve percent (12%) per annum, whichever is less.
Appears in 2 contracts
Sources: Use and Lease Agreement for Fuel Facilities and Pipeline, Use and Lease Agreement for Fuel Facilities and Pipeline