Common use of Failure to Remit Payment Clause in Contracts

Failure to Remit Payment. Notwithstanding anything contained herein to the contrary, in the event IOG fails to remit payment of any portion of any invoice amount when due pursuant to Section 4(a), (i) IOG shall be obligated to pay, in addition to the original invoice amount due, interest on such amount at a rate per annum equal to the prime rate, as reported from time to time by the Wall Street Journal or similar publication, plus 2% and (ii) if such failure to remit payment remains uncured for more than 60 days after the applicable due date, then Intrepid Potash may discontinue any or all Services provided under this Agreement.