Common use of Failure to Remit Clause in Contracts

Failure to Remit. If the relevant Hotel fails to remit to OCC the applicable OCC Revenue Share by any Due Date, *** then (i) such unpaid OCC Revenue Share ***, as the case may be, shall bear interest at the rate of one and one half percent (1.5%) per month calculated daily, until paid, unless such rate exceeds the maximum rate allowed by applicable law, in which event the maximum legal rate shall apply.

Failure to Remit. If the relevant Hotel fails to remit to OCC the applicable OCC Revenue Share by any Due Date, *** *, then (i) such unpaid OCC Revenue Share ***, as the case may be, shall bear interest at the rate of one and one half percent (1.5%) per month calculated daily, until paid, unless such rate exceeds the maximum rate allowed by applicable law, in which event the maximum legal rate shall apply.