Common use of Interest on Default Clause in Contracts

Interest on Default. Subject to Section 3.3(c), if the Lessee fails to pay any Lease Payment, the Lessee shall pay to the Lessor interest on such delinquent Lease Payment from the due date until paid at an interest rate equal to six (6) percentage points per annum above the net effective interest rate represented in the interest rate component set forth on Schedule C.

Interest on Default. Subject to Section 3.3(c), if the Lessee fails to pay any Lease Payment, the Lessee shall pay to the Lessor interest on such delinquent Lease Payment from the due date until paid at an interest rate equal to six (6) percentage points per annum above the net effective interest rate represented in the interest rate component set forth on Schedule C.E.