Common use of Late Payments and Interest Clause in Contracts

Late Payments and Interest. To the extent payments due under this Agreement are not paid within the specified time period and are not timely, such outstanding sums will accrue interest from the date due. Interest will be computed on any sums that are late and outstanding on the last day of each month, at the prime or other equivalent rate of Citibank N.A. or another mutually acceptable bank, as of the last day of the month immediately preceding the current month, plus three percent (3%) (or the highest interest rate permissible under applicable law, whichever is lower), compounded on a monthly basis.

Late Payments and Interest. To the extent payments due under this Agreement are not paid within the specified time period and are not timely, such outstanding sums will shall accrue interest from the date due. Interest will shall be computed on any sums that are late and outstanding on the last day of each month, at the prime or other equivalent rate of Citibank N.A. or another mutually acceptable bank, bank as of the last day of the month immediately preceding the current month, plus three percent (3%) (or the highest interest rate permissible under applicable law, whichever is lower), compounded on a monthly basis.