Common use of Recurring Late Payments Clause in Contracts

Recurring Late Payments. If three (3) monthly statements submitted pursuant to Section 11.1 in a Contract Year are not paid when due, then, in addition to the remedies provided in Section 11.6 any late payment thereafter shall bear a charge equal to two percent (2%) of the unpaid amount thereof in lieu of interest at the Base Rate as provided in Section 11.4(c).

Appears in 2 contracts

Sources: Shareholders Agreement (Cheniere Energy Inc), LNG Terminal Use Agreement (Cheniere Energy Inc)

Recurring Late Payments. If three (3) monthly statements submitted pursuant to Section 11.1 in a Contract Year are not paid when due, then, in addition to the remedies provided in Section 11.6 any late payment thereafter shall bear a charge equal to the Base Rate plus two percent (2%) ), of the unpaid amount thereof in lieu of interest at the Base Rate as provided in Section 11.4(c).

Appears in 1 contract

Sources: LNG Terminal Use Agreement (Sabine Pass LNG, L.P.)

Recurring Late Payments. If three (3) monthly statements submitted pursuant to Section 11.1 in a Contract Year are not paid when due, then, in addition to the remedies provided in Section 11.6 11.6, any late payment thereafter shall bear a charge equal to two percent (2%) of the unpaid amount thereof in lieu of interest at the Base Rate as provided in Section 11.4(c).

Appears in 1 contract

Sources: LNG Terminal Use Agreement (Cheniere Energy Inc)