Common use of Default InterestDefault Interest Clause in Contracts

Default InterestDefault Interest. If the Lessee fails to pay any amount payable under this Agreement on the due date, the Lessee will pay on demand from time to time to the Lessor or any Indemnitee, interest (both before and after judgment) on the amount, from the due date to the day of payment in full by the Lessee to the Lessor or Indemnitee, at a per annum rate equal to the lower of (i) the base rate or prime rate for commercial loans as announced from time to time by The Chase Manhattan Bank, N.A. at its principal lending office in New York, New York, plus 3.0% per annum (the "Default Rate"), or (ii) the maximum lawful per annum rate for commercial loans. In addition, should Lessee's failure to pay extend past the time period set forth in Section 13.1, Lessee shall pay one hundred fifty Dollars (US$150.00) per each unpaid invoice. All such interest will be calculated on the basis of the actual number of days elapsed and on a 365 day year.