Common use of Interest & Attorney’s Fees Clause in Contracts

Interest & Attorney’s Fees. In the event of default in the payment of any amounts owed hereunder, interest at a rate per annum equal to the lesser of (i) the Prime Rate plus one and one-half percent (1.5%) and (ii) the maximum rate permitted by applicable law, will be assessed on the unpaid balance from the date payment was due. In the event that Seller, following a default in payment of amounts owed by a Buyer, seeks representation of counsel with regard to the collection of such payments, the applicable Buyer also agrees to pay all fees, expenses and costs of collection incurred by Seller, including reasonable attorneys’ fees. If any action is necessary to enforce or interpret the terms of this Agreement or any other related documents, the prevailing Party shall be entitled to reasonable attorneys’ fees, costs, and necessary disbursements in addition to any relief to which it may be entitled. “Prime Rate” means the rate announced from time to time by Xxxxx Fargo Bank, National Association (or any successor thereto or other major money center commercial bank agreed to by the parties hereto) at its New York, New York office as its prime rate or base rate for U.S. Dollar loans in the United States of America in effect on the date of determination.