Common use of Interest on Amounts in Arrears Clause in Contracts

Interest on Amounts in Arrears. When Basic Rent or any Additional Rent (including interest thereon, if any) payable hereunder by the Tenant to the Landlord is in arrears, the same shall bear interest at the rate of PRIME + 3% per centum per annum and such interest shall be and is agreed to be due and payable on demand as additional rent reserved hereunder.

Interest on Amounts in Arrears. When Basic Rent or any Additional Rent (including Rent(including interest thereon, if of any) payable hereunder by the Tenant to the Landlord is in arrears, the same shall bear interest at the rate of PRIME + 3% per centum per annum and such interest shall be and is agreed to be due and payable on demand as additional rent reserved hereunder.