Common use of Interest on Delinquent Payments Clause in Contracts

Interest on Delinquent Payments. Without waiving any other right or action available to Authority, in the event of default of Company's payment of Rents or other charges hereunder, and in the event Company is delinquent in paying to Authority any Rents or other charges for a period of five (5) days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the Rents or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.

Interest on Delinquent Payments. Without waiving any other right or action available to Authority, the Authority in the event of default of Company's payment of Rents fees or other charges hereunder, and in the event Company is delinquent in in paying to Authority any Rents fees or other charges for a period of five (5) days after the payment is due, the Authority reserves the right to charge Company interest thereon from the date the Rents such fees or other charges became due to the date of payment at one and one-half percent (1.5%) per month, to the maximum extent permitted by Applicable Law.