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 Airline's payment of Rents or other charges hereunder, and in the event Airline 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 Airline 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.