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 charges or fees hereunder, and in the event Company is delinquent in paying to Authority any charges or fees for a period of five calendar days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the fees or charges became due to the date of payment at the Federal Reserve Bank of New York prime rate in effect on the date the fees or charges became due plus four percent (FRBNY prime + 4%) or 12 percent per annum, whichever is greater, to the maximum extent permitted by law from the date such item was due and payable until paid. Such interest will not accrue with respect to disputed items being contested in good faith by Company.

Interest on Delinquent Payments. Without waiving any other right or action available to Authority in the event of default of Company's payment of charges or fees hereunder, and in the event Company is delinquent in paying to Authority any charges or fees for a period of five calendar business days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the fees or charges became due to the date of payment at the Federal Reserve Bank of New York prime rate in effect on the date the fees or charges became due plus four percent (FRBNY prime + 4%) or 12 percent per annum, whichever is greater, to the maximum extent permitted by law from the date such item was due and payable until paid. Such interest will not accrue with respect to disputed items being contested in good faith by Company, in which event the legal rate of interest will prevail.

Interest on Delinquent Payments. Without waiving any other right or action available to Authority in the event of default of Company's payment of charges or fees hereunder, and in the event Company is delinquent in paying to Authority any charges or fees for a period of five calendar days after the payment is due, Authority reserves the right to charge Company interest thereon from the date the fees or charges became due to the date of payment at the Federal Reserve Bank of New York prime rate in effect on the date the fees or charges became due plus four percent (FRBNY prime + 4%) or 12 percent per annum, whichever is greater, to the maximum extent permitted by law from the date such item was due and payable until paid. Such interest will not accrue with respect to disputed items being contested in good faith by Company, in which event the legal rate of interest will prevail.