Common use of Late Payment Charges Clause in Contracts

Late Payment Charges. Any amounts not paid when due pursuant to Sections 8.3 and/or 8.4 above, shall be deemed delinquent and shall then accrue interest from the Provider Payment Due Date or the T&D Payment Due Date, as the case may be, to the date of payment, at the per annum rate of interest equal to the prime lending rate, as published in The Wall Street Journal on the date of determination (or if not published on such date, on the most recent preceding day on which such rate shall be published), plus two percent (2%).