Common use of Interest on Past Due Payments Clause in Contracts

Interest on Past Due Payments. If a payment is due to be made by a party pursuant to this Agreement and such payment is not made within thirty (30) days following receipt by such party of written demand for such payment from the party entitled to receive such payment, then the party obligated to make such payment agrees to pay interest on the amount due and unpaid at a variable rate equal to the Prime Rate then in effect. Such interest shall begin to accrue on the first day following the end of such thirty (30) day period and shall continue to accrue on the unpaid amount until the past due amount has been paid in full.

Interest on Past Due Payments. If a payment is due to be made by a party Party pursuant to this Agreement and such payment is not made within thirty (30) days following receipt by such party Party of written demand for such payment from the party Party entitled to receive such payment, then the party Party obligated to make such payment agrees to pay interest on the amount due and unpaid at a variable rate equal to the Prime Rate then in effect. Such interest shall begin to accrue on the first day following the end of such thirty (30) day period and shall continue to accrue on the unpaid amount until the past due amount has been paid in full.

Interest on Past Due Payments. If a payment is due to be made by a party Party pursuant to this Agreement and such payment is not made within thirty (30) days following receipt by such party Party of written demand for such payment from the party Party entitled to receive such payment, then the party Party obligated to make such payment agrees to pay interest on the amount due and unpaid at a variable rate equal to the Prime Rate then in effecteffect plus four percent (4%). Such interest shall begin to accrue on the first day following the end of such thirty (30) day period and shall continue to accrue on the unpaid amount until the past due amount has been paid in full.