Common use of Default; Remedies for default Clause in Contracts

Default; Remedies for default. 13.1 Should this Agreement or any addendum hereto be breached by Lessee prior to the end of the agreed upon term, or for any other default, then a daily rental rate for the Equipment leased hereunder shall be applied which will be calculated on a pro-rata basis in accordance with the agreed lease rate specified within the existing Lease Order. If the default is for failure to timely pay the lease payments due under this Agreement, any outstanding balances will be subject to an interest charge of 1.5% of per month plus a $ 25.00 USD monthly administrative charge. An invoice will be issued to the Lessee reflecting the rental rate and/or other charges pursuant to this paragraph.