Common use of Interest Charge for Late Payments Clause in Contracts

Interest Charge for Late Payments. Any amount due and owing by one party to the other Party pursuant to this Agreement that is not paid when due shall bear interest from the due date thereof until paid at a rate equal to the prime rate of Citibank, N.A. in effect on the date such payment was required to be made.

Interest Charge for Late Payments. Any amount due and owing by one party to the other Party party pursuant to this Agreement that is not paid when due shall bear interest from the due date thereof until paid at a rate equal to the rate(s) of interest per annum announced from time to time by Citibank N.A. (or its successor) as its U.S. prime rate of Citibankrate, N.A. in effect on the date such payment was required to be madeplus one percent.