Common use of Interest on Past Due Amounts Clause in Contracts

Interest on Past Due Amounts. In the event Licensee fails to pay an amount due within the period of time set forth for payment, interest shall accrue on the unpaid balance at the rate of one and 17/100ths percent (1.17%) per month (or such lesser rate as may be required by law) for each month starting from the date the payment is due until such time as payment is received.

Interest on Past Due Amounts. In the event Licensee fails to pay an amount due within the period of time set forth for payment, interest shall accrue on the unpaid balance at the rate of one and 17/100ths 50/100ths percent (1.171.50%) per month (or such lesser rate as may be required by law) for each month starting from the date the payment is due until such time as payment is received.