Interest on Payments Due. If any amount due to either Party under this Contract shall remain unpaid after its due date, then the paying Party shall pay simple interest to the other Party at the prevailing prime interest rate (as charged by The Chase Manhattan Bank, New York City) plus 0.5% per annum. Interest will be computed commencing on the due date until but not including the date payment is actually made.
Appears in 2 contracts
Samples: Contract for Launch Services (Inmarsat Launch CO LTD), Contract for Launch Services (Inmarsat Launch CO LTD)
Interest on Payments Due. If any amount due to either Party under this Contract shall remain unpaid after its due date, then the paying Party shall pay simple interest to the other Party at the prevailing prime interest rate (as charged by The the Chase Manhattan Bank, New York City) plus 0.5% per annum). Interest will be computed commencing on the day following such due date until but not to and including the date day payment is actually made.
Appears in 2 contracts
Samples: Quarterly Report, Contract for Launch Services (Echostar Communications Corp)
