Common use of Interest on Payments Clause in Contracts

Interest on Payments. To the extent any payment obligation under this Section 10 or Article 9 is not made on a timely basis (as determined by the relevant provision of this Section 10 or the relevant provision of Article 9), the amount due and payable shall bear interest at a floating annual rate equal to the annual prime lending rate of The Chase Manhattan Bank in effect, from time to time, from the last date such payment would be timely under the relevant provision of this Section 10 or Article 9, as applicable, to the date of the payment of such amount.