Common use of Interest on Payments Clause in Contracts

Interest on Payments. Except as otherwise expressly -------------------- provided in this Agreement, all payments by one party to the other under this Agreement shall be paid, by wire transfer of immediately available funds to an account in the United States designated by the recipient, within 30 days after receipt of an invoice or other written request for payment setting forth the specific amount due and a description of the basis therefor in reasonable detail. Any amount remaining unpaid beyond its due date, including disputed amounts that are ultimately determined to be payable, shall bear interest during the period that such amount remains unpaid (computed on the basis of a 360-day year of twelve 30-day months) at a fluctuating rate per annum equal to the prime commercial lending rate publicly announced by The Chase Manhattan Bank or any successor thereto at its principal office (or any alternative rate substituted therefor by such bank).

Interest on Payments. Except as otherwise expressly -------------------- provided in this Agreement, all payments by one party to the other under this Agreement shall be paid, by wire transfer of immediately available funds to an account in the United States designated by the recipient, within 30 days after receipt of an invoice or other written request for payment setting forth the specific amount due and a description of the basis therefor in reasonable detail. Any amount remaining unpaid beyond its due date, including disputed amounts that are ultimately determined to be payable, shall bear interest during the period that such amount remains unpaid (computed on the basis of a 360-day year of twelve 30-day months) at a fluctuating rate per annum equal to the prime commercial lending rate publicly announced by The Chase Manhattan Bank or any successor thereto at its principal office (or any alternative rate substituted therefor by such bank).