Common use of Interest Rate for Late Payments Clause in Contracts

Interest Rate for Late Payments. All amounts payable ------------------------------- hereunder if not paid when due will accrue interest daily at the annual rate of interest announced from time to time for dollars by The Chase Manhattan Bank, N.A. at its offices located in New York, New York as its prime commercial interest rate for U.S. Dollar-denominated loans originated in the United States plus two percent (2%) calculated from the due date of such payment until the date of payment.