Common use of Late Interest Clause in Contracts

Late Interest. If Lessee shall fail to make any payment of any sums required by this Lease within ten days after Lessor gives notice of nonpayment, Lessee shall pay to Lessor, in addition to such sums, interest thereon at the rate of 5% per annum higher than and varying daily with the highest prime rate as published from time to time in the Wall Street Journal (the "Default Rate"), computed from the date such payment was due to and including the date of payment in full. If the Wall Street Journal ceases to quote such rate, Lessor shall have the right to substitute a reasonably comparable index for such prime rate.

Late Interest. If Lessee shall fail to make any payment of any sums required by this Lease within ten days after Lessor gives notice of nonpayment, Lessee shall pay to Lessor, in addition to such sums, interest thereon at the rate of 5% per annum higher than and varying daily with the highest prime rate as published then being quoted from time to time in by the Wall Street Journal Journal, as an interest index for loans to its commercial customers (the "“Default Rate"”), computed from the date such payment was due to and including the date of payment in full. If the Wall Street Journal ceases to quote such rate, Lessor shall have the right to substitute a reasonably comparable index for such prime rate.