Late Payment Rate. Whenever in this Agreement the term “Late Payment Rate” is used it will mean the greater of (a) 10% per annum, or (b) the rate of interest which is 3% over the prime rate (as published in the Wall Street Journal under “WSJ Prime Rate” from time to time) charged at the time interest is accruing at the Late Payment Rate, whichever is higher, unless prohibited by law, in which case “Late Payment Rate” will mean the maximum contract rate permitted by law.
Appears in 13 contracts
Samples: Shared Warehouse Agreement, Shared Warehouse Agreement (Kraft Foods Group, Inc.), Shared Warehouse Agreement (Kraft Foods Group, Inc.)
Late Payment Rate. Whenever in this Agreement the term “Late Payment Rate” is used it will mean the greater of (a) 10% per annum, or (b) the rate of interest which is 3% over the prime rate (as published in by the Wall Street Journal under “WSJ Prime Rate” Bank of Canada from time to time) charged at the time interest is accruing at the Late Payment Rate, whichever is higher, unless prohibited by law, in which case “Late Payment Rate” will mean the maximum contract rate permitted by law.
Appears in 1 contract
Samples: Shared Warehouse Agreement (Kraft Foods Group, Inc.)
