Common use of Late Payments Clause in Contracts

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXI (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate B▇▇▇ rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom which payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths 365th of the six-month United States Treasury Bill sum of 4.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract..  B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows::  1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; timestimes  2. 1 365ths of the six-month United States Treasury Bill rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; timestimes 

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXX (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate B▇▇▇ rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXI (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six-month United States Treasury Bill rate ▇▇▇▇ Rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill Prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (BRMA 23A) (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXI (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate ▇▇▇▇ rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom which payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six-month United States Treasury Bill sum of 4.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXX (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate ▇▇▇▇ rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXX (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXII (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate as ▇▇▇▇ ▇▇▇▇▇▇ quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate as ▇▇▇▇ ▇▇▇▇▇▇ quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXVI (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths 365th of the six-month United States (or nearest thereto) U.S. Treasury Bill rate ▇▇▇▇ rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is being made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill sum of 4.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom which payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill sum of 4.0% and the U.S. prime rate as quoted in The Wall Street street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article herein (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six-month United States Treasury Bill rate ▇▇▇▇ Rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXII (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill sum of 1.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; timestimes 20\F7V1101Page 10

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXIV (hereinafter referred to as the "`Intermediary"') by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six1▇-month United States ▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇ Treasury Bill rate B▇▇▇ Rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXIX (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom which payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill sum of 4.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXIII (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six6-month United States Treasury Bill rate ▇▇▇▇ rate, as quoted in The the Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXX (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXV (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six6-month United States Treasury Bill rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXX (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six6-month United States Treasury Bill rate ▇▇▇▇ rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXI (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill rate rate, as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXIII (hereinafter referred to as the "Intermediary") by the payment due date, the party to whom payment is due due, may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six6-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXIII (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; times 2. 1 365ths of the six-month United States Treasury Bill sum of 2.0% and the U.S. prime rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times

Late Payments. A. The provisions of this Article shall not be implemented unless specifically invoked, in writing, by one of the parties to this Contract. B. In the event any premium, loss or other payment due either party is not received by the intermediary named in the Intermediary Article XXXI (hereinafter referred to as the "“Intermediary"”) by the payment due date, the party to whom payment is due may, by notifying the Intermediary in writing, require the debtor party to pay, and the debtor party agrees to pay, an interest charge penalty on the amount past due calculated for each such payment on the last business day of each month as follows: 1. The number of full days which have expired since the due date or the last monthly calculation, whichever the lesser; , times 2. 1 365ths of the six-month United States Treasury Bill ▇▇▇▇ rate as quoted in The Wall Street Journal on the first business day of the month for which the calculation is made; times