Material Underpayment or Late Payment Sample Clauses

Material Underpayment or Late Payment. Without waiving any other remedies available to the City, if: (i) Licensee underpaid Fees due in any calendar year by more than 5%, or (ii) Licensee failed to make any Fee payments within 5 days of the date due, then Licensee must pay, in addition to the amount due the City, interest on the amount of underpayment or late payment at the Default Rate. Interest on the amount underpaid accrues from the date on which the original payment was due until paid in full. The provision for the payment of interest does not constitute an authorization by the City of underpayment or late payment.

Material Underpayment or Late Payment. Without waiving any other remedies available to the City, if: (i) Airport Network underpaid Fees due in any calendar year by more than 5%, or (ii) Airport Network failed to make any Fees payments within 5 days of the date due, then Airport Network must pay, in addition to the amount due the City as Fees, interest on the amount of underpayment or late payment at the Default Rate. Interest on the amount underpaid accrues from the date on which the original payment was due until paid in full and shall be considered Additional Fees. The provision for the payment of interest does not constitute an authorization by the City of underpayment or late payment.