Common use of Default Payments Clause in Contracts

Default Payments. In addition to the default interest set forth above, if Customer defaults in the payment of any sum due hereunder, Customer shall pay to Syringa Networks a late charge equal to five percent (5%) of the overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Syringa Networks will incur by reason of late payment of Customer. Acceptance of such late charge by Syringa Networks shall in no event constitute a waiver of Customer’s default with respect to such overdue amount, nor prevent Syringa Networks from exercising any of the other rights and remedies granted hereunder.

Default Payments. In addition to the default interest set forth above, if Customer Purchaser defaults in the payment of any sum due hereunder, Customer Purchaser shall pay to Syringa Networks a late charge equal to five percent (5%) of the overdue amount. The parties hereby agree that such late charge represents a fair and reasonable estimate of the costs Syringa Networks will incur by reason of late payment of CustomerPurchaser. Acceptance of such late charge by Syringa Networks shall in no event constitute a waiver of CustomerPurchaser’s default with respect to such overdue amount, nor prevent Syringa Networks from exercising any of the other rights and remedies granted hereunder.