Default Rate; Late Charge. Upon the occurrence and during the continuance of an Event of Default, the principal balance of this Note and any other sum then due hereunder (including, to the extent permitted by law, any overdue installment of interest) shall bear interest at an annual rate of three percent (3%) above the interest rate set forth above. In addition, the Maker shall pay to the Noteholder, upon demand, a late charge equal to five percent (5%) of any amount due which is not received within seven (7) days after its due date. Acceptance by the Noteholder of any late payment without an accompanying late charge shall not be deemed a waiver of the Noteholder’s right to receive such late charge or to receive a late charge for any subsequent payment received more than seven (7) days after its due date.
Default Rate; Late Charge. Upon the maturity of any portion of this Note, whether by acceleration or otherwise, Borrower further promises to pay interest at the rate per annum equal to the sum of (x) 2.0%, plus the Interest Rate, on the then outstanding past-due Adjusted Principal Amount, until such amount is paid in full. In addition, a late charge of four percent (4%) of the amount of any installment or the amount due on the Due Date which is not paid when due shall be due and payable to the holder of this Note to cover the extra expense involved in handling delinquent payments. Said "
Default Rate; Late Charge. (i) Any time during an Event of Default Period, the Principal Amount, any Additional Costs, and all past due installments of interest will bear interest at the Default Rate.
(ii) In addition to all other sums due under the Loan Documents, Borrower shall pay to Lender on demand the Late Charge upon all Past Due Indebtedness (other than the outstanding Principal Amount due on the Maturity Date). The Late Charge is not a penalty, but is intended to compensate Lender for the losses Lender incurs because of the delinquent payment. Borrower agrees that, considering all of the circumstances existing on the date this Agreement is executed, the Late Charge represents a reasonable estimate of the losses Lender will incur because of any late payment, and that proof of Lender’s actual losses will be costly, inconvenient, impracticable and extremely difficult to fix. Lender does not waive the Event of Default resulting from a past due payment because Lender accepts a Late Charge.
Default Rate; Late Charge. Without regard to whether Lender has exercised any other rights or remedies hereunder, if an Event of Default shall have occurred and be continuing, the applicable interest rate under the Notes shall be increased, to the extent permitted by law, to a rate equal to the interest rate hereunder plus five percent (5%). In addition, any payment of principal or interest not paid within ten (10) days of the date the same is due and payable under the Notes shall, to the extent permitted by applicable law, be subject to a late charge of five percent (5%) of the overdue payment.
Default Rate; Late Charge. From and after such time as an Event of Default occurs under this Agreement or any of the Loan Documents, or if either Loan is not paid in full on or prior to its Maturity Date, the unpaid balance outstanding under the Loan shall bear interest at an interest rate equal to the applicable Interest Rate, plus three percent (3%) (the "Default Rate"). Each Borrower further agrees to pay a "Late Charge" of five percent (5%) of any amount due hereunder if such amount is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights Lender may have, including the right to declare the entire principal and interest immediately due and payable.
Default Rate; Late Charge. Upon the occurrence and during the continuance of an Event of Default, interest shall accrue at a rate per annum equal to the aggregate of 3.0% plus the rate provided for herein. If any payment due under this Note is unpaid for 10 days or more, the Borrower shall pay, in addition to any other sums due under the Loan Documents (and without limiting the Bank's other remedies on account thereof), a late charge equal to the greater of $35.00 or 5.0% of such unpaid amount. In addition the Borrower shall pay the Bank's customary fee if any payment made on account of this Note is dishonored.
Default Rate; Late Charge. (a) Upon the occurrence of and during the continuance of an Event of Default hereunder, the Loans shall accrue interest at the Default Rate, which, if unpaid shall accrue and be added to the principal balance of the Loans.
(b) If any required payment under the High Point Note or the Sea Breeze Note is not paid within ten (10) days from the date it is due, at the option of Lender, a late charge of 5% of the installment so overdue shall be charged, and if unpaid, the accrual of which shall be added to the principal balance of the Loans.
Default Rate; Late Charge. Notwithstanding anything to the contrary contained herein, at any time after the occurrence and during the continuance of an Event of Default, (a) the Principal Amount and all past due amounts under the Loan Documents shall bear interest at the Default Rate (commencing from the date such nonpayment becomes an Event of Default and continuing until payment), and (b) a 5% late charge of each past due amounts under the Loan Documents will be assessed on the date such nonpayment becomes an Event of Default, provided that in no event shall such interest rate or late charge cause the applicable interest rate to exceed the Maximum Rate as provided in Section 2.6(a); provided however, the amount of any such late charge will be applied against the first accruing Default Rate interest (i.e., the late charge will pay the first accruing additional 5% interest).
Default Rate; Late Charge. During the existence of an Event of Default, Debtor's Obligations shall bear interest at the Default Rate. In addition, if any installment of principal or interest to be made pursuant to
(a) Fifty Dollars ($50.00) per late payment; or (b) five percent (5%) of such installment, which late charge shall be due and payable immediately without demand.
Default Rate; Late Charge. Any time during an Event of Default Period (and including any period prior to and after any judgment against Borrower concerning the Loan, the Principal Amount or Additional Costs), the Principal Amount, any Additional Costs, and all past due installments of interest will, at Lender's option, bear interest at the Default Rate.
