Common use of Default Rate; Late Charge Clause in Contracts

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. 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 Amountamount of principal, 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 "