Common use of Due Date of Payments; Penalties Clause in Contracts

Due Date of Payments; Penalties. In the event either party fails to make a required payment under this Agreement to the other party, the owing party shall be required to pay the other party a finance charge on such amount for each day such payment is delinquent at an annual rate equal to one percent (1%) over the Prime Rate, but in no event greater than the amount permitted by applicable law. Such interest shall be paid by the applicable party on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by Subservicer of any such interest shall not be deemed an extension of time for payment or a waiver of any rights the Owner/Servicer has under this Agreement. Subservicer shall be responsible for late payment interest or penalties incurred as a result of any late remittances made by Subservicer with respect to any of the Servicing Agreements, provided that the late remittance was not the result of the Owner/Servicer failing to timely make any required payments under this Agreement.

Due Date of Payments; Penalties. In the event either party fails to make a required payment under this Agreement Addendum to the other party, the owing party shall be required to pay the other party a finance charge on such amount for each day such payment is delinquent at an annual rate equal to one percent (1%) over the Prime Rate, but in no event greater than the amount permitted by applicable law. Such interest shall be paid by the applicable party on the date such late payment is made and shall cover the period commencing with the day following the Business Day on which such payment was due and ending with the Business Day on which such payment is made, both inclusive. The payment by Subservicer Seller of any such interest shall not be deemed an extension of time for payment or a waiver of any rights the Owner/Servicer any Purchaser has under this AgreementAddendum. Subservicer Seller shall be responsible for late payment interest or penalties incurred as a result of any late remittances made by Subservicer Seller with respect to any of the Servicing Agreements, provided that the late remittance was not the result of the Owner/Servicer any Purchaser failing to timely make any required payments under this AgreementAddendum.