Common use of Interest on Overdue Amounts; Late Charge Clause in Contracts

Interest on Overdue Amounts; Late Charge. Overdue principal and (to the extent permitted by applicable law) interest on the Loan and all other overdue amounts payable hereunder or under any of the other Loan Documents shall bear interest payable on demand at a rate per annum equal to five percent (5.0%) above the Base Rate until such amount shall be paid in full (after as well as before judgment), or if such rate shall exceed the maximum rate permitted by law, then at the maximum rate permitted by law (the "Default Rate"). In addition, the Borrower shall pay a late charge equal to three percent (3%) of any amount of interest and/or principal payable on the Loan or any other amounts payable hereunder or under the Loan Documents, which is not paid within ten days of the date when due.

Interest on Overdue Amounts; Late Charge. Overdue principal Following the occurrence and (to during the extent permitted by applicable law) interest on continuance of any Event of Default, and regardless of whether or not the Loan and all other overdue amounts payable hereunder or under any Banks shall have accelerated the maturity of the other Loan Documents Loans, all Loans shall bear interest payable on demand at a rate per annum equal to five two percent (5.02%) above the Base Rate rate that would otherwise be applicable at such time, until such amount shall be paid in full (after as well as before judgment), or if such rate shall exceed the maximum rate permitted by law, then at the maximum rate permitted by law (the "Default Rate")law. In addition, the Borrower shall pay a late charge equal to three five percent (35%) of any amount of interest and/or principal payable on the Loan Loans or any other amounts payable hereunder or under the Loan Documents, which is not paid within ten (10) days of the date when due.