Late Charge and Interest for Delinquent Payment. 2.1. Licensee hereby acknowledges that late payment by Licensee of compensation, fees and charges provided herein will cause City to incur costs not contemplated by this Agreement, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges. Accordingly, if any amount due City is not received by City within 10 days after such amount shall be due, then, without any requirement for notice to Licensee, Licensee shall immediately pay to City a one-time late charge equal to 10% of such overdue amount or $200, whichever is greater. The parties agree that such late charge represents a fair and reasonable estimate of the costs the City will incur by reason of such late payment. Acceptance of such late charge by City shall in no event constitute a waiver of Licensee’s default or breach with respect to such overdue amount, nor prevent the exercise of any other rights and remedies granted herein.
Late Charge and Interest for Delinquent Payment. 2.1 Operator hereby acknowledges that late payment by Operator of compensation, fees and charges provided herein will cause City to incur costs not contemplated by this Agreement, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges. Accordingly, if any amount due City is not received by City within ten (10) days after such amount shall be due, then, without any requirement for notice to Operator, Operator shall immediately pay to City a one-time late charge equal to 10% of such overdue amount or $250, whichever is greater. The parties agree that such late charge represents a fair and reasonable estimate of the costs the City will incur by reason of such late i The paragraph references are to mandatory requirements contained in a document entitled, "LEASE AND USE AGREEMENT GUIDE", dated June 6, 1984, revised May 2001, published by the Federal Aviation Administration. LAX First Flight Child Development Center Agreement 14 Children’s Creative Learning Centers LLC. 09-28-15 payment. Acceptance of such late charge by City shall in no event constitute a waiver of Operator’s default or breach with respect to such overdue amount, nor prevent the exercise of any other rights and remedies granted herein.
Late Charge and Interest for Delinquent Payment. 15.3.1 Contractor hereby acknowledges that late payment by Contractor of payments, fees and charges due to City herein will cause City to incur costs not contemplated by this Agreement, the exact amount of which will be extremely difficult to ascertain. Such costs include, but are not limited to, processing and accounting charges. Accordingly, if any amount due City is not received by City within ten (10) days after such amount shall be due, then, without any requirement for notice to Contractor, Contractor shall immediately pay to City a one-time late charge equal to ten percent (10%) of such overdue amount or $250, whichever is greater. The parties agree that such late charge represents a fair and reasonable estimate of the costs the City will incur by reason of such late payment. Acceptance of such late charge by City shall in no event constitute a waiver of Contractor’s default or breach with respect to such overdue amount, nor prevent the exercise of any other rights and remedies granted herein.
