Late Charge; Default Interest. Borrower recognizes that default by Xxxxxxxx in making the payments herein and in the Deed of Trust when due will result in Lender incurring additional expense in servicing the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its commitments. Xxxxxxxx agrees that, if for any reason Xxxxxxxx fails to pay when due any payment due under this Note, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, Lender shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. Xxxxxxxx therefore agrees that a reasonable estimate of such damages to Xxxxxx is as follows: In the event Borrower fails to pay any installment payment of principal and/or interest within fifteen (15) days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Late Charge”). In the event Borrower fails to reimburse Lender for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by Xxxxxx to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually (“Default Interest”). In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, is not made in full when due, then said unpaid amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.
Late Charge; Default Interest. If any payment of Base Rent, Additional Rent or any other payment payable hereunder by Tenant to Landlord shall not be paid when due, Landlord may impose, at its election, a late fee of ten percent (10%) of the overdue amount and interest on the overdue amount from the date when the same was payable until the date paid at a rate equal to the lesser of (a) eighteen percent (18%) per annum, or (b) the highest lawful rate of interest which Landlord may charge to Tenant without violating any applicable law. Such late fee and interest shall constitute Additional Rent payable hereunder.
Late Charge; Default Interest. If any Borrower shall fail to make any payment of principal or interest on any portion of a Loan or any other Obligation becoming due hereunder or under any of the Loan Documents within ten (10) days of the date such payment is due Borrowers shall be subject to a late charge of five percent (5%) of the amount of such payment. Borrowers shall be entitled to a one-time waiver of the late charge prior to the Revolving Credit Termination Date. Subsequent waivers during the term of the Facility shall be at Agent's discretion. Upon the occurrence and during the continuance of an Event of Default, Borrowers shall pay interest (to the extent permitted by law in the case of interest on overdue interest) on such defaulted amount accruing from and including the date of such Event of Default up to but excluding the date of actual payment (after as well as before judgment) at a rate per annum which is the sum of (i) four percent (4%) plus (ii) the Applicable Rate otherwise payable. All payments due under this Section 2.5(c) shall be payable upon demand.
Late Charge; Default Interest. If Lender does not receive from Borrowers payment in full of any Loan Payment or any other sum due under this Agreement or any other Loan Document within 10 days after its due date, Borrowers agree to pay a late fee equal to five percent (5%) on such late Loan Payment or other sum, but not exceeding any lawful maximum. Such late fee will be immediately due and payable, and is in addition to any other costs, fees and expenses that Borrowers may owe as a result of such late payment. Additionally, if the Loan is accelerated pursuant to Section 10.02 hereof, the amounts due and owing hereunder shall accrue interest at the lesser of 10% per annum or the highest rate not prohibited by applicable law from the date of such accelerated maturity until paid (both before and after any judgment). The application of such 10% interest rate shall not be interpreted or deemed to extend any cure period set forth in this Agreement or any other Loan Document, cure any default or otherwise limit Lender’s or Collateral Agent’s rights or remedies hereunder or under any Loan Document.
Late Charge; Default Interest. If an Event of Default under this Agreement or the other Loan Documents has occurred and is continuing after notice thereof, the Borrower shall: (a) on demand from the Lender pay a late charge equal to five percent (5%) of any past-due amount owed hereunder; and (b) on demand from time to time pay Basic Interest, in all cases, at the rate otherwise applicable to the Loan pursuant to Section 2.04, plus six percent (6.00%) per annum until such Event of Default is cured in accordance with this Agreement.
Late Charge; Default Interest. If any payment of Rent due from Tenant is not received by Landlord within ten (10) days after the date such payment is due, in addition to any other remedies available to Landlord, Tenant shall pay to Landlord an additional sum equal to five percent (5%) of the overdue rent or twenty-five dollars, whichever is greater, as a late charge. Such late charge shall be paid promptly upon demand. In addition to the late charge, Rent not paid within ten (10) days of when due shall bear interest at the annual rate equal to eighteen percent (18%) per annum (the “Default Rate”) from the 10th day after the due date until paid. Notwithstanding the foregoing, Tenant shall not be obligated to pay any late charge or interest the first time in any twelve (12) month period that Tenant pays rent late.
Late Charge; Default Interest. If any payment of principal or interest is paid more than ten (10) days after when due, the Borrowers will pay Lender a late charge equal to five percent (5%) of the late payment. In addition, after an Event of Default, default interest may be charged at a rate of 2.0% per annum in excess of the Note Rate.
Late Charge; Default Interest. Principal and other amortization payments shall be applied to the Loan balance as and when actually received. If Borrower fails to pay any installment of interest or principal within five (5) Business Days after the date on which the same is due, Borrower shall pay to Lender a late charge on such past-due amount, as liquidated damages and not as a penalty, equal to five percent (5%) of such amount, but not in excess of the maximum amount of interest allowed by applicable law. The foregoing late charge is intended to compensate Lender for the expenses incident to handling any such delinquent payment and for the losses incurred by Lender as a result of such 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 costs and losses Lender will incur by reason of late payment. Borrower and Lender further agree that proof of actual losses would be costly, inconvenient, impracticable and extremely difficult to fix. Acceptance of the late charge shall not constitute a waiver of the default arising from the overdue installment, and shall not prevent Lender from exercising any other rights or remedies available to Lender. While any Event of Default exists, the Loan shall bear interest at the Default Rate. Notwithstanding the foregoing, Borrower shall not be obligated to pay to Lender a late charge on any past-due amounts due to a Force Majeure Delay or due to the fault of the Lockbox Agent.
Late Charge; Default Interest. If Tenant fails to pay when due any payment of rent or Other Charges which Tenant is obligated to pay to Landlord under this Lease, there shall be a late charge, immediately payable by Tenant as Additional Rent, in the amount of the lesser of six percent (6%) of each such obligation. Landlord and Tenant agree that this sum is reasonable to compensate Landlord for accounting and administrative expenses incurred by Landlord. In addition to the foregoing, if any payment tendered by Tenant to Landlord is dishonored by the financial institution upon Amended and Restated Master Lease - Par Petroleum - 22 Property 10978268v3 29 which the payment is drawn (e.g., insufficient funds, uncollected funds, account closed, payment stopped, etc.), Tenant shall pay to Landlord the greater of Twenty Dollars ($20.00) or the actual service fee charged by Landlord’s financial institution in connection with such dishonored payment. In addition to the late charge, any and all rent or Other Charges which Tenant is obligated to pay to Landlord under this Lease which are unpaid, shall bear interest from the date said payment was due until paid an interest rate (“Default Rate”) equal to the lesser of (i) the prime commercial rate being charged by the Bank of America N.A. in effect on the date due plus four percent (4%) per annum; or (ii) the maximum rate permitted by law, said interest to be payable by Tenant as Additional Rent. If Bank of America N.A. is no longer in existence, then another comparable bank or financial institution shall be substituted by Landlord. Landlord and Tenant agree that this sum is reasonable to compensate Landlord for the loss of the use of funds. Notwithstanding the foregoing, in the event Landlord shall have provided a Late Notice to Tenant in accordance with Section 17.1(a), Tenant shall not be obligated to pay the late charge and default interest otherwise due pursuant to this Section 17.3 unless ten (10) days shall have lapsed following Tenant's receipt of said notice and the delinquent amount(s) shall not have been paid.
Late Charge; Default Interest. If any payment of principal or interest on the Loan or any other Liabilities becoming due hereunder or under any of the Loan Documents is not made within five (5) days of the date such payment is due, Borrower and Co-Borrower shall be subject to a late charge of five percent (5%) of the amount of such payment. Subsequent waivers during the term of the Loan shall be at Lender's discretion. Upon the occurrence and during the continuance of an Event of Default, Borrower and Co-Borrower shall pay interest (to the extent permitted by law in the case of interest on overdue interest) on such defaulted amount accruing from and including the date of such Event of Default up to but excluding the date of actual payment (after as well as before judgment) at a rate per annum which is the sum of (i) four percent (4%) plus (ii) the highest Applicable Rate then applicable to any Base Rate Tranche or LIBOR Rate Tranche. All payments due under this Section 2.6(c) shall be payable upon demand.
(a) Duration and Determination of Interest Period. Each Notice of Rate Tranche Selection delivered pursuant to Section 2.5(a) of this Agreement (with respect to a LIBOR Rate Tranche) and each Notice of Continuation/Conversion delivered pursuant to Section 2.7(c)(ii) of this Agreement (with respect to a conversion into or continuation of LIBOR Rate Tranche) shall designate an Interest Period, provided, that no more than three (3) Interest Periods shall be in effect at any one time for any LIBOR Rate Tranches and one (1) Interest Period outstanding at any time for Base Rate Tranches or any combination thereof.
