Late Charge Default Rate Sample Clauses

Late Charge Default Rate a. If any payment required to be made by Borrower under the Loan is not paid within ten (10) days after the date on which such payment is due, Borrower shall pay to Lender a late charge as more particularly set forth in Section 5 of the Note. Borrower acknowledges that any such late charges are reasonable. b. Upon the occurrence and any time during the continuance of an Event of Default hereunder, the entire unpaid principal amount of the Loan shall, anything contained herein to the contrary notwithstanding, bear interest at the default rate as more particularly set forth in Section 6 of the Note.

Late Charge Default Rate. Anything to the contrary contained in this Lease notwithstanding, in the event any payment of Rent is more than five (5) days past due, an administrative charge equal to five percent (5%) of such past due sum shall be due and payable by Tenant to Landlord, upon written demand (provided, that Landlord will give Tenant notice of any past due Rent and the late charge will not apply unless Tenant has previously been more than five days late in payment during the prior twelve months). The parties have agreed that said 5% charge bears a reasonable relationship to Landlords costs and expenses which relate to such a breach. In addition, any sum more than thirty (30) days past due shall bear interest at the rate of ten percent (10%) per annum (the "Default Rate") until paid in full, with said interest to be due and payable by Tenant to Landlord, upon written demand.

Late Charge Default Rate. Following the occurrence and during the continuance of any Event of Default, and regardless of whether or not Banks shall have accelerated the maturity of the Obligations, at the election of Required Banks, all Obligations shall bear interest payable on demand at a rate per annum equal to two percent (2%) above the Base Rate (the “Default 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. Borrower shall pay Agent, for the account of the applicable Banks, a late charge equal to five percent (5%) of any amount payable hereunder or under the Credit Documents (a “Late Charge”), which is not paid within ten (10) days of the date when due. Such late charge is and shall be deemed to be a charge to compensate Agent and Banks for administrative services and costs incurred in connection with the related delinquent payment and shall under no circumstances constitute or be deemed to be a charge for the use of money.

Late Charge Default Rate. Payments shall be made in immediately available United States funds at any banking office of the Bank. Absent demand for payment in full, interest shall be due and payable monthly. If payment is not received within five (5) days of its due date, Borrower shall pay a late charge equal to the greatest of (a) five percent (5%) of the delinquent amount, (b) the Bank's then current late charge as announced by the Bank from time to time, or (c) $50.00. In addition, if the Bank has not actually received any payment under this Note within thirty (30) days after its due date, from and after such thirtieth day the interest rate for all amounts outstanding under this Note shall automatically increase to five (5) percentage points above the otherwise applicable rate per year, and any judgment entered hereon or otherwise in connection with any suit to collect amounts due hereunder shall bear interest at such default rate. Payments may be applied in any order in the sole discretion of the Bank but, prior to demand, shall be applied first to past due interest, Expenses, late charges, and principal payments, if any, which are past due, then to current interest and Expenses and late charges, and last to remaining principal. Maximum Legal Rate. It is the intent of the Bank and of Borrower that in no event shall interest be payable at a rate in excess of the maximum rate permitted by applicable law (the "Maximum Legal Rate"). Solely to the extent necessary to prevent interest under this Note from exceeding the Maximum Legal Rate, any amount that would be treated as excessive under a final judicial interpretation of applicable law shall be deemed to have been a mistake and automatically canceled, and, if received by the Bank, shall be refunded to Borrower.

Late Charge Default Rate. In the event that Tenant shall fail to pay any installment of Rent or Additional Rent (hereinafter defined) within ten (10) days after the date on which such installment is due, Tenant shall pay to Landlord a late charge equal to Five Hundred and no/100 Dollars ($500.00), in order to compensate Landlord for the extra administrative expenses incurred. Rent or Additional Rent that is more than five (5) days past due shall bear interest at the lesser of the highest lawful rate or the prime rate in effect from time to time announced by Texas Commerce Bank, National Association, Houston, Texas, plus five percent (5%) per annum ("Default Rate"), until paid.

Late Charge Default Rate. If LESSEE fails to pay Base Rent within five (5) days after the Due Date, LESSEE shall promptly pay to LESSOR a service charge of five percent (5%) of the Rent then due. If any installment of the Base Rent is not paid when due and remains unpaid after expiration of any applicable cure period provided for herein, such Rent, as increased by the five percent (5%) service charge, shall bear interest from the Due Date at an annual rate equal to 8% until paid.

Late Charge Default Rate a. If any payment required to be made by Borrower under the LOC Loan is not paid within ten (10) days after the date on which such payment is due, Borrower shall pay to Lender a late charge as more particularly set forth in Section 5 of the LOC Note. Borrower acknowledges that any such late charges are reasonable. b. Upon the occurrence and any time during the continuance of an Event of Default hereunder, the entire unpaid principal amount of the LOC Loan shall, anything contained herein to the contrary notwithstanding, bear interest at the default rate as more particularly set forth in Section 6 of the LOC Note.

Late Charge Default Rate. If Borrower fails to make any payment required under any Loan Document within five (5) calendar days after its due date, then Borrower shall pay a late charge equal to five percent (5%) of such overdue amount, and interest on such overdue amount shall accrue at a rate of two percent (2.0%) per month until paid, but interest shall not at any time exceed the highest rate permitted by law (the "Default Rate").

Late Charge Default Rate. (a) Tenant shall pay and discharge: (i) after the date all or any portion of any installment of Basic Rent is due and not paid, an amount equal to five percent (5%) of the amount of such unpaid installment or portion thereof, provided, however, that with respect to the first two late payments of all or any portion of any installment of Basic Rent in any Lease Year, such late charge shall not be due and payable unless the Basic Rent has not been paid within ten (10) days following the due date thereof; and (ii) interest at the rate (the “Default Rate”) of three percent (3%) over the Prime Rate per annum on the following sums until paid in full: (A) all overdue installments of Basic Rent not paid within ten (10) days after the respective due dates thereof, and (B) all amounts of Additional Rent relating to obligations which Landlord shall have paid on behalf of Tenant not paid within fifteen (15) days of the respective due dates. (b) Tenant shall pay and discharge any Additional Rent within fifteen (15) days after Landlord’s written demand for payment thereof. (c) In no event shall amounts payable under Paragraph 7(a)(i) and (ii) exceed the maximum amount permitted by applicable law.

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