Common use of Late Charge; Interest on Late Payments Clause in Contracts

Late Charge; Interest on Late Payments. To compensate us for the increased administrative expense of handling late payments, we have the right to charge a $100 late charge for each delinquent payment, due upon making the delinquent payment. All continuing fees, amounts due for purchases by you from us or our Affiliates and other amounts which you owe to us or our Affiliates will bear interest from their due date until paid at a rate equal to the lesser of the highest applicable legal rate for open account business credit, or 1.5% per month, payable when the corresponding delinquent payment is made. You agree that this Section does not constitute our or our Affiliates' agreement to accept payments after they are due or a commitment by us or our Affiliates to extend credit to you or otherwise to finance the operation of your Store.

Late Charge; Interest on Late Payments. To compensate us for the increased administrative expense of handling late payments, we have the right to may charge a $100 1 00 late charge for each delinquent payment, due upon making the delinquent payment. All continuing royalty fees, amounts due for purchases by you from us or our Affiliates and other amounts which you owe to us or our Affiliates will bear interest from their due date until paid at a rate equal to the lesser of the highest applicable legal rate for open account business credit, or 1.5% per month, payable when the corresponding delinquent payment is made. You agree that this Section does not constitute our or our Affiliates' agreement to accept payments after they are due or a commitment by us or our Affiliates to extend credit to you or otherwise to finance the operation of your the Licensed Store. Your failure to pay all amounts when due will constitute grounds for termination of this Agreement by us, as provided in Section 11.2 and Section 12.4 below.