LATE CHARGE RATE Sample Clauses
The Late Charge Rate clause defines the interest or penalty rate that will be applied to payments that are not made on time under the agreement. Typically, this clause specifies the percentage rate charged on overdue amounts and may outline how the late charge is calculated, such as a fixed fee or a percentage of the outstanding balance. Its core practical function is to incentivize timely payments and compensate the party owed for the inconvenience or financial impact of late payments.
LATE CHARGE RATE. The Late Charge Rate shall be two (2) percent per month of the amount in arrears for the period such amount remains unpaid (provided, however, that if such rate exceeds the highest rate permitted by applicable law, then the Late Charge Rate shall be the highest rate permitted by applicable law).
LATE CHARGE RATE. In the event Borrower fails to pay any ---------------- amount hereunder when due under any Note, the amount on all Notes shall bear charges thereon calculated at the Late Charge Rate. At any time when any Event of Default has occurred, irrespective of any cure periods, and continues for over ten (10) days, Borrower will pay interest on the Loan at the Late Charge Rate.
LATE CHARGE RATE. The Late Charge Rate shall be the assumed lease rate of 10.7% per annum plus two percent (2%) per annum (provided, however, that if such rate exceeds the highest rate permitted by Applicable Law, then the Late Charge Rate shall be the highest rate permitted by Applicable Law).