Late Charges and Default Rate a. If any principal reduction, interest payment, fee or other Obligation due under the Note or under the Credit Agreement is not paid within five (5) days of the date upon which such payment is due, Borrowers promise to pay a late charge in the amount of three percent (3%) of the amount of such delinquent payment and Agent Bank need not accept any late payment made unless it is accompanied by such three percent (3%) late payment charge. Any late charge shall be paid to Lenders in proportion to their respective Syndication Interests.
b. In the event of the existence of an Event of Default, commencing on the first (1st) Banking Business Day following the receipt by Borrowers of written notice of the occurrence of such Event of Default from Agent Bank, the total of the unpaid balance of the principal and the then accrued and unpaid interest owing under the Credit Facility shall collectively commence accruing interest at a rate equal to five percent (5%) over the Prime Rate (the "Default Rate") until such time as all payments and additional interest are paid, together with the curing of any Events of Default which may exist, at which time the interest rate shall revert to that rate of interest otherwise accruing pursuant to the terms of the Note.
c. In the event of the occurrence of an Event of Default, Borrowers agree to pay all reasonable costs of collection, including a reasonable attorneys' fee, in addition to and at the time of the payment of such sum of money and/or the performance of such acts as may be required to cure such default. In the event legal action is commenced for the collection of any sums owing hereunder or under the terms of the Note, the Borrowers and Guarantor agree that any judgment issued as a consequence of such action against any Borrower and/or Guarantor shall bear interest at a rate equal to the Default Rate until fully paid.
Late Charges and Default Rate a. If any payment due under the Revolving Credit Note is not paid within one (1) Banking Business Day after receipt by Borrower of written notice of such nonpayment from Lender, Borrower promises to pay a late charge in the amount of three percent (3%) of the amount of such delinquent payment and Lender need not accept any late payment made unless it is accompanied by such three percent (3%) late payment charge.
b. In the event of the existence of an Event of Default, commencing on the first (1st) Banking Business Day following the receipt by Borrower of written notice of the occurrence of such Event of Default from Lender, the total of the unpaid balance of the principal and the then accrued and unpaid interest owing under the Revolving Credit Note shall commence accruing interest at a rate equal to three percent (3%) over the Base Rate (the "Default Rate") until such time as all payments and additional interest are paid, together with the curing of any Events of Default which may exist, at which time the interest rate shall revert to that rate of interest otherwise accruing pursuant to the terms of the Revolving Credit Note.
c. In the event of the occurrence of an Event of Default, Borrower agrees to pay all reasonable costs of collection, including a reasonable attorneys' fee, in addition to and at the time of the payment of such sum of money and/or the performance of such acts as may be required to cure such default. In the event legal action is commenced for the collection of any sums owing hereunder or under the terms of the Revolving Credit Note, the Borrower and Subsidiary Guarantors agree that any judgment issued as a consequence of such action against Borrower and/or any Subsidiary Guarantor shall bear interest at a rate equal to the Default Rate until fully paid.
Late Charges and Default Rate. (a) If any payment due under the Note is not paid within ten (10) days following the date such payment is due, Borrower promises to pay a late charge in the amount of one percent (1%) of the amount of such delinquent payment and Agent Bank need not accept any late payment made unless it is accompanied by such one percent (1%) late payment charge.
(b) If any payment due under the Note is not paid within ten (10) days following the date such payment is due, the total of the unpaid balance of the principal and the then accrued and unpaid interest owing under the Note shall collectively and immediately, without any further written notice, commence accruing interest at a rate equal to three percent (3%) over the Reference Rate (the "DEFAULT RATE") until such time as all payments and additional interest are paid.
(c) In the event of the occurrence of an Event of Default, Borrower agrees to pay all costs of collection, including reasonable attorney's fees incurred in connection therewith, in addition to and at the time of the payment of such sum of money and/or the performance of such acts as may be required to cure such Event of Default. In the event legal action is commenced for the collection of any sums owing hereunder or under the terms of the Note Borrower agrees that any judgment issued as a consequence of such action against Borrower shall bear interest at a rate equal to three percent (3%) over the Reference Rate until fully paid.
Late Charges and Default Rate. If any payment due under the Revolving Credit Note is not paid by the end of any applicable grace period as provided in Article VII hereof, within one (1) Banking Business Day after receipt by Borrower of written notice of such nonpayment from Agent Bank, Borrower promises to pay a late charge in the amount of three percent (3%) of the amount of such delinquent payment and Agent Bank need not accept any late payment made unless it is accompanied by such three percent (3%) late payment charge. Any late charge shall be paid to Lenders in proportion to their respective Syndication Interests.
