Common use of Late Charges and Default Rate Clause in Contracts

Late Charges and Default Rate. a. If any payment due under the Revolving Credit Note is not paid within ten (10) Banking Business Days after receipt by Borrowers of written notice of such nonpayment from Lender, Borrowers promise 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.

Late Charges and Default Rate. a. If any payment due under the Revolving Credit Note is not paid within ten one (101) Banking Business Days Day after receipt by Borrowers of written notice of such nonpayment from LenderAgent Bank, Borrowers promise to pay a late charge in the amount of three percent (3%) of the amount of such delinquent payment and Lender 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.

Late Charges and Default Rate. a. If any payment due under the Revolving Credit Note is not paid within ten one (101) Banking Business Days Day after receipt by Borrowers Borrower of written notice of such nonpayment from Lender, Borrowers promise 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.

Late Charges and Default Rate. a. If any payment due under the Revolving Credit Note is not paid within ten three (103) Banking Business Days after receipt by Borrowers of written notice of such nonpayment from LenderAgent Bank, Borrowers promise to pay a late charge in the amount of three percent (3%) of the amount of such delinquent payment and Lender 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.