Common use of Late Charges; Default Interest Clause in Contracts

Late Charges; Default Interest. Any delinquent payment not made within five (5) Business Days of the date due shall, in addition to any other remedy of Lessor, incur a late charge of five percent (5%) (which late charge is intended to compensate Lessor for the cost of handling and processing such delinquent payment and should not be considered interest) and bear interest at the Default Rate, such interest to be computed retroactively from and including the date such payment was due through and including the date of the payment; provided, however, in no event shall Lessee be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect.

Appears in 3 contracts

Samples: Lease Agreement (Four Corners Property Trust, Inc.), Revolving Credit and Term Loan Agreement (Four Corners Property Trust, Inc.), Lease Agreement (Four Corners Property Trust, Inc.)

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Late Charges; Default Interest. Any delinquent payment not made within five three (53) Business Days days of the date due shall, in addition to any other remedy of Lessor, incur a late charge of five percent (5%) (which late charge is intended to compensate Lessor for the cost of handling and processing such delinquent payment and should not be considered interest). Any payment not made within five (5) and days of the due date shall also bear interest at the Default Rate, such interest to be computed retroactively from and including the date such payment was due through and including the date of the payment; provided, however, in no event shall Lessee be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect.

Appears in 3 contracts

Samples: Master Lease Agreement (Societal CDMO, Inc.), Master Lease Agreement (Synalloy Corp), Master Lease Agreement (Synalloy Corp)

Late Charges; Default Interest. Any delinquent payment not made within five over three (53) Business Days of the date due calendar days after such payment was due, shall, in addition to any other remedy of Lessor, incur a late charge of five percent (5%) (which late charge is intended to compensate Lessor for the cost of handling and processing such delinquent payment and should not be considered interest) and bear interest at the Default Rate, such interest to be computed retroactively from and including the date three (3) calendar days after such payment was due through and including the date of the payment; provided, however, in no event shall Lessee be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect.

Appears in 2 contracts

Samples: Master Lease Agreement (Malibu Boats, Inc.), Master Lease Agreement (Malibu Boats, Inc.)

Late Charges; Default Interest. Any delinquent payment not made within five three (53) Business Days days of the date due shall, in addition to any other remedy of Lessor, incur a late charge of five percent (5%) (which late charge is intended to compensate Lessor for the cost of handling and processing such delinquent payment and should not be considered interest). Any payment not made within five (5) and days of the due date shall also bear interest at the Default Rate, such interest to be computed retroactively from and including the date such payment was due through and including the date of the payment; payment; provided, however, in no event shall Lessee be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect.

Appears in 1 contract

Samples: Master Lease Agreement (Societal CDMO, Inc.)

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Late Charges; Default Interest. Any delinquent payment not made within five over three (53) Business Days of the date due after such payment was due, shall, in addition to any other remedy of Lessor, incur a late charge of five three percent (53%) (which late charge is intended to compensate Lessor for the cost of handling and processing such delinquent payment and should not be considered interest) and bear interest at the Default Rate, such interest to be computed retroactively from and including the date three (3) Business Days after such payment was due through and including the date of the payment; provided, however, in no event shall Lessee be obligated to pay a sum of late charge and interest higher than the maximum legal rate then in effect.

Appears in 1 contract

Samples: Master Lease Agreement (21st Century Oncology Holdings, Inc.)

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