Common use of Late Charges; Default Interest Clause in Contracts

Late Charges; Default Interest. If an Event of Default relating to non-payment of any principal, interest or other sums due under this Note or under any of the other Loan Documents shall occur, then the Borrowers shall pay to Lender, in addition to all sums otherwise due and payable, a late fee in an amount equal to five percent (5.0%) of such principal, interest or other sums due hereunder or under any other Loan Document (or, in the case of a partial payment, the unpaid portion thereof), such late charge to be immediately due and payable without demand by Xxxxxx. Upon the occurrence and during the continuance of an Event of Default and in any event from and after the Maturity Date of the Loan, the outstanding principal balance of this Note shall bear interest until paid in full at a rate per annum (the "Default Rate") equal to the sum of (i) four percent (4.0%) and (ii) the Interest Rate otherwise applicable under this Note. The Borrowers agree that such late charges and Default Rate of interest are reasonable and do not constitute a penalty.

Late Charges; Default Interest. If an Event of Default relating to non-payment of any principal, interest or other sums due under this Note or under any of the other Loan Documents shall occur, then the Borrowers shall pay to Lender, in addition to all sums otherwise due and payable, a late fee in an amount equal to five percent (5.0%) of such principal, interest or other sums due hereunder or under any other Loan Document (or, in the case of a partial payment, the unpaid portion thereof), such late charge to be immediately due and payable without demand by XxxxxxLender. Upon the occurrence and during the continuance of an Event ax Xxxxt of Default and in any event from and after the Maturity Date of the Loan, the outstanding principal balance of this Note shall bear interest until paid in full at a rate per annum (the "Default Rate") equal to the sum of (i) four percent (4.0%) and (ii) the Interest Rate otherwise applicable under this Note. The Borrowers agree that such late charges and Default Rate of interest are reasonable and do not constitute a penalty.

Late Charges; Default Interest. If an Event of Default relating to non-payment of any principal, interest or other sums due under this Note or under any of the other Loan Documents shall occur, then the Borrowers shall pay to Lender, in addition to all sums otherwise due and payable, a late fee charge in an amount equal to five percent (5.0%) of such principal, interest or other sums due hereunder or under any other Loan Document (or, in the case of a partial payment, the unpaid portion thereof), such late charge to be immediately due and payable without demand by XxxxxxLender. Upon the occurrence and during the continuance of an Event of Default and in any event from and after the Maturity Date of the Loan, the outstanding principal balance of this Note and all other Obligations shall bear interest until paid in full at a rate per annum (the "Default RateDEFAULT RATE") equal to the sum of (i) four percent (4.0%) and (ii) the Interest Rate otherwise applicable under this Note. The Borrowers agree that such late charges charge and Default Rate of interest are reasonable and do not constitute a penalty.

Late Charges; Default Interest. If an Event of Default relating to non-payment of any principal, interest or other sums due under this Note or under any of the other Loan Documents shall occur, then the Borrowers shall pay to Lender, in addition to all sums otherwise due and payable, a late fee in an amount equal to five percent (5.05%) of such principal, interest or other sums due hereunder or under any other Loan Document (or, in the case of a partial payment, the unpaid portion thereof), such late charge to be immediately due and payable without demand by XxxxxxLender. Upon the occurrence and during the continuance of an Event of Default and in any event from and after the Maturity Date of the Loan, the outstanding principal balance of this Note shall bear interest until paid in full at a rate per annum (the "Default Rate") equal to the sum of (i) four five percent (4.05%) and (ii) the Interest Rate otherwise applicable under this Note. The Borrowers agree that such late charges and Default Rate of interest are reasonable and do not constitute a penalty.