Late Charges; Default Rate. Tenant recognizes that late payment of any Base Rent or Additional Charges will result in administrative expenses to Landlord, the extent of which additional expense is extremely difficult and economically impractical to ascertain. Tenant therefore agrees that if any Base Rent or Additional Charges remain unpaid ten (10) days after such amount is due, the amount of such unpaid Base Rent or Additional Charges shall be increased by a late charge to be paid to Landlord by Tenant, as an Additional Charge, in an amount equal to five percent (5%) (or such greater amount not to exceed six percent (6%) if a higher rate is charged by any Mortgagee for a late payment of a monthly mortgage payment) of the amount of the delinquent Base Rent or Additional Charges. In addition, any outstanding Base Rent, Additional Charges, late charges and other outstanding amounts shall accrue interest at an annualized rate of the greater of 10% or The Ninth Circuit Federal Reserve Discount Rate plus 5% (the "Default Rate"), until paid to Landlord. Tenant agrees that such amount is a reasonable estimate of the loss and expense to be suffered by Landlord as a result of such late payment by Tenant and may be charged by Landlord to defray such loss and expense. The provisions of this Subparagraph 4(d) shall not relieve Tenant of the obligation to pay Base Rent or Additional Charges on or before the date they are due, or affect Landlord's remedies pursuant to Subparagraph 21(c) [Landlord's Remedies] if any Base Rent or Additional Charges are unpaid after they are due. 5.
Late Charges; Default Rate. If any payment of principal or interest to be made by Borrower to Lender under the Facility becomes past due for a period of 10 days, Borrower shall pay to Lender on demand a late charge of five percent (5%) of the amount of such overdue payment. In addition, during a Default Rate Period, Borrower's Obligations pertaining to the Facility shall bear interest at the Default Rate.
Late Charges; Default Rate. If the Borrowers fail to pay, in full, any interest payment or other sum required hereunder, including all sums due hereunder at Maturity, and such failure to pay continues for ten (10) days after Xxxxxxxxx’ receipt of written notice of such failure to pay, then, in addition to any interest which may accrue at the Default Rate, Borrowers shall pay to Bank, upon demand, a Late Charge. Payment of such Late Charge shall not be construed as an agreement or privilege to extend the date of the payment of any interest payment or other sum required hereunder, nor as a waiver of any other right or remedy accruing to Lender by reason of the occurrence of any Event of Default. The payment of a Late Charge will not cure or constitute a waiver of any Event of Default under this Note. In addition, Xxxxxxxxx agree that upon the occurrence of an Event of Default, Bank shall be entitled to receive and Borrowers shall pay interest on the entire unpaid principal sum then outstanding hereunder at a per annum rate equal to the Default Rate. The Default Rate shall be computed from the occurrence of the Event of Default until the earlier of the date upon which the Event of Default is cured or the date upon which all sums due hereunder are paid in full. Interest calculated at the Default Rate shall be added to the principal, and shall be deemed secured by the Deed of Trust. This clause, however, shall not be construed as an agreement or privilege to extend the date of the payment of this Note, nor as a waiver of any other right or remedy accruing to Bank by reason of the occurrence of any Event of Default.
Late Charges; Default Rate. If Subtenant is more than five (5) business days late in paying any amount of Rent due under this Sublease, Subtenant shall pay Sublandlord a late charge equal to five percent (5%) of each delinquent amount of Rent and any subsequent delinquent amount of Rent. The parties agree that the amount of such late charge represents a reasonable estimate of the cost and expense that would be incurred by Sublandlord in processing each delinquent payment of Rent by Subtenant and that such late charge shall be paid to Sublandlord as liquidated damages for each delinquent payment, but the payment of such late charge shall not excuse or cure any default by Subtenant under this Sublease. Any payment due from Subtenant to Sublandlord shall bear interest from the date due until paid, at an annual rate (the “Default Rate”) as determined in accordance with Section 5 of the Prime Lease. The parties further agree that the payment of late charges and the payment of interest provided for in this paragraph are distinct and separate from one another in that the payment of interest is to compensate Sublandlord for the use of Sublandlord’s money by Subtenant, while the payment of a late charge is to compensate Sublandlord for the additional administrative expense incurred by Sublandlord in handling and processing delinquent payments, but excluding attorneys’ fees and costs incurred with respect to such delinquent payments.
Late Charges; Default Rate. If Tenant fails to make any payment of Rent when due, then Tenant shall also pay a late charge to cover Landlord’s additional administrative costs and loss of use of funds (the “Late Charge”). The Late Charge shall be equal to: (a) 5% of the amount past due; plus (b) delinquent interest at the Default Rate beginning on the 1st day of the month after the date the payment was originally due. If any Late Charge or default interest otherwise due under this Lease is determined to violate any Applicable Laws, then the Late Charge or Default Rate, as the case may be, shall be reduced to the highest rate permitted by law.
Late Charges; Default Rate. (A) In the event that Borrowers fail to make any payment required hereunder or under any of the other Loan Documents within ten (10) days of the date such payment is due, Borrowers shall pay to Lender an amount equal to four percent (4%) of such late payment as a late charge to defer Lender's costs of collecting such late payments. Borrowers authorize Lender to charge the Cash Collateral Account, the Operating Account and/or any other account maintained by Borrowers with Lender for any late charge not otherwise paid by Borrowers.
(B) After the occurrence of any Event of Default the Interest Rate then in effect on the Revolving Credit immediately shall be increased to the Adjusted Prime Rate otherwise payable hereunder plus four percent (4%) (such rate, the "Default Rate").
Late Charges; Default Rate. In the event any payment due under the Notes is not paid within five (5) business days following the due date for such payment, Borrower, or Madison Avenue in the case of Note D, shall pay to the holder of such Note a late charge for the month during which such payment is not made when due, and for each month or fraction thereof that such sum remains unpaid, equal to five percent (5%) of such payment. In addition, in the event Borrower, or Madison Avenue in the case of Note D, fails to pay any installment of principal and interest on the date due, the unpaid amount shall accrue interest at the Default Rate until paid. "Default Rate" shall be the higher of (a) 3% above the nondefault interest rate set forth in each Note or (b) 3% above the Prime Rate.
Late Charges; Default Rate. (A) If Borrower fails to make any payment required hereunder or under any of the other Loan Documents within ten (10) days of the date when due, Borrower shall pay to Lender a late charge equal to three percent (3%) of the amount of such late payment as a late charge, not to exceed $2,500.00. Late charges assessed by Lender are immediately due and payable. Payments are deemed made on the Business Day that payment is received by Lender, except that payments received after 3:00 p.m. New Jersey time will be deemed received on the next Business Day.
(B) After an Event of Default, the interest rate then in effect on the Loan immediately shall be increased to the Default Rate, and each time that the Prime Rate changes, the Default Rate applicable to the Loan shall change simultaneously therewith, without notice to Borrower.
Late Charges; Default Rate. In the event that Borrowers fail to make any payment required hereunder or under any of the other Loan Documents within ten (10) days of the date such payment is due, Borrowers shall pay to Lender an amount equal to four percent (4%) of such late payment as a late charge to defer Lender's costs of collecting such late payments. Borrowers authorize Lender to charge the Cash Collateral Account (if required to be maintained hereunder), the Operating Account and/or any other account maintained by Borrowers with Lender for any late charge not otherwise paid by Borrowers.
Late Charges; Default Rate. (A) In the event that Borrowers fail to make any payment required hereunder or under any of the other Loan Documents within ten (10) days of the date first due, at the option of Agent, Borrowers shall pay to Agent for the benefit of itself, Issuing Bank and Lenders a late charge equal to five percent (5%) of the amount of such late payment as a late charge, not to exceed $1,000.00. Any late charges assessed are immediately due and payable. Payments are deemed made on the Business Day payment is received by Agent, provided that payments received after 2:00 p.m. will be deemed received on the next Business Day. Each Borrower authorizes Agent to charge any account maintained by any Borrower with Agent for any late charge not otherwise paid by Borrowers.
(B) To the extent permitted by law, after the occurrence and during the continuance of any Event of Default the interest rate then in effect on any Loan shall, at the option of Agent or the Required Lenders, be increased by 2% (the "Default Rate"), and each time the Interest Rate or Applicable Margin changes, the Default Rate shall change simultaneously therewith. Borrowers acknowledge that (1) such additional rate is a material inducement to Lenders to make the Loans; (2) Lenders would not have made the Loans in the absence of the agreement of Borrowers to pay such Default Rate; (3) such Default Rate represents compensation for the increased risk to Lenders that the Loans or Advances will not be repaid; and (4) such Default Rate is not a penalty and represents a reasonable estimate of (a) the costs to Lenders and Agent in allocating their resources (both personnel and financial) to the ongoing review, monitoring, administration and collection of the Loans or Advances and (b) compensation to Lenders for losses that are difficult to ascertain.
