Common use of Late Charges; Interest Clause in Contracts

Late Charges; Interest. In the event any installment of Rent is more than three (3) days past due or any other amount payable by Subtenant to Sublandlord is more than ten (10) days past due, Subtenant shall pay to Sublandlord, as additional rent (i) a late fee equal to five percent (5%) of the amount unpaid to cover Sublandlord’s administrative costs for collection and loss of income plus (ii) interest at the Default Rate, calculated from the date such unpaid amounts were due. For the purposes of this Sublease the Default Rate shall be the rate of eight percent (8%) per annum, compounded monthly.

Late Charges; Interest. In the event any installment of Rent is more than three (3) days past due or any other amount payable by Subtenant Tenant to Sublandlord Landlord is more than ten (10) days past due, Subtenant Tenant shall pay to SublandlordLandlord, as additional rent (i) a late fee equal to five percent (5%) of the amount unpaid to cover SublandlordLandlord’s administrative costs for collection and loss of income plus (ii) interest at the Default Rate, calculated from the date such unpaid amounts were due. For the purposes of this Sublease Lease the Default Rate shall be the rate of eight percent (8%) per annum, compounded monthly.