Common use of Late Charges On Overdue Installments; Default Rate; Collection Costs Clause in Contracts

Late Charges On Overdue Installments; Default Rate; Collection Costs. (a) If any scheduled payment of principal or interest or other agreed charge is not paid within two (2) Business Days of the due date thereof, Borrower agrees to pay to Lenders a late charge equal to five percent (5%) of the amount of the payment or charge which is late.

Late Charges On Overdue Installments; Default Rate; Collection Costs. (a) If any scheduled payment of principal or interest interest, or any other agreed charge charge, is not paid within two made on or before the fifteenth (215th) Business Days of day after the due date thereofsame became due, Borrower agrees to pay to Lenders Lender a late charge equal to five four percent (54%) of the amount of the payment or charge which is latein default.