Common use of Late Fee and Default Interest Clause in Contracts

Late Fee and Default Interest. As noted above, time is of the essence on the repayment of this Note. If this Note is not paid in full on or before the Maturity Date, there shall be a late fee of ten percent (10%) of the Obligations. There shall accrue additional Late Fees of 10% every thirty (30) calendar days until repaid in full. In addition, after the Maturity Date, this Note shall accrue interest from the Maturity Date at the rate of twenty-eight percent (28%) per annum, compounded monthly until paid in full (“Default Interest”). Such Default Interest shall be on the outstanding principal amount, the interest due under the Note and the Late Fee(s).

Late Fee and Default Interest. As noted above, time is of the essence on the repayment of this Note. If this Note is not paid in full on or before the Maturity Date, there shall be a late fee of ten percent (10%) of the Obligationsor $5,000. There shall accrue additional Late Fees of 10% every thirty ten (3010) calendar days until repaid in full. In addition, after the Maturity Date, this Note shall accrue interest from the Maturity Date at the rate of twenty-eight eighteen percent (2818%) per annum, compounded monthly daily until paid in full (“Default Interest”). Such Default Interest shall be on the outstanding principal amount, the interest due under the Note and the Late Fee(s).