Common use of Late Fee and Interest Clause in Contracts

Late Fee and Interest. If Subtenant shall fail to pay, within five (5) days of when due, any Rent, then Subtenant shall pay with the next installment a late charge equal to five percent (5%) of the late Rent, which shall in no event be less than $200.00. Except as set forth herein, Subtenant shall not have any grace periods for late payments unless expressly granted by Sublandlord. Unless so granted, the additional five percent (5%) shall be automatically due and owing to Sublandlord. In addition, all past-due payments required of Subtenant hereunder that are more than twenty (20) days past due shall bear interest from the date that is twenty (20) days after the date due until paid at the lesser of the rate of fifteen percent (15%) per annum or the maximum lawful rate of interest. In no event, however, shall the charges permitted under this Sublease exceed the maximum lawful rate of interest.

Late Fee and Interest. If Subtenant shall fail to pay, pay when due any Rent within five (5) days of when due, any Rentafter notice from Sublandlord, then Subtenant shall pay with Sublandlord has the next installment right, without further notice to Subtenant, to impose a late payment charge equal to the lesser of (i) five percent (5%) of the late Rent, which shall in no event be less than or (ii) One Thousand Five Hundred and 00/100 Dollars ($200.001,500.00). Except as set forth herein, Subtenant shall not have any grace periods for late payments unless expressly granted by Sublandlord. Unless so granted, the additional five percent (5%) amount set forth above shall be automatically due and owing to Sublandlord. In addition, all past-due payments required of Subtenant hereunder that are more than twenty not paid within ten (2010) business days past due when due, shall bear interest from the date that is twenty (20) days after the date due until paid at the lesser of the rate of fifteen twelve percent (1512%) per annum or the maximum lawful rate of interest. In no event, however, shall the charges permitted under this Sublease exceed the maximum lawful rate of interest.