Common use of XXXXXXXXS Failure to Pay as Required Clause in Contracts

XXXXXXXXS Failure to Pay as Required. (A) Late Charge for Overdue Payments If any installment of principal or interest is not received by the Lender by the end of the 10th calendar day after the date it is due, a late fee shall be payable on such defaulted payment at a rate which is equal to 5% per annum above the current rate of interest under this note, subject to a minimum interest charge of 5% of such defaulted payment.