Late Charge definition

Late Charge shall have the meaning set forth in Section 13.09 hereof.

Split View

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Get StartedSchedule a Demo

Late Charge means the lesser of five percent (5%) of the payment due or the maximum amount permitted by the law of the state where the Equipment is located.

Late Charge means the amount due and payable as a late charge on overdue payments under the Note, as provided in Section 7 of the Note and Section 2.8 of the Loan Agreement.

Examples of Late Charge in a sentence

• All amounts payable under this Section, if not paid when due, shall be paid to Agent together with interest thereon at the Late Charge Rate.

• The assessment of a Late Charge shall be in addition to, and not in lieu of, Agent’s imposition of a default rate (accruing at the “Default Rate” specified in the related Schedule) with respect to any unpaid accelerated balance due hereunder.

• Any amount of Principal or other amounts due under the Transaction Documents which is not paid when due shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such amount at the Default Rate from the date such amount was due until the same is paid in full or such failure or default is cured or waived, as applicable (each, a "Late Charge").

• Any and all amounts due hereunder or under the other Loan Documents which remain unpaid more than five (5) days after the date said amount was due and payable shall incur a fee (the “Late Charge” of four percent (4%) of said amount, which payment shall be in addition to all of Lender’s other rights and remedies under the Loan Documents, provided that no Late Charge shall apply to the final payment of principal on the Maturity Date.

More Definitions of Late Charge

Late Charge means the lesser of (i) five percent (5%) of any unpaid amount and (ii) the maximum late charge permitted to be charged under the laws of the State of New York.

Late Charge is imposed for the purpose of defraying the expenses of a Lender incident to handling such defaulting payment. This charge shall be in addition to, and not in lieu of, any other remedy Lenders may have and is in addition to any fees and charges of any agents or attorneys which Administrative Agent or Lenders may employ upon the occurrence of a Default, whether authorized herein or by Law.

Late Charge has the meaning provided in Section 2.4.

Late Charge. As such term is defined in Section 4.6. Laws: Collectively, all federal, state and local laws, statutes, codes, ordinances, orders, rules and regulations, including judicial opinions or precedential authority in the applicable jurisdiction.

Late Charge shall have the meaning specified in paragraph 2(e)(i)(B) of Part I of this Section 12.1.

Late Charge equal to five percent (5%) of the amount of any regularly scheduled payment of principal (other than principal due at Maturity or any Mandatory Principal Prepayment), interest, or both, which is not paid within ten (10) days of the due date thereof (other than with respect to any payment as to which the said ten (10) day period expires after the implementation of the Default Rate). Late charges are: (a) except as provided above, payable in addition to, and not in limitation of, the Default Rate, (b) intended to compensate Agent for administrative and processing costs incident to late payments, (c) are not interest, and (d) shall not be subject to refund or rebate or credited against any other amount due.

Late Charge equal to five percent (5%) of the amount of any payment of principal, other than principal due at the Maturity Date (or the date on which the Agent accelerates the time for payment of the Loan after the occurrence of an Event of Default), interest, or other Obligations, which are not paid within ten (10) days of the due date thereof. Late Charges are: (a) payable in addition to, and not in limitation of, the Default Rate, (b) intended to compensate Agent and the Lenders for administrative and processing costs incident to late payments, (c) not interest, and (d) not subject to refund or rebate or credit against any other amount due.