Application of Fees. We may apply any amounts received from you to any amounts due under this Agreement. Failure to pay any amount when due is a material breach of this Agreement. Such unpaid amounts will accrue a service charge beginning on the first day of the month following the due date of one and one-half percent (1 1/2%) per month or the maximum amount permitted by Applicable Law, whichever is less.
Appears in 3 contracts
Samples: License Agreement, Franchise License Agreement (American Assets Trust, Inc.), Franchise License Agreement (American Assets Trust, Inc.)
Application of Fees. We may apply any amounts received from you to any amounts due under this Agreement. Failure to pay any amount when due is a material breach of this Agreement. Such unpaid amounts will accrue a service charge beginning on the first day of the month following the due date of one and one-half percent (1 1/2%1½%) per month or the maximum amount permitted by Applicable Law, whichever is less.
Appears in 2 contracts
Samples: Franchise License Agreement (Apple REIT Ten, Inc.), Franchise License Agreement (Apple REIT Ten, Inc.)
