Common use of Default Interest and Late Payment Charge Clause in Contracts

Default Interest and Late Payment Charge. To the extent permitted by Law, during the existence of any Event of Default, Borrower will pay interest on the entire principal amount then outstanding and all other sums due under the Loan, regardless of the Interest Rate Option otherwise applicable thereto, at a rate per annum equal to the Default Rate. The Default Rate accrues before and after any judgment has been entered. In addition, Borrower will pay upon demand by Lender a late payment charge equal to five percent (5%) of the amount of any payment due under the Loan, prior to maturity or acceleration, which is not received by Lender within ten (10) days after the date such payment is due. Borrower acknowledges that the increased interest rate and the late payment charge provided for herein reflect, among other things, the fact that the Loan has become a substantially greater credit risk given its default status and that Lender is entitled to additional compensation for such risk and all such interest is payable by Borrower upon demand by Lender. Borrower also agrees and acknowledges that the Default Rate is a reasonable forecast of such additional compensation for anticipated and actual harm incurred by Lender, and that such harm cannot be estimated with certainty or without difficulty. The Default Rate is imposed as liquidated damages for the purpose of defraying Lender’s expenses incident to the handling of delinquent payments, but is in addition to, and not in lieu of, the exercise by Lender, of any rights and remedies hereunder, under the other Loan Documents or under applicable Law, and any fees and expenses of any attorneys or other professionals Lender may employ.

Default Interest and Late Payment Charge. To the extent permitted by Law, during the existence of any Event of Default, Borrower will pay interest on the entire principal amount then outstanding and all other sums due under the Loan, regardless of the Interest Rate Option otherwise applicable thereto, at a rate per annum equal to the Default Rate. The Default Rate accrues before and after any judgment has been entered. In addition, Borrower will pay upon demand by Lender Agent a late payment charge equal to five percent (5%) of the amount of any payment due under the Loan, prior to maturity or acceleration, which is not received by Lender Agent within ten (10) days after the date such payment is due. Borrower acknowledges that the increased interest rate and the late payment charge provided for herein reflect, among other things, the fact that the Loan has become a substantially greater credit risk given its default status and that Lender is Lenders are entitled to additional compensation for such risk and all such interest is payable by Borrower upon demand by LenderAgent. Borrower also agrees and acknowledges that the Default Rate is a reasonable forecast of such additional compensation for anticipated and actual harm incurred by LenderAgent and Lenders, and that such harm cannot be estimated with certainty or without difficulty. The Default Rate is imposed as liquidated damages for the purpose of defraying Lender’s Lenders' expenses incident to the handling of delinquent payments, but is in addition to, and not in lieu of, the exercise by LenderAgent, of any rights and remedies hereunder, under the other Loan Documents or under applicable Law, and any fees and expenses of any attorneys or other professionals Lender Agent may employ.

Default Interest and Late Payment Charge. To the extent permitted by Law, upon the occurrence and during the existence continuation of any Event of Default, and upon written demand from Lender, Borrower will shall pay interest on the entire principal amount then outstanding and all other sums due under the Loan, regardless of the Interest Rate Option otherwise applicable theretoapplicable, at a rate per annum equal to the Default Rate. The Default Rate accrues shall accrue before and after any judgment has been entered. In addition, Borrower will shall pay upon demand by Lender a late payment charge equal to five percent (5%) of the amount of any payment due under the Loan, prior to maturity or acceleration, Loan which is not received by Lender within ten (10) days (i) after the date such payment is duedue with respect to regularly scheduled payments and (ii) after Borrower’s receipt of notice from Lender for any other payments; provided, however, that such late payment fee shall not apply to any payment due on the Expiration Date. Borrower acknowledges that the increased interest rate and the late payment charge provided for herein reflect, among other things, the fact that the Loan has become a substantially greater credit risk given its default status and that Lender is entitled to additional compensation for such risk risk, and all such interest is shall be payable by Borrower upon demand by Lender. Borrower also agrees and acknowledges that the Default Rate is a reasonable forecast of such additional compensation for anticipated and actual harm incurred by Lender, Lender and that such harm cannot be estimated with certainty or without difficulty. The Default Rate is imposed as liquidated damages for the purpose of defraying Lender’s expenses incident to the handling of delinquent payments, but is in addition to, to and not in lieu of, the exercise by Lender, Lender of any rights and remedies hereunder, under the other Loan Documents or under applicable Law, Law and any fees and expenses of any attorneys or other professionals attorney Lender may employ.

Default Interest and Late Payment Charge. To the extent permitted by Law, during the existence continuance of any Event of Default, Borrower interest will pay interest accrue on the entire principal amount then outstanding and all other sums due under the Loan, regardless of the Interest Rate Option otherwise applicable thereto, Loan at a rate per annum equal to the Default Rate. The Default Rate accrues before and after any judgment has been entered. In addition, Borrower will pay upon demand by Lender Agent a late payment charge equal to five percent (55.00%) of the amount of any payment due under the Loan, prior to maturity or acceleration, which is not received by Lender Agent within ten (10) days after the date such payment is due; provided, however, the late payment charge described in this Section 3.3 shall not be due in connection with the failure to make the payment due on the Expiration Date. Borrower acknowledges that the increased interest rate and the late payment charge provided for herein reflect, among other things, the fact that the Loan has become a substantially greater credit risk given its default status and that Lender is Lenders are entitled to additional compensation for such risk and all such interest is payable by Borrower upon demand by LenderAgent. Borrower also agrees and acknowledges that the Default Rate is a reasonable forecast of such additional compensation for anticipated and actual harm incurred by LenderAgent and Lenders, and that such harm cannot be estimated with certainty or without difficulty. The Default Rate is imposed as liquidated damages for the purpose of defraying Lender’s Lenders’ expenses incident to the handling of delinquent payments, but is in addition to, and not in lieu of, the exercise by LenderAgent, of any rights and remedies hereunder, under the other Loan Documents or under applicable Law, and any fees and expenses of any attorneys or other professionals Lender Agent may employ.