Common use of Default Rate; Late Charge Clause in Contracts

Default Rate; Late Charge. From and after such time as an Event of Default occurs under this Agreement or any of the Loan Documents, or if either Loan is not paid in full on or prior to its Maturity Date, the unpaid balance outstanding under the Loan shall bear interest at an interest rate equal to the applicable Interest Rate, plus three percent (3%) (the "Default Rate"). Each Borrower further agrees to pay a "Late Charge" of five percent (5%) of any amount due hereunder if such amount is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights Lender may have, including the right to declare the entire principal and interest immediately due and payable.

Default Rate; Late Charge. From and after such time as an Event of Default occurs under this Agreement or any of the Loan Documents, or if either Loan is not paid in full on or prior to its Maturity Date, the unpaid balance outstanding under the Loan shall bear interest at an interest rate equal to the applicable Interest Rate, plus three percent (3%) (the "Default Rate"). Each Borrower further agrees to pay a "Late Charge" of five percent (5%) of any amount due hereunder if such amount is paid more than ten (10) days after the due date thereof, to cover the extra expense involved in handling delinquent payments. This provision shall not be deemed to excuse a late payment or be deemed a waiver of any other rights Lender may have, including the right to declare the entire principal and interest immediately due and payable.