Common use of Delinquency Charge Clause in Contracts

Delinquency Charge. Lender shall be entitled to charge a delinquency charge on commercial loans on the amount of any installment or other amount in default for a period of not less than 10 days, in a reasonable amount not to exceed 5% of the amount of the delinquent installment, in addition to the interest provided for herein.

Delinquency Charge. Lender shall be entitled to charge a delinquency charge on commercial loans on the amount of any installment or other amount in default for a period of not less than 10 15 days, in a reasonable amount not to exceed 54% of the amount of the delinquent installment, in addition to the interest provided for herein.