Common use of Late Charge Fee Clause in Contracts

Late Charge Fee. In the event that any payment, including, without limitation, interest or principal, required to be made by the Co-Borrowers under the Notes or under this Loan Agreement shall not be received by the Agent within fifteen (15) days of when due, the Agent, on behalf of the Lenders, may charge, and if so charged, the Co-Borrowers shall pay, a late charge of ($0.05) for each dollar ($1.00) of each delinquent payment for the purpose of defraying the expense incident to the handling of such delinquent payment. In no event shall said late charge fee be less than ten dollars ($10.00).