Common use of Late Fee; Default Rate Clause in Contracts

Late Fee; Default Rate. If any payment is not made within ten (10) Business Days after the date such payment is due, Bank shall notify Borrower. If Borrower has not made such payment within two (2) Business Days after receiving notice, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5.00%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under Applicable Law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to two (2.00) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

Late Fee; Default Rate. If any payment is not made within ten (10) Business Days after the date such payment is due, Bank shall notify Borrower. If Borrower has not made such payment within two (2) one Business Days Day after receiving notice, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5.00%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under Applicable Law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to two five (2.005) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

Late Fee; Default Rate. If any payment is not made within ten (10) Business Days days after the date such payment is due, Bank shall notify Borrower. If Borrower has not made such payment within two one (21) Business Days Day after receiving noticewritten notice from Bank, Borrower shall pay Bank a late fee equal to the lesser of (i) five percent (5.00%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under Applicable Lawapplicable law. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to two three (2.003) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.