Late Payment Rate. Any payment of interest on any Note or any Reimbursement Obligation and any payment of any Commitment Fee, Letter of Credit Fee or other fee or payment payable by the Borrower under any Loan Document and not paid on the date when due and payable shall bear interest, to the extent permitted by law, at the Alternate Base Rate plus the Applicable Margin for ABR Loans plus 2% per annum from the due date thereof until the date such payment is made.
Appears in 3 contracts
Samples: Credit Agreement (Salem Communications Corp /De/), Security Agreement (Salem Communications Corp /De/), Credit Agreement (Salem Communications Corp /De/)
Late Payment Rate. Any payment of interest on any Note or any Reimbursement Obligation and any payment of any Commitment Fee, Letter of Credit Fee or other fee or payment payable by the Borrower under any Loan Document and not paid on the date when due and payable shall bear interest, to the extent permitted by law, at the Alternate Base Rate plus the Applicable Margin for ABR Loans plus 2% per annum from the due date thereof until the date such payment is made.
Appears in 2 contracts
Samples: Credit Agreement (American Radio Systems Corp /Ma/), Credit Agreement (American Radio Systems Corp /Ma/)
Late Payment Rate. Any payment of interest on any Note or any ----------------- Reimbursement Obligation and any payment of any Commitment Fee, Letter of Credit Fee or other fee or payment payable by the Borrower under any Loan Document and not paid on the date when due and payable shall bear interest, to the extent permitted by law, at the Alternate Base Rate plus the Applicable Margin for ABR Loans plus 2% per annum from the due date thereof until the date such payment is made.
Appears in 1 contract
