Common use of Late Payments; Default Rate Clause in Contracts

Late Payments; Default Rate. If the Borrower fails to make any payment of principal when due or any payment of interest or other amount coming due pursuant to the provisions of this Note within five (5) business days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $500. Such five (5) day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by the Bank of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. Upon maturity, whether by acceleration, demand or otherwise, and at the option of the Bank upon the occurrence of any Event of Default and during the continuance thereof, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percentage points (2%) in excess of the interest rate in effect from time to time under this Note, but not more than the maximum rate allowed by law (the "DEFAULT Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.

Late Payments; Default Rate. If the Borrower fails to make any payment of principal when due or any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within five fifteen (515) business calendar days of the date due and payable, the Borrower also shall pay to the Bank Lender a late charge equal to the lesser of five percent (5%) of 5.0%)of the amount of such payment or Fifty Dollars ($50050.00). Such five fifteen (5) day 15)day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by the Bank Lender of any rights and remedies hereunder, under the other Loan Documents or under applicable lawlaws, and any fees and expenses of any agents or attorneys which the Bank Lender may employ. Upon maturity, whether by acceleration, demand or otherwise, and at the option of the Bank Lender upon the occurrence of any Event of Default and (as hereinafter defined)and during the continuance thereof, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which elapsed)which shall be two four percentage points (24.0%) in excess of the interest rate in effect from time to time under this Note, Note but not more than the maximum rate allowed by law (the "DEFAULT Default Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.

Late Payments; Default Rate. If the Borrower fails to make any payment of principal when due or any payment of interest or other amount coming due pursuant to the provisions of this Note within five (5) business days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $500. Such five (5) business day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by the Bank of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any reasonable fees and expenses of any agents or attorneys which the Bank may employ. Upon maturity, whether by acceleration, demand or otherwise, and at At the option of the Bank upon the occurrence of any Event of Default (as defined in the Loan Agreement) and during the continuance thereof, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percentage points (2%) in excess of the interest rate in effect from time to time under this Note, Note but not more than the maximum rate allowed by law (the "DEFAULT RateRATE"). The Default Rate shall continue to apply whether or not judgment shall be entered on this NoteNote until all such Events of Default have been cured.

Late Payments; Default Rate. If the Borrower fails to make any payment of principal when due or any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within five ten (510) business calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five ten percent (510%) of the amount of such payment or $500payment. Such five (5) ten day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by the Bank of any rights and remedies hereunder, under the other Loan Documents or under applicable lawlaws, and any fees and expenses of any agents or attorneys which the Bank may employ. Upon maturity, whether by acceleration, demand or otherwise, and at the option of the Bank upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percentage points (2%) in excess of the interest rate in effect from time to time under this Note, Note but not more than the maximum rate allowed by law (the "DEFAULT Default Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.

Late Payments; Default Rate. If the Borrower fails falls to make any payment of principal when due or any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within five fifteen (515) business calendar days of the date due and payable, the Borrower also shall pay to the Bank Lender a late charge equal to the lesser of five percent (55.0%) of the amount of such payment or Fifty Dollars ($50050.00). Such five fifteen (5) day 15)day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by the Bank Lender of any rights and remedies hereunder, under the other Loan Documents or under applicable lawlaws, and any fees and expenses of any agents or attorneys which the Bank Lender may employ. Upon maturity, whether by acceleration, demand or otherwise, and at the option of the Bank Lender upon the occurrence of any Event of Default and (as hereinafter defined)and during the continuance thereof, this Note shall bear interest at a rate per annum the Default Rate (as defined in the Loan Documents), based on a year of 360 days and actual days elapsed) which shall be two percentage points (2%) in excess of the interest rate in effect from time to time under this Note, but not more than the maximum rate allowed by law (the "DEFAULT Default Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.