Late Charge definition
Late Charge shall have the meaning set forth in Section 13.09 hereof.
Late Charge means the lesser of five percent (5%) of the payment due or the maximum amount permitted by the law of the state where the Equipment is located.
Late Charge is imposed for the purpose of defraying the expenses of a Lender incident to handling such defaulting payment. This charge shall be in addition to, and not in lieu of, any other remedy Lenders may have and is in addition to any fees and charges of any agents or attorneys which Administrative Agent or Lenders may employ upon the occurrence of a Default, whether authorized herein or by Law.
Examples of Late Charge in a sentence
Application of the Late Charge shall not be construed as a consent by Lender to an extension of time for any payment, as a waiver of any default that may be related to such or any other overdue payment or of any other default or as a waiver of any other right or remedy of Lender hereunder, at law or in equity.
More Definitions of Late Charge
Late Charge means the amount due and payable as a late charge on overdue payments under the Note, as provided in Section 7 of the Note and Section 2.8 of the Loan Agreement.
Late Charge means the lesser of (i) five percent (5%) of any unpaid amount and (ii) the maximum late charge permitted to be charged under the laws of the State of New York.
Late Charge has the meaning provided in Section 2.4.
Late Charge. As such term is defined in Section 4.6. Laws: Collectively, all federal, state and local laws, statutes, codes, ordinances, orders, rules and regulations, including judicial opinions or precedential authority in the applicable jurisdiction.
Late Charge equal to five percent (5%) of the amount of any payment of principal (other than principal due on the Maturity Date of the Loan), interest, or both, which is not paid in full within ten (10) days of the due date thereof. Late charges (a) are payable in addition to, and not in limitation of, the Default Rate, (b) are intended to compensate the Lead Lender for administrative and processing costs incident to late payments, (c) are not interest and (d) shall not be subject to refund or rebate or credited against any other amount due.
Late Charge shall have the meaning specified in paragraph 2(e)(i)(B) of Part I of this Section 12.1.
Late Charge shall have the meaning set forth in Section 2.4 hereof.