Examples of Late Rate in a sentence
In the event that Lessee shall fail to maintain insurance as herein provided in Section 12.1 or, if applicable, Section 12.3, Lessor or Policy Provider may at its option, upon prior written notice to Lessee, provide such insurance and, in such event, Lessee shall, upon demand from time to time reimburse Lessor for the cost thereof together with interest from the date of payment thereof at the Late Rate, on the amount of the cost to Lessor of such insurance which Lessee shall have failed to maintain.
Except in the event Holder elects to extend the Maturity Date and Late Rate (as defined below), this Note shall bear interest at a rate equal to Ten Percent (10%) per annum.
In the event that Lessee shall fail to maintain insurance as herein provided in Section 12.1 or, if applicable, Section 12.3, Lessor may at its option, upon prior written notice to Lessee, provide such insurance and, in such event, Lessee shall, upon demand from time to time reimburse Lessor for the cost thereof together with interest from the date of payment thereof at the Late Rate, on the amount of the cost to Lessor of such insurance which Lessee shall have failed to maintain.
In the event Royalty payments or fees are not received by UNC when due, and there is not a dispute between Licensee and UNC or any other Licensor with respect to the amount of the Royalty which is due, then Licensee shall pay to UNC interest at an annual rate (the "Late Rate") equal to the prime rate (as quoted in the Wall Street Journal) plus two percent (2%) on the amount of Royalties or fees which are past due.
The Borrowers hereby further agree to pay interest on the unpaid principal balance of the Loan, in arrears, on each Interest Payment Date; provided, however, any such interest accruing at the Late Rate shall be due and payable on demand.