Damage to Sublandlord for Late Payment Sample Clauses

Damage to Sublandlord for Late Payment. The late payment of any -------------------------------------- Rent will cause Sublandlord to incur additional costs, including the cost to maintain in full force the Master Lease, administration and collection costs, and processing and accounting expenses. The parties have agreed that Sublandlord should be reimbursed for such additional costs incurred on account of any late payment by Subtenant, notwithstanding that the damage Sublandlord will suffer in such event is difficult to ascertain in advance. Accordingly, the parties have agreed that the late charge and interest payments described in Sections 4.2 and 4.3 below constitute a reasonable estimate of the damage that Sublandlord will suffer in the event of Subtenant's failure to pay the Rent in a timely fashion.

Damage to Sublandlord for Late Payment. The late payment of any Rent will cause Sublandlord to incur additional costs, including, without limitation, administration and collection costs, and processing and accounting expenses. The parties have agreed that Sublandlord should be reimbursed for such additional costs incurred on account of any late payment by Subtenant, notwithstanding that the damage Sublandlord will suffer in such event is difficult to ascertain in advance. Accordingly, the parties have agreed that the late charge and interest payments described herein constitute a reasonable estimate of the damage that Sublandlord will suffer in the event of Subtenant's failure to pay the Rent in a timely fashion. If Sublandlord has not received any installment of Rent within five (5) days after that amount is due, Subtenant shall pay to Sublandlord ten percent (10%) of the delinquent amount. In addition to the payment of the foregoing late charge, all delinquent amounts of Rent shall bear interest from the date the amount was due until paid in full at the maximum annual interest rate allowed by law for business loans (not primarily for personal, family or household purposes) not exempt from the usury law at such due date or, if there is no such maximum annual interest rate, at the rate of twelve (12%) per annum. Notwithstanding anything to the contrary in this Section 5.1, the first time in any calendar year that Subtenant fails to pay Base Rent or Additional Rent within five (5) days after it is due, Sublandlord shall give Subtenant written notice of such failure, but no late charge shall be owed. If a late charge becomes payable hereunder for any three (3) installments of Rent within any twelve (12) month period, the Rent shall automatically become payable quarterly in advance.