Common use of Late Fee; Default Rate Clause in Contracts

Late Fee; Default Rate. If any payment is not made within ten (10) days after the date such payment is due, Borrowers shall pay Administrative Agent for the accounts of the Lenders a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than $25.00. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

Late Fee; Default Rate. If any payment of principal or interest is not made within ten (10) 15 days after the date such payment is due, Borrowers shall pay Administrative Agent (for the accounts benefit of the Lenders Lenders) a late fee equal to the lesser of (i) five percent (5%) % of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than $25.00. All outstanding Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five (5) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.

Late Fee; Default Rate. If any payment required pursuant to this Agreement is not made within ten (10) days after the date such payment is due, Borrowers Borrower shall pay Administrative Agent for the accounts of the Lenders a late fee equal to the lesser of (i) five percent (5%) of the amount of such unpaid amount or (ii) the maximum amount permitted to be charged under applicable law, not in any case to be less than $25.00. All Obligations shall bear interest, from and after the occurrence and during the continuance of an Event of Default, at a rate equal to five percent (5%) percentage points above the interest rate applicable immediately prior to the occurrence of the Event of Default.