Applications of Payments; Late Charges Clause Samples

Applications of Payments; Late Charges. (a) Payments received by Lender hereunder will be applied first to costs and expenses, then to interest and finally to principal unless Lender elects otherwise in its sole discretion. (b) If any payment of principal or interest is not paid when due, such late payment will bear interest at the Default Rate from the day such payment was due until it is paid. In addition, if any payment is five or more days overdue, Lender will have the option to assess a late charge of $0.03 cents for each dollar so overdue. In connection therewith, Company and Lender agree as follows: (i) Because of such late payment, Lender will incur certain costs and expenses including, without limitation, administrative costs, collection costs, loss of interest, and other direct and indirect costs in an uncertain amount; (ii) It would be impractical or extremely difficult to fix the exact amount of such costs in such event; (iii) The late charge is a reasonable and good faith estimate of such costs; and (iv) Such late charge will constitute liquidated damages caused by such failure to make a payment of interest or principal when due but only to the extent such late charge is assessed by Lender, paid by Company and accepted by Lender and only upon the condition that such failure is completely cured concurrently with such payment. The application of the Default Rate or the assessment of a late charge to any such late payment as described in this Section 8(b) will not be interpreted or deemed to extend the period for payment or otherwise limit any of Lender’s remedies under this Note, the Security Agreement, the Development Agreement, or the License Agreement.
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Applications of Payments; Late Charges. (a) Payments received by Holder pursuant to the terms hereof shall be applied in the manner required by the Credit Agreement. (b) If any installment of interest and/or the payment of principal is not received by Holder on the due date thereof, then in addition to the remedies conferred upon Holder pursuant to Article IX of the Credit Agreement and the other Loan Documents, the Holder may elect to assess a late charge in the amount of 7% of the late payment for the first day late, and an additional 3% of the amount of the late payment for each further day late thereafter, for a maximum of 5 days, which late charge will be added to the delinquent amount to compensate Holder for the administrative expenses resulting from any such delinquency. Borrowers understand that the failure of Borrowers to make payments hereunder in a timely manner shall cause Holder to incur substantial administrative expenses as a result of any such delinquency, and ▇▇▇▇▇▇▇▇▇ and ▇▇▇▇▇▇ agree that the foregoing late charge represents a good faith and fair and reasonable estimate of the probable cost to Holder resulting from any such delinquency. Borrowers acknowledge that during the time that any such amount shall be in default, Holder will incur losses which are impracticable, costly and inconvenient to ascertain and that such late charge represents a reasonable sum considering all of the circumstances existing on the date of the execution of this Note and represents a reasonable estimate of the losses Holder will incur by reason of late payment. Borrowers further agree that proof of actual losses would be costly, inconvenient, impracticable and extremely difficult to fix. Acceptance of such late charge shall not constitute a waiver of the default with respect to the overdue installment, and shall not prevent Holder from exercising any of the other rights and remedies available hereunder.
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Applications of Payments; Late Charges. (a) Payments received by Holder pursuant to the terms hereof shall be applied in the manner required by Section 2.10 of the Loan Agreement, as that section is amended from time to time. (b) If any installment of interest and/or the payment of principal is not received by Holder within ten (10) days after the due date thereof, then in addition to the remedies conferred upon Holder pursuant to Article 7 of the Loan Agreement (as that article is amended from time to time) and the other Loan Documents, the Holder may elect to assess a late charge in the amount of 5% of the amount of the installment due and unpaid, as provided in the Loan Agreement. Notwithstanding the foregoing, no such late charge shall be imposed upon a payment to repay the Loan upon the Maturity Date or upon acceleration of the Loan.
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Applications of Payments; Late Charges. (a) Payments received by Holder pursuant to the terms hereof shall be applied in the manner required by Section 2.12 of the Loan Agreement. (b) If any installment of interest and/or the payment of principal is not received by Holder within 5 Business Days after the due date thereof, then in addition to the remedies conferred upon Holder pursuant to Section 8 hereof and the other Loan Documents, the Holder may elect to assess a late charge of 4% of the amount of the installment due and unpaid, which such late charge will be added to the delinquent amount to compensate Holder for the expense of handling the delinquency. Borrower and Holder agree that such late charge represents a good faith and fair and reasonable estimate of the probable cost to Holder of such delinquency. Borrower acknowledges that during the time that any such amount shall be in default, Holder will incur losses which are impracticable, costly and inconvenient to ascertain and that such late charge represents a reasonable sum considering all of the circumstances existing on the date of the execution of this Note and represents a reasonable estimate of the losses Holder will incur by reason of late payment. Borrower further agrees that proof of actual losses would be c▇▇▇▇▇, inconvenient, impracticable and extremely difficult to fix. Acceptance of such late charge shall not constitute a waiver of the default with respect to the overdue installment, and shall not prevent Holder from exercising any of the other rights and remedies available hereunder.
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Applications of Payments; Late Charges. (a) Except as provided in subparacraph 4(f), any payments received by Holder pursuant to the terms hereof shall be applied first to sums, other than principal and interest, due Holder pursuant to the Loan Documents, next to the payment of all interest accrued to the date of such payment, and the balance, if any, to the payment of principal. (b) Maker acknowledges that the late payment of any amount due hereunder will cause Holder tO lose the use of such money and incur costs and expenses not contemplated under the Loan Documents, including, without limitation, administrative and collection costs and processing and accounting expenses, the exact amount of which is extremely difficult to ascertain. Therefore, if any installment of Basic Interest or other charges due under the Loan Documents is not received by Holder on the due date thereof, then in addition to the remedies conferred upon Holder pursuant to Paragraph 10 hereof and the other Loan Documents, (1) a late charge of five percent (5%) of the amount due and unpaid will be added to the delinquent amount to compensate Holder for the expense of handling the delinquency (a "Late Charge"); provided, however, such Late Charge shall be imposed on the date when such payment is due subsequent to any time that Maker fails to make installment payments within five (5) days of the due date thereof either for (A) three (3) consecutive months, or (B) four (4) months in any consecutive twelve (12) month period, and (2) the amount due and unpaid, including the Late Charge, shall bear interest at the lesser of the highest annual rate which may lawfully be charged and collected under applicable law on the obligation evidenced by this Note or an annual rate which shall be four percent (4$) higher than the Basic Interest (the "Agreed Rate"), computed from the date on which the amount was due and payable until paid.
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Applications of Payments; Late Charges. 20 Section 2.13 Approval Period.................................................21 Section 2.14 Revolving Nature of Loan........................................21 Section 2.15 Security........................................................21
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Applications of Payments; Late Charges. 27 Section 2.13. Interest Rate Limitation.............................................28 Section 2.14. Revolving Nature of Loan.............................................28 Section 2.15. Voluntary Permanent Reduction in the Loan Amount.....................28
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Related to Applications of Payments; Late Charges

  • Payments; Application of Payments (a) All payments (including prepayments) to be made by Borrower under any Loan Document shall be made in immediately available funds in U.S. Dollars, without setoff or counterclaim, before 12:00 p.m. Pacific time on the date when due. Payments of principal and/or interest received after 12:00 p.m. Pacific time are considered received at the opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment shall be due the next Business Day, and additional fees or interest, as applicable, shall continue to accrue until paid. (b) All payments with respect to the Obligations may be applied in such order and manner as Bank shall determine in its sole discretion. Borrower shall have no right to specify the order or the accounts to which Bank shall allocate or apply any payments required to be made by Borrower to Bank or otherwise received by Bank under this Agreement when any such allocation or application is not specified elsewhere in this Agreement.

  • Application of Payments and Collections All items of payment received by Agent by 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on that Business Day. All items of payment received after 12:00 noon, Chicago, Illinois, time, on any Business Day shall be deemed received on the following Business Day. Borrower irrevocably waives the right to direct the application of any and all payments and collections at any time or times hereafter received by Agent from or on behalf of Borrower, and Borrower does hereby irrevocably agree that Agent shall have the continuing exclusive right to apply and reapply any and all such payments and collections received at any time or times hereafter by Agent or its agent against the Obligations, in such manner as Agent may deem advisable, notwithstanding any entry by Agent or any Lender upon any of its books and records. Amounts received by the Agent shall be for further credit to the accounts of Lenders pursuant to the settlement procedures contained in subsection 3.1.3 of this Agreement. Notwithstanding the foregoing, payments and collections shall not be applied to Obligations consisting of Derivative Obligations or Product Obligations at any time that any other Obligations are then due and payable. If as the result of collections of Accounts as authorized by subsection 6.2.4 hereof or otherwise, a credit balance exists in the Loan Account, such credit balance shall not accrue interest in favor of Borrower, but shall be disbursed to Borrower or otherwise at Borrower's direction in the manner set forth in subsection 3.1.2, upon Borrower's request at any time, so long as no Default or Event of Default then exists. Agent may at its option, offset such credit balance against any of the Obligations upon and during the continuance of an Event of Default.

  • Collection of Payments Borrower authorizes Bank to collect all principal, interest and fees due under each credit subject hereto by charging any deposit account maintained by Borrower with Bank, for the full amount thereof. Should there be insufficient funds in any such deposit account to pay all such sums when due, the full amount of such deficiency shall be immediately due and payable by Borrower.

  • Application of Payments Landlord shall have the right to apply payments received from Tenant pursuant to this Lease, regardless of Tenant’s designation of such payments, to satisfy any obligations of Tenant hereunder, in such order and amounts as Landlord, in its sole discretion, may elect.

  • Application of Payments to Principal and Interest All payments in respect of the principal amount of any Loan shall include payment of accrued interest on the principal amount being repaid or prepaid, and all such payments shall be applied to the payment of interest before application to principal.