Common use of Default Interest and Late Charges Clause in Contracts

Default Interest and Late Charges. In the event that any principal amount of this Note is not paid within five (5) days of when due and payable (whether at stated maturity, by acceleration or otherwise), the interest rate on such principal amount shall, notwithstanding anything herein or in the Agreement to the contrary and until all principal payments on this Note have been brought current, thereafter be increased by three percent (3%) per annum to the extent legally enforceable. Any interest not paid when due and payable shall thereafter be paid, on demand by the Payee, together with interest thereon at a rate of three percent (3%) per annum in excess of the rate set forth in Section 2 of this Note.

Default Interest and Late Charges. In the event that any principal amount of this Note is not paid within five (5) days of when due and payable (whether at stated maturity, by acceleration or otherwise), the interest rate on such principal amount shall, notwithstanding anything herein or in the Agreement to the contrary and until all principal payments on this Note have been brought current, thereafter be increased by three two percent (32%) per annum to the extent legally enforceableannum. Any interest not paid when due and payable shall thereafter be paid, on demand by the Payee, together with interest thereon at a rate of three two percent (32%) per annum in excess of the rate set forth in Section 2 of this Note.