Common use of Late Charge; Default Interest Clause in Contracts

Late Charge; Default Interest. Borrower recognizes that default by ▇▇▇▇▇▇▇▇ in making the payments herein and in the Deed of Trust when due will result in Lender incurring additional expense in servicing the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its commitments. ▇▇▇▇▇▇▇▇ agrees that, if for any reason ▇▇▇▇▇▇▇▇ fails to pay when due any payment due under this Note, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, Lender shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. ▇▇▇▇▇▇▇▇ therefore agrees that a reasonable estimate of such damages to ▇▇▇▇▇▇ is as follows: In the event Borrower fails to pay any installment payment of principal and/or interest within fifteen (15) days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Late Charge”). In the event Borrower fails to reimburse Lender for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by ▇▇▇▇▇▇ to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually (“Default Interest”). In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, is not made in full when due, then said unpaid amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.

Late Charge; Default Interest. Borrower recognizes that any default by ▇▇▇▇▇▇▇▇ Borrower in making the payments herein and in required under the Deed of Trust Borrower Loan Documents when due will result in Governmental Lender and Bank incurring additional expense in servicing the Borrower Loan, in loss to Lender of the use of the money due and in frustration to Lender in of meeting its commitmentscommitments under the Funding Loan Documents. ▇▇▇▇▇▇▇▇ Borrower agrees that, if for any reason ▇▇▇▇▇▇▇▇ Borrower fails to pay when due any payment due under this NoteAgreement or under any of the other Borrower Loan Documents, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occur, Lender Bank shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. ▇▇▇▇▇▇▇▇ Borrower therefore agrees that a reasonable estimate of such damages to ▇▇▇▇▇▇ Bank is as follows: : 3.6.1 In the event Borrower fails to pay any installment payment of principal and/or and interest (other than payment on the Maturity Date) within fifteen (15) ten days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Bank a Late Charge”). . 3.6.2 In the event Borrower fails to reimburse Lender Bank for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by ▇▇▇▇▇▇ Bank to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually (“Default Interest”). annually. 3.6.3 In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occuras applicable, is not made in full when due, then said unpaid such amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.

Late Charge; Default Interest. Borrower recognizes that default by ▇▇▇▇▇▇▇▇ in making the payments herein and in the Deed of Trust when due will result in Lender incurring additional expense in servicing the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its loan commitments. ▇▇▇▇▇▇▇▇ agrees that, if for any reason ▇▇▇▇▇▇▇▇ fails to pay when due any payment due under this Note, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, Lender shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. ▇▇▇▇▇▇▇▇ therefore agrees that a reasonable estimate of such damages to ▇▇▇▇▇▇ is as follows: In the event Borrower fails to pay any installment payment of principal and/or interest within fifteen ten (1510) days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Late Charge”). In the event Borrower ▇▇▇▇▇▇▇▇ fails to reimburse Lender for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made given by ▇▇▇▇▇▇ to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually monthly (“Default Interest”). In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, is not made in full when due, then said unpaid amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annuallymonthly.

Late Charge; Default Interest. Borrower recognizes that any default by ▇▇▇▇▇▇▇▇ Borrower in making the payments herein and in required under the Deed of Trust Borrower Loan Documents when due will result in Governmental Lender and Bank incurring additional expense in servicing the Borrower Loan, in loss to Lender of the use of the money due and in frustration to Lender in of meeting its commitmentscommitments under the Funding Loan Documents. ▇▇▇▇▇▇▇▇ agrees that, if for any reason ▇▇▇▇▇▇▇▇ Borrower fails to pay when due any payment due under this NoteAgreement or under any of the other Borrower Loan Documents, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occur, Lender Bank shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. ▇▇▇▇▇▇▇▇ therefore agrees that a reasonable estimate of such damages to ▇▇▇▇▇▇ Bank is as follows: : 3.6.1 In the event Borrower fails to pay any installment payment of principal and/or and interest (other than payment on the Maturity Date) within fifteen (15) ten days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Bank a Late Charge”). . 3.6.2 In the event Borrower fails to reimburse Lender Bank for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by ▇▇▇▇▇▇ Bank to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually (“Default Interest”). annually. 3.6.3 In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occuras applicable, is not made in full when due, then said unpaid such amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.

Late Charge; Default Interest. Borrower recognizes that default by ▇▇▇▇▇▇▇▇ in making the payments herein and in the Deed of Trust when due will result in Lender incurring additional expense in servicing the Loan, in loss to Lender of the use of the money due and in frustration to Lender in meeting its commitments. ▇▇▇▇▇▇▇▇ agrees that, if for any reason ▇▇▇▇▇▇▇▇ If Tenant fails to pay when due any payment due of rent or Other Charges which Tenant is obligated to pay to Landlord under this NoteLease, any amount advanced there shall be a late charge, immediately payable by Lender under the Deed of Trust or Tenant as Additional Rent, in the amount due on of the Maturity Date, or the accelerated maturity date, whichever shall first occur, Lender shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent lesser of such damages. ▇▇▇▇▇▇▇▇ therefore agrees that a reasonable estimate of such damages to ▇▇▇▇▇▇ is as follows: In the event Borrower fails to pay any installment payment of principal and/or interest within fifteen (15) days after the same is due, then Borrower shall pay to Lender an amount equal to five six percent (56%) of each such delinquent installment obligation. Landlord and Tenant agree that this sum is reasonable to compensate Landlord for accounting and administrative expenses incurred by Landlord. In addition to the foregoing, if any payment tendered by Tenant to Landlord is dishonored by the financial institution upon Amended and Restated Master Lease - Par Petroleum - 22 Property 10978268v3 29 which the payment is drawn (e.g., insufficient funds, uncollected funds, account closed, payment stopped, etc.), Tenant shall pay to Landlord the greater of Twenty Dollars ($20.00) or the actual service fee charged by Landlord’s financial institution in connection with such dishonored payment. In addition to the late charge, any and all rent or Other Charges which Tenant is obligated to pay to Landlord under this Lease which are unpaid, shall bear interest or of principal and from the date said payment was due until paid an interest rate (“Late ChargeDefault Rate”)) equal to the lesser of (i) the prime commercial rate being charged by the Bank of America N.A. in effect on the date due plus four percent (4%) per annum; or (ii) the maximum rate permitted by law, said interest to be payable by Tenant as Additional Rent. In If Bank of America N.A. is no longer in existence, then another comparable bank or financial institution shall be substituted by Landlord. Landlord and Tenant agree that this sum is reasonable to compensate Landlord for the loss of the use of funds. Notwithstanding the foregoing, in the event Borrower fails Landlord shall have provided a Late Notice to reimburse Lender for any amount advanced by or for Tenant in accordance with Section 17.1(a), Tenant shall not be obligated to pay the account of Lender which is late charge and default interest otherwise due hereunder or under the Deed of Trust within pursuant to this Section 17.3 unless ten (10) days after written shall have lapsed following Tenant's receipt of said notice of such advance is made by ▇▇▇▇▇▇ to Borrower, then such unreimbursed amount and the delinquent amount(s) shall thereafter bear interest at the Default Rate until not have been paid, such interest to be compounded annually (“Default Interest”). In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity date, whichever shall first occur, is not made in full when due, then said unpaid amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.

Late Charge; Default Interest. Borrower recognizes that any default by ▇▇▇▇▇▇▇▇ Borrower in making the payments herein and in required under the Deed of Trust Borrower Loan Documents when due will result in Governmental Lender and Bank incurring additional expense in servicing the Borrower Loan, in loss to Lender of the use of the money due and in frustration to Lender in of meeting its commitmentscommitments under the Funding Loan Documents. ▇▇▇▇▇▇▇▇ Borrower agrees that, if for any reason ▇▇▇▇▇▇▇▇ Borrower fails to pay when due any payment due under this NoteAgreement or under any of the other Borrower Loan Documents, any amount advanced by Lender under the Deed of Trust or the amount due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occur, Lender Bank shall be entitled to damages for the detriment caused thereby, but that it is extremely difficult and impractical to ascertain the extent of such damages. ▇▇▇▇▇▇▇▇ Borrower therefore agrees that a reasonable estimate of such damages to ▇▇▇▇▇▇ Bank is as follows: : 3.6.1 In the event Borrower fails to pay any installment payment of principal and/or and interest (other than payment on the Maturity Date) within fifteen (15) ten days after the same is due, then Borrower shall pay to Lender an amount equal to five percent (5%) of each such delinquent installment payment of interest or of principal and interest (“Bank a Late Charge”). . 3.6.2 In the event Borrower fails to reimburse Lender Bank for any amount advanced by or for the account of Lender which is due hereunder or under the Deed of Trust within ten (10) days after written notice of such advance is made by ▇▇▇▇▇▇ Bank to Borrower, then such unreimbursed amount shall thereafter bear interest at the Default Rate until paid, such interest to be compounded annually annually.‌ Construction and Permanent Loan Agreement Revised 4/18/08 (“Default Interest”). 7-20-09) 2276/014742-1024 3.6.3 In the event the payment of principal and accrued but unpaid interest due on the Maturity Date, or the accelerated maturity dateMaturity Date, whichever shall first occuras applicable, is not made in full when due, then said unpaid such amounts shall thereafter bear interest at the Default Rate, until paid, such interest to be compounded annually.