Common use of Late Charge; Default Interest Clause in Contracts

Late Charge; Default Interest. If any payment of principal or interest is paid more than ten (10) days after when due, the Borrowers will pay Lender a late charge equal to five percent (5%) of the late payment. In addition, after an Event of Default, default interest may be charged at a rate of 2.0% per annum in excess of the Note Rate.

Late Charge; Default Interest. If any payment of principal or interest is paid more than ten (10) days after when due, the Borrowers will pay Lender a late charge equal to five percent (5%) of the late payment. In addition, after an Event of Default, default interest may be charged at a rate of 2.05.0% per annum in excess of the Note Rate.