Late Payments; Default Rate. If Borrowers fail to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within ten (10) calendar days of the date due and payable, Borrowers also shall pay to Lender a late charge equal to two percent (2%) of the amount of such payment. Such ten (10) day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying ▇▇▇▇▇▇’s expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by Agent or Lender of any rights and remedies hereunder, under the other Loan Documents or under applicable laws, and any fees and expenses of any agents or attorneys which Agent or Lender may employ. Upon the occurrence of an Event of Default under the Loan Documents, at the option of the Required Lenders, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percent (2%) per annum in excess of the interest rate in effect from time to time with respect to Domestic Rate Loans but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Appears in 3 contracts
Sources: Secured Revolving Note (Bio Reference Laboratories Inc), Secured Revolving Note (Bio Reference Laboratories Inc), Secured Revolving Note (Bio Reference Laboratories Inc)
Late Payments; Default Rate. If the Borrowers fail to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within ten (10) calendar five business days of the date due and payable, the Borrowers also shall pay to Lender the Bank a late charge equal to two three percent (23%) of the amount of such payment. Such ten (10) five day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying ▇▇▇▇▇▇’s the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by Agent or Lender the Bank of any rights and remedies hereunder, under the other Loan Documents or under applicable laws, and any fees and expenses of any agents or attorneys which Agent or Lender the Bank may employ. Upon the occurrence of an Event of Default under the Loan Documentsmaturity, whether by acceleration, demand or otherwise, and at the option of the Required LendersBank upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percent (2%) per annum in excess of the interest rate in effect from time to time with respect to Domestic Rate Loans under this Note but not more than the maximum rate allowed by law (the “"Default Rate”"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Appears in 2 contracts
Sources: Mortgage Note (Ceco Environmental Corp), Term Loan Note (Ceco Environmental Corp)
Late Payments; Default Rate. If Borrowers fail to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within ten (10) calendar days of the date due and payable, Borrowers also shall pay to Lender a late charge equal to two percent (2%) of the amount of such payment. Such ten (10) day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying ▇▇▇▇▇▇Lender’s expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by Agent or Lender of any rights and remedies hereunder, under the other Loan Documents or under applicable laws, and any fees and expenses of any agents or attorneys which Agent or Lender may employ. Upon the occurrence of an Event of Default under the Loan Documents, at the option of the Required Lenders, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percent (2%) per annum in excess of the interest rate in effect from time to time with respect to Domestic Rate Loans but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Appears in 2 contracts
Sources: Eighth Amendment to Loan Documents (Bio Reference Laboratories Inc), Loan Agreement (Bio Reference Laboratories Inc)
Late Payments; Default Rate. If Borrowers fail the Corporation fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within ten (10) calendar days of the date due and payable, Borrowers the Corporation also shall pay to Lender the Holder a late charge equal to two five percent (25%) of the amount of such payment. Such ten (10) five day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying ▇▇▇▇▇▇the Holder’s expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by Agent or Lender the Holder of any rights and remedies hereunder, under the other Loan Documents or under applicable laws, and any fees and expenses of any agents or attorneys which Agent or Lender the Holder may employ. Upon the occurrence of an Event of Default under the Loan Documentsmaturity, whether by acceleration, demand or otherwise, and at the option of the Required LendersHolder upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, this Note shall bear interest at a rate of 6% per annum (based on a year of 360 days and actual days elapsed) which shall be two percent (2%) per annum in excess of the interest rate in effect from time to time with respect to Domestic Rate Loans but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Appears in 1 contract
Sources: Convertible Promissory Note (EMR Technology Solutions, Inc.)
Late Payments; Default Rate. If Borrowers fail Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within ten (10) calendar days of the date due and payable, Borrowers Borrower also shall pay to Lender Bank a late charge equal to two percent (2%) of the amount of such payment. Such ten (10) day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying ▇▇▇▇▇▇Bank’s expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by Agent or Lender Bank of any rights and remedies hereunder, under the other Loan Documents or under applicable laws, and any fees and expenses of any agents or attorneys which Agent or Lender Bank may employ. Upon the occurrence of an Event of Default under the Loan Documents, at the option of the Required Lenders, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percent percentage points (2%) per annum in excess of the interest rate in effect from time to time with respect to Domestic Rate Loans but not more than the maximum rate allowed by law (the “Default Rate”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Appears in 1 contract
Late Payments; Default Rate. If the Borrowers fail to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within ten (10) five calendar days of the date due and payable, the Borrowers also shall pay to Lender the Bank a late charge equal to two three percent (23%) of the amount of such payment. Such ten (10) five day period shall not be construed in any way to extend the due date of any such payment. The late charge is imposed for the purpose of defraying ▇▇▇▇▇▇’s the Bank's expenses incident to the handling of delinquent payments and is in addition to, and not in lieu of, the exercise by Agent or Lender the Bank of any rights and remedies hereunder, under the other Loan Documents or under applicable laws, and any fees and expenses of any agents or attorneys which Agent or Lender the Bank may employ. Upon the occurrence of an Event of Default under the Loan Documentsmaturity, whether by acceleration, demand or otherwise, and at the option of the Required LendersBank upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, this Note shall bear interest at a rate per annum (based on a year of 360 days and actual days elapsed) which shall be two percent percentage points (2%) per annum in excess of the interest rate in effect from time to time with respect to Domestic Rate Loans under this Note but not more than the maximum rate allowed by law (the “"Default Rate”"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note.
Appears in 1 contract