Common use of Late Payments; Default Rate Clause in Contracts

Late Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within 15 calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (5%) of the amount of such payment or $100.00 (the "Late Charge"). Such 15-day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank's option 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 percentage points (2%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by the law (the "Default Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purposes of defraying the Bank's expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank's exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.

Late Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within 15 ten (10) calendar days of the date due and payable, the Borrower shall also shall pay to the Bank Holder a late charge equal to the lesser of five percent (5%) 5.0% of the amount of such payment or $100.00 (the "“Late Charge"”). Such 15-ten (10) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank's option upon Following the occurrence of any an Event of Default (as hereinafter defined) and during the continuance thereofDefault, 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 percentage points (2%) 5.0% in excess of the interest rate in effect from time to time under this Note Contract Rate, but not more than the maximum rate allowed by the law (the "“Default Rate"”). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purposes purpose of defraying the Bank's Holder’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank's Holder’s exercise of any rights and remedies hereunder, under the other Loan Documents hereunder or under applicable law, and any fees and expenses of any agents or attorneys which the Bank Holder may employ. In addition, the Default Rate reflects the increased credit risk to the Bank Holder of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the BankHolder, and that the actual harm incurred by the Bank Holder cannot be estimated with certainty and without difficulty.

Late Payments; Default Rate. If the Borrower Maker fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within 15 calendar days of the date due and payable, the Borrower Maker also shall pay to the Bank Payee a late charge equal to the lesser greater of five percent (5%) % of the amount of such payment or $100.00 US$250.00 (the "“Late Charge"”). Such 15-day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank's Payee’s option upon the occurrence of any Event of Default (as hereinafter defined) and during the continuance thereof, amounts outstanding under 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 percentage points (2%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by the law (the "Default Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purposes purpose of defraying the Bank's Payee’s expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu of, the Bank's Payee’s exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank Payee may employ. In addition, the Default Rate reflects the increased credit risk to the Bank Payee of carrying a loan that is in default. The Borrower ▇▇▇▇▇ agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the BankPayee, and that the actual harm incurred by the Bank Payee cannot be estimated with certainty and without difficulty.

Late Payments; Default Rate. If the Borrower fails to make any payment of principal, interest or other amount coming due pursuant to the provisions of this Note within 15 ten (10) calendar days of the date due and payable, the Borrower also shall pay to the Bank a late charge equal to the lesser of five percent (55.0%) of the amount of such payment or $100.00 (the "Late Charge"). Such 15-ten (10) day period shall not be construed in any way to extend the due date of any such payment. Upon maturity, whether by acceleration, demand or otherwise, and at the Bank's option 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 five (5) percentage points (25.0%) in excess of the interest rate in effect from time to time under this Note but not more than the maximum rate allowed by the law (the "Default Rate"). The Default Rate shall continue to apply whether or not judgment shall be entered on this Note. Both the Late Charge and the Default Rate are imposed as liquidated damages for the purposes purpose of defraying the Bank's expenses incident to the handling of delinquent payments, but are in addition to, and not in lieu liur of, the Bank's exercise of any rights and remedies hereunder, under the other Loan Documents or under applicable law, and any fees and expenses of any agents or attorneys which the Bank may employ. In addition, the Default Rate reflects the increased credit risk to the Bank of carrying a loan that is in default. The Borrower agrees that the Late Charge and Default Rate are reasonable forecasts of just compensation for anticipated and actual harm incurred by the Bank, and that the actual harm incurred by the Bank cannot be estimated with certainty and without difficulty.