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2 <br />491716v3 EL185-46 <br />If the Lender, or any other holder of this Note, has not received the full amount of any <br />Monthly Installment provided for in this Note, by the end of ten (10) calendar days after the date <br />it is due, Borrower shall pay a late charge fee to the Lender, or any other holder of this Note. <br />The amount of the late charge fee shall be five percent (5.00%) of the overdue Monthly <br />Installment. The Borrower shall pay this late charge fee on demand, however, collection of the <br />late charge fee shall not be deemed a waiver of the Lender’s right to declare an Event of Default <br />and exercise its rights and remedies as provided for in the Loan Agreement and the Security <br />Documents. <br />Each Monthly Installment and other payments made under this Note shall be applied as <br />follows: (i) first, to be applied against any interest which has accrued and remains unpaid on the <br />date the payment is received; then (ii) to be applied against and pay unpaid late charges and any <br />other charges, including collection charges, attorneys’ fees and protective advances; and then <br />(iii) all remaining amounts, if any, shall be applied against and reduce the then outstanding <br />principal balance of this Note. <br />If an Event of Default shall occur hereunder or under the Loan Agreement or any <br />Security Document and any cure period provided for in the Loan Agreement or such Security <br />Document has expired, the Borrower agrees to pay a default rate of interest equal to ten percent <br />(10.00%) per annum as the applicable interest rate of this Note, and the entire principal amount <br />outstanding, accrued interest and any other charges due hereon shall at once become due and <br />payable at the option of the Lender or the holder hereof. Any failure of the Lender to exercise its <br />right to increase the interest rate by the default rate of interest set forth above or its option to <br />accelerate this Note at any time shall not constitute a waiver of the right to exercise the same <br />right to increase the interest rate or accelerate at any subsequent time. Notwithstanding anything <br />contained herein to the contrary, the default rate of interest hereon shall never exceed the highest <br />rate permitted by law. <br />Upon the occurrence at any time of an Event of Default or at any time thereafter, the <br />Lender shall have the right to set off any and all amounts due hereunder by the Borrower to the <br />Lender against any indebtedness or obligation of the Lender to the Borrower. <br />Upon the occurrence at any time of an Event of Default or at any time thereafter, the <br />outstanding principal balance hereof plus accrued interest hereon plus all other amounts due <br />hereunder shall, at the option of the Lender, be immediately due and payable, without notice of <br />demand. <br />The Borrower may prepay the principal under this Note at any time and from time to <br />time, in whole or in part, without premium or penalty. No partial prepayment shall postpone the <br />due date of any Monthly Installment or reduce the amount of any such Monthly Installment <br />unless the Lender agrees otherwise in writing. <br />All sums payable to the Lender under this Note shall be paid in immediately available <br />funds. <br />Page 31 of 104