Common use of After a Default Clause in Contracts

After a Default. interest shall accrue on the outstanding principal balance of a Note at a rate per annum equal to the LESSER OF (X) THE BASE RATE PLUS 6%, OR (Y) THE MAXIMUM RATE. All calculations of interest shall be on the basis of a 360 day year, except that calculations of interest based on the Maximum Rate shall be on the basis of a 365/366 day year, as applicable.

After a Default. interest shall accrue on the outstanding principal balance of a Note at a rate per annum equal to the LESSER OF lesser of (Xx) THE BASE RATE PLUS the Base Rate plus 6%, OR or (Yy) THE MAXIMUM RATEthe Maximum Rate. All calculations of interest shall be on the basis of a 360 day year, except that calculations of interest based on the Maximum Rate shall be on the basis of a 365/366 day year, as applicable.