Common use of Interest Upon Default Clause in Contracts

Interest Upon Default. Immediately upon the occurrence of an Event of --------------------- Default, the outstanding principal balance of the Loans shall bear interest at the Default Rate. Such interest shall be payable on demand, and shall accrue until the earliest of (a) waiver or cure of the applicable Default, (b) agreement by Lender to rescind the charging of interest at the Default Rate, or (c) payment in full of the Obligations. Lender shall not be required to (x) accelerate the maturity of any of the Loans, or (y) exercise any other rights or remedies under the Loan Documents in order to charge interest hereunder at the Default Rate.

Interest Upon Default. Immediately upon the occurrence of an --------------------- Event of --------------------- Default, the outstanding principal balance of the Loans shall bear interest at the Default Rate. Such interest shall be payable on demand, and shall accrue until the earliest of (a) waiver or cure of the applicable Default, (b) agreement by the Lender to rescind the charging of interest at the Default Rate, or (c) payment in full of the Obligations. The Lender shall not be required to (x) accelerate the maturity of any of the Loans, or (y) exercise any other rights or remedies under the Loan Documents in order to charge interest hereunder at the Default Rate.