Common use of Interest Upon Event of Default Clause in Contracts

Interest Upon Event of Default. Any payment of principal or interest on any Loan which is not paid when due, as herein provided, shall bear interest (to the extent permitted by law) at that rate which is one-quarter of one percent (1/4%) above the Base Rate in effect on each respective day thereafter until paid in full and such interest shall be payable on demand.

Interest Upon Event of Default. Any payment of principal or interest on any Term Loan which is not paid when due, as herein provided, shall bear interest (to the extent permitted by law) at that rate which is one-quarter of one percent (1/4%) above the Base Rate in effect on each respective day thereafter until paid in full and such interest shall be payable on demand.

Interest Upon Event of Default. Any payment of principal or interest on any Loan which is not paid when duedue (whether by acceleration or otherwise), as herein provided, shall bear interest (to the extent permitted by law) at that rate which is one-quarter of one two percent (1/42%) above the Base Rate in effect on each respective day thereafter until paid in full and such interest shall be payable on demand.