Rate After Default. Upon and after the occurrence of an Event of Default hereunder or under any of the Loan Documents, and continuing until such Event of Default is cured, at the option of Lender, the outstanding principal balance of the Loan shall bear interest, payable on demand, at a rate per annum equal to the Default Interest Rate. The application of the Default Interest Rate shall not be interpreted or deemed to extend any cure period set forth in this Agreement or otherwise to limit any of Lender’s remedies under this Agreement or any of the other Loan Documents.
Rate After Default. If all or a portion of the principal amount of the Loan made hereunder or any installment of interest on the Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise and after any applicable opportunity to cure), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on the Loan shall, without limiting any other rights of Lender, bear interest, payable on demand, for each day until paid at the Default Rate. After the occurrence and during the continuance of an Event of Default, the principal amount of the Loan (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of Lender, bear interest at the Default Rate.
Rate After Default. Upon and during the continuance of an Event of Default hereunder or under any of the Loan Documents, at the option of Bank, the outstanding principal balance of the Note shall bear interest, payable on demand, at a rate per annum equal to the Default Interest Rate. The application of the Default Interest Rate shall not be interpreted or deemed to extend any cure period set forth in this Agreement or otherwise to limit any of Bank's remedies under this Agreement or any of the other Loan Documents.
Rate After Default. If all or a portion of the principal amount of the Loan made hereunder or any installment of interest on the Loan shall not be paid when due (whether at the stated maturity, by acceleration or otherwise and after any applicable opportunity to cure), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on the Loan shall, without limiting any other rights of Lender, bear interest, payable on demand, for each day until paid at a rate per annum equal to the sum of 4% plus the LIBOR Rate. After the occurrence and during the continuance of an Event of Default, the principal amount of the Loan (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of Lender, bear interest at a rate per annum equal to the sum of 4% plus the LIBOR Rate.
Rate After Default. If all or a portion of the principal amount of any of the Loans made hereunder or any installment of interest on any Loan shall not be paid on or prior to the fifth (5th) day after the same becomes due (whether at the stated maturity, by acceleration or otherwise and after any applicable opportunity to cure), any such overdue principal amount and, to the extent permitted by applicable law, any overdue installment of interest on any Loan shall, without limiting any other rights of the Lenders, bear interest, payable on demand, for each day thereafter until paid at a rate per annum equal to the sum of 4% plus the LIBOR Rate. After the occurrence and during the continuance of an Event of Default, the principal amount of the Loans (and, to the extent permitted by applicable law, all accrued interest thereon) may, at the election of the Required Lenders, bear interest at a rate per annum equal to the sum of 4% plus the LIBOR Rate.
Rate After Default. Notwithstanding anything to the contrary contained in Section 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Banks may, at their option, by notice to the Company, declare that no Advance may be made as, converted into or continued as a Eurodollar Advance. During the continuance of a Default the Required Banks may, at their option, by notice to the Company, declare that (i) each Eurodollar Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum and (ii) each Floating Rate Advance and Federal Funds Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i) and (ii) above shall be applicable to all Advances without any election or action on the part of the Agent or any Bank.
Rate After Default. Upon and during the occurrence of an Event of Default (as defined in Section 13.1 hereof), the Principal Amount shall accrue interest at a rate equal to fifteen percent (15.00%) per annum (the “Default Interest Rate”).
Rate After Default. Notwithstanding anything contained in this Note to the contrary, in the event of a breach of the Deposit Requirement covenant (as described and defined in the Loan Agreement), such breach shall not constitute a default or Event of Default, but the interest rate then in effect under this Note shall automatically increase by one percent (1.00%) above the interest rate that is then in effect under this Note, without the need for notice to Borrower, as provided in the Loan Agreement. Upon the occurrence and continuance of a Default, all amounts owed hereunder shall bear interest until paid in full at five (5) percentage points above the interest rate that is in effect under this Note (the “Default Rate”).
Rate After Default. Upon the occurrence and during the continuation of any Event of Default, at the option of Lender, the outstanding principal balance of the Notes shall bear interest, payable on demand, at the default rate of 36% as set forth in the Notes.
Rate After Default. Notwithstanding anything to the contrary ------------------ contained in Section 2.8 or 2.9, during the continuance of a Default or Unmatured Default the Required Banks may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Banks notwithstanding any provision of Section 8.2 requiring unanimous consent of the Banks to changes in interest rates), declare that no Ratable Advance may be made as, converted into or continued as a Eurodollar Ratable Advance. During the continuance of a Default the Required Banks may, at their option, by notice to the Company (which notice may be revoked at the option of the Required Banks notwithstanding any provision of Section 8.2 requiring unanimous consent of the Banks to changes in interest rates), declare that (i) each Fixed Rate Advance shall bear interest for the remainder of the applicable Interest Period at the rate otherwise applicable to such Interest Period plus 2% per annum, (ii) each Floating Rate Advance shall bear interest at a rate per annum equal to the Floating Rate in effect from time to time plus 2% per annum and (iii) the LC Fee shall be increased by 2% per annum, provided that, during the continuance of a Default under Section 7.6 or 7.7, the interest rates set forth in clauses (i) and (ii) above and the increase in the LC Fee set forth in clause (iii) above shall be applicable to all Credit Extensions without any election or action on the part of the Agent or any Bank.
