Interest After Default definition

Interest After Default is amended to read as follows: Upon default the total sum due under this Note will bear interest from the date of acceleration or maturity at the highest rate allowed by applicable law. The Loan Agreement, the Note, the Security Agreement and the other Related Documents are hereby amended by deleting any reference to a 45-day "clean-up period". Borrower hereby grants, bargains, sells, transfers, assigns, sets over, conveys, re-grants, re-bargains, re-sells, re- transfers, re-assigns, re-sets over and re-conveys to Lender, its successors and assigns, a lien and security interest in the Collateral (as defined in the Security Agreement), and Borrower hereby ratifies and affirms the Loan Agreement, the Note, the Security Agreement and each other Related Document. Borrower authorizes Lender to prepare and file UCC financing statements in such form and in such jurisdictions as may be reasonably required by Lender. Except as may be modified or waived by Lender, in its sole discretion, the effectiveness of this First Amendment shall be subject to full and complete satisfaction of the following conditions: Resolutions. Lender shall have received appropriate ----------- resolutions of Borrower's directors, in form and substance satisfactory to Lender, authorizing Borrower to enter into this First Amendment and any other documentation required by Lender in connection with this First Amendment.

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Interest After Default. Upon default, including failure to pay upon final maturity, Lender, at its option, may, if permitted under applicable law, increase the variable interest rate on this Note to 21.000% per annum. The interest rate will not exceed the maximum rate permitted by applicable law.

Interest After Default interest rate set forth in a Note executed in connection with this Agreement, subject to maximum interest rate limitations under applicable law.

Examples of Interest After Default in a sentence

Subject to Section 4.3 [Interest After Default], only the Base Rate Option applicable to Revolving Credit Loans shall apply to the Swing Loans.
The Borrower acknowledges that the increase in rates referred to in this Section 4.3 [Interest After Default] reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by Administrative Agent.
Subject to Section 4.3 [Interest After Default], only the Base Rate Option applicable to Revolving Credit Loans shall apply to the Swingline Loans.
This paragraph shall not limit the rights of Administrative Agent, any Bank or the Administrative Agent, as Letter of Credit issuer, as the case may be, under Sections 2.8 [Letter of Credit Subfacility] or 4.4 [Interest After Default] or 9 [Default].
Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Swing Loans evidenced by this Swing Loan Note at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement.
Upon the occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Revolving Credit Loans evidenced by this Revolving Credit Note and all other obligations due and payable to the Lender pursuant to the Credit Agreement and the other Loan Documents at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement.
The Borrowers acknowledge that the increase in rates referred to in this Section 5.3 [Interest After Default] reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrowers upon demand by Administrative Agent.
Interest payable under Section 4.3 [Interest After Default] shall be payable on demand.
The Borrower acknowledges that the increase in rates referred to in this Section 3.3 [Interest After Default] reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by Administrative Agent.
The Borrower acknowledges that the increase in rates referred to in this Section 4.3 [Interest After Default] reflects, among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by Borrower upon demand by Agent.

More Definitions of Interest After Default

Interest After Default shall have the meaning set forth in Section 2.16.

Interest After Default. At Lender's option, the unpaid principal balance shall bear interest after maturity (whether by acceleration or otherwise) at the "Default Interest Rate." The Default Interest Rate shall be, at Lender's option, (i) the Maximum Lawful Rate, if such Maximum Lawful Rate is established by applicable law; or (ii) the Interest Rate stated on the first page of this Note plus five (5) percentage points, if no Maximum Lawful Rate is established by applicable law; or (iii) eighteen percent (18%) per annum; or (iv) such lesser rate of interest as Lender in its sole discretion may choose to charge; but never more than the Maximum Lawful Rate or at a rate that would cause the total interest contracted for, charged, or received by Lender to exceed the Maximum Lawful Amount.

Interest After Default. 21.000%" is deleted and replaced with "5.000% plus the Index".