Calculation and Payment. If the Borrower defaults in the performance of its payment obligations under this Agreement owing to the Lender, the Borrower shall, immediately upon the Lender’s request and in accordance with Section 14, for the period commencing on the Due Date (inclusive) of such defaulted obligation (the “Defaulted Obligations”) and ending on the day (exclusive) the Borrower performs all Defaulted Obligations, pay default interest calculated by multiplying the amount of the Defaulted Obligations by the actual number of days such Defaulted Obligations are outstanding and the higher of either (to the extent not in violation of Laws and Ordinances) (i) the rate obtained by adding the rate of 2% per annum to the reasonable cost (calculated at the interest rate that the creditor reasonably decides upon) incurred by the creditor of the Defaulted Obligations for raising the amount in default, or (ii) the rate of 14% per annum, in each case then divided by 365.
Appears in 6 contracts
Samples: Uncommitted Revolving Credit Facility Agreement, Uncommitted Revolving Credit Facility Agreement, Uncommitted Revolving Credit Facility Agreement (Spansion Inc.)
