Common use of Upon Default Clause in Contracts

Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Majority Banks shall have the option (but shall not be required to give prior notice thereof to the Borrower, to accelerate the maturity of the Loans, or to exercise any other rights or remedies hereunder in connection with the exercise of this right) to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of DEMAND or the Maturity Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Banks) of the applicable Event of Default, (ii) agreement by the Majority Banks to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.

Upon Default. Upon the occurrence and during the continuance ------------ of an Event of Default, the Majority Required Banks shall have the option (but shall not be required required) to give prior notice thereof to the Borrower, to accelerate the maturity of the Loans, or to exercise any other rights or remedies hereunder in connection with the exercise of this right) right and to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of DEMAND demand or the Maturity Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Required Banks) of the applicable Event of Default, (ii) agreement by the Majority Required Banks to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.

Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Majority Banks shall have the option (but shall not be required required) to give prior notice thereof to the Borrower, to accelerate the maturity of the Loans, or to exercise any other rights or remedies hereunder in connection with the exercise of this right) , to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of DEMAND or the Maturity Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority Banks) of the applicable Event of Default, (ii) agreement by the Majority Banks to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.

Upon Default. Upon the occurrence and during the continuance of an Event of Default, the Majority Banks Lenders shall have the option (but shall not be required to give prior notice thereof to the Borrower, Borrower to accelerate the maturity of the Loans, or to exercise any other rights or remedies hereunder in connection with the exercise of this right) ), to charge interest on the outstanding principal balance of the Loans at the Default Rate from the date of such Event of Default. Such interest shall be payable on the earlier of DEMAND or the Maturity Date and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Majority BanksLenders) of the applicable Event of Default, (ii) agreement by the Majority Banks Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations.