Common use of Upon Default Clause in Contracts

Upon Default. Immediately upon the occurrence and during the continuance of an Event of Default, interest on the outstanding Obligations shall accrue at the Default Rate from the date of such Event of Default or, if later, the date specified in any notice provided by the Administrative Agent. Interest accruing at the Default Rate shall be payable on demand and in any event on the Maturity Date (or the date of any earlier prepayment in full of the Obligations) and shall accrue until the earliest to occur of (i) waiver of the applicable Event of Default in accordance with Section 10.12, (ii) written agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to (A) accelerate the maturity of the Loan or (B) exercise any other rights or remedies under the Loan Documents in order to charge interest hereunder at the Default Rate.

Upon Default. Immediately upon Upon the occurrence and during the continuance of an any Event of Default, upon the written election of the Agent, following written direction of the Majority Lenders, interest on the outstanding Obligations in respect of the DIP Term Loan Facility shall accrue at the Default Rate from the date of such Event of Default or, if later, the date specified in any notice provided by the Administrative AgentRate. Interest accruing at the Default Rate shall be payable on demand and in any event on the Maturity Date (or the date of any earlier prepayment in full of the Obligations) and shall accrue until the earliest to occur of (i) waiver of the applicable Event of Default in accordance with Section 10.1210.13, (ii) written agreement by the Majority Lenders Agent to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to (A) accelerate the maturity of the Loan Loans or (B) exercise any other rights or remedies under the Loan Documents in order to charge interest hereunder at the Default Rate.

Upon Default. Immediately upon During the occurrence and during the continuance existence of an Event of Default, interest on the outstanding Obligations shall may, at the Administrative Agent’s election, and shall, at the written request of the Majority Lenders, accrue at the Default Rate; provided, however, that the Default Rate from shall automatically be deemed to have been invoked at all times when the date of such Event of Default or, if later, the date specified in any notice provided by the Administrative AgentObligations have been accelerated or deemed accelerated pursuant to Section 9.2. Interest accruing at the Default Rate shall be payable on demand and in any event on the Maturity Date (or the date of any earlier prepayment in full of the Obligations) and shall accrue until the earliest to occur of (i) waiver of the applicable Event of Default in accordance with Section 10.1211.12, (ii) written agreement by the Majority Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to (A) accelerate the maturity of the Loans, (B) terminate the Revolving Loan Commitment, or (BC) exercise any other rights or remedies under the Loan Documents in order to charge interest hereunder at the Default Rate.