Common use of Default Amount Clause in Contracts

Default Amount. If an Event of Default occurs and is continuing beyond any applicable grace period, the Holder, at its option, may elect, in addition to all rights and remedies of Holder to require the Borrower to add a default amount to then outstanding principal amount of the Amended and Restated Note plus accrued but unpaid interest, including any default interest, and all other fees then remaining unpaid, and all other amounts payable (“Default Amount”). The Default Payment shall be the then outstanding principal amount of the Amended and Restated Note plus accrued but unpaid interest, including any default interest, and all other fees then remaining unpaid, and all other amounts payable hereunder multiplied by 25% and which amount shall be added to the then outstanding principal amount of the Amended and Restated Note plus accrued but unpaid interest, including any default interest, and all other fees then remaining unpaid, and all other amounts payable. The sum of the then outstanding principal amount of the Amended and Restated Note plus accrued but unpaid interest, including any default interest, and all other fees then remaining unpaid, and all other amounts payable and the Default Amount shall be default payment amount and shall be the entire amount due and payable. The Default Payment shall be applied first to any fees due and payable to Holder pursuant to the Amended and Restated Note, then to accrued and unpaid interest due on the Amended and Restated Note and then to outstanding principal balance of the Note.