Common use of Default Fee Clause in Contracts

Default Fee. After the occurrence of an Event of Default, the Obligations shall bear interest at a rate equal to 5% above the rate that would otherwise apply. In addition, upon the occurrence of such Event of Default, Borrowers shall pay to Agility a fee of $5,000, and an additional $5,000 on each thirtieth day thereafter for so long as the Event of Default continues. The terms of this paragraph shall not be construed as Agility’s consent to Borrowers’ failure to pay any amounts in strict accordance with this Agreement, and Agility’s charging any such fees and/or acceptance of any such payments shall not restrict Agility’s exercise of any remedies arising out of any such failure.

Default Fee. After the occurrence of an Event of Default, the Obligations shall bear interest at a rate equal to 5% above the rate that would otherwise apply. In addition, upon the occurrence of of’ such Event of Default, Borrowers shall pay to Agility a fee of $5,000, and an additional $5,000 on each thirtieth day thereafter for so long as the Event of Default continues. The terms of this paragraph shall not be construed as Agility’s consent to Borrowers’ failure to pay any amounts in strict accordance with this Agreement, and Agility’s charging any such fees and/or acceptance of any such payments shall not restrict Agility’s exercise of any remedies arising out of any such failure.