Common use of Default Interest and Late Charges Clause in Contracts

Default Interest and Late Charges. In the event that any principal amount of the Notes is not paid within five (5) days of when due and payable (whether at stated maturity, by acceleration or otherwise), the interest rate on such principal amount shall, notwithstanding anything herein to the contrary and until all principal payments on the Notes have been brought current, thereafter be increased by three percent (3%) per annum. To the extent legally enforceable, any interest on any principal amount of the Notes that is not paid when due and payable shall thereafter be paid, on demand by the holder of such Notes for which such interest is owed, together with interest thereon at a rate of three percent (3%) per annum in excess of the rate set forth in Subsection 6.2.

Default Interest and Late Charges. In the event that any --------------------------------- principal amount of the Notes is not paid within five (5) days Business Days of when due and payable (whether at stated maturity, by acceleration or otherwise), the interest rate on such principal amount shall, notwithstanding anything herein to the contrary and until all principal payments on the Notes have been brought current, thereafter be increased by three two percent (32%) per annum. To the extent legally enforceable, any Any interest on any principal amount of the Notes that is not paid when due and payable shall thereafter be paid, on demand by the holder of such Notes for which such interest is owed, together with interest thereon at a rate of three two percent (32%) per annum in excess of the rate set forth in Subsection 6.2.

Default Interest and Late Charges. In the event that any principal amount of the Notes is not paid within five (5) days Business Days of when due and payable (whether at stated maturity, by acceleration or otherwise), the interest rate on such principal amount shall, notwithstanding anything herein to the contrary and until all principal payments on the Notes have been brought current, thereafter be increased by three two percent (32%) per annum. To the extent legally enforceable, any Any interest on any principal amount of the Notes that is not paid when due and payable shall thereafter be paid, on demand by the holder of such Notes for which such interest is owed, together with interest thereon at a rate of three two percent (32%) per annum in excess of the rate set forth in Subsection 6.2.