Common use of Default Interest and Late Charges Clause in Contracts

Default Interest and Late Charges. During any period when an Event of Default has occurred and is continuing, or after the Maturity Date or after judgment has been rendered on any Note or Loan, Borrower’s right to select Eurocurrency Loans shall cease and the unpaid principal of all Loans shall, at the option of the Requisite Lenders bear interest at a rate which is two percentage points (2%) per annum greater than that which would otherwise be applicable to Base Rate Loans.

Default Interest and Late Charges. During any period when an Event of Default has occurred and is continuing, or after the Maturity Date or after judgment has been rendered on any Note or Loan, Borrower’s right to select Eurocurrency Loans shall cease and the unpaid principal of all Loans shall, at the option of the Requisite Lenders bear interest at a rate which is two four percentage points (24%) per annum greater than that which would otherwise be applicable to Base Rate Loans.