Common use of Default Rates Clause in Contracts

Default Rates. Upon the occurrence and during the continuation of a Default or an Event of Default, the Borrower shall pay interest on all Obligations at a rate per annum equal to two percent (2%) above the otherwise applicable interest rate or, if no such rate is applicable, at a rate per annum equal to the Alternate Base Rate from time to time in effect plus the Applicable Margin then in effect plus a margin of 2%.

Default Rates. Upon the occurrence After and during the continuation continuance of a Default or an Event of Default, the Borrower Borrowers shall pay interest (after as well as before judgment) on all Obligations (a) the unpaid principal amount of each outstanding Loan and on the fees payable on Letters of Credit and on Acceptances at a rate per annum as set forth in Section 2.4 of the Modification Agreement, and (b) to the fullest extent permitted by law, any other amount payable hereunder at a rate per annum equal at all times to two percent (2%) above the otherwise applicable interest rate or, if no such rate is applicable, at a rate % per annum equal to above the Alternate Base Rate from time to time in effect plus the Applicable Margin then in effect plus a margin of 2%effect.