Interest After an Event of Default Sample Clauses
The "Interest After an Event of Default" clause defines how interest is calculated and applied to outstanding amounts once a default has occurred under the agreement. Typically, this clause stipulates that a higher, default interest rate will accrue on overdue payments or obligations from the moment of default until the default is remedied or the debt is paid in full. For example, if a borrower fails to make a scheduled payment, the lender may charge an increased interest rate on the overdue amount. The core function of this clause is to compensate the non-defaulting party for the increased risk and administrative burden caused by the default, and to incentivize timely performance of contractual obligations.
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Interest After an Event of Default. (i) After an Event of Default (other than an Event of Default specified in Section 7.1(f) hereof) and during any continuance thereof, at the option of Determining Lenders, and (ii) after an Event of Default specified in Section 7.1(f) hereof and during any continuance thereof, automatically and without any action by the Administrative Lender or any Lender, the Obligations shall bear interest at a rate per annum equal to the Default Rate. Such interest shall be payable on the earlier of demand or the Maturity Date, and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Determining Lenders) of the applicable Event of Default, (ii) agreement by the Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to accelerate the maturity of the Advances, to exercise any other rights or remedies under the Loan Papers, or to give notice to the Borrower of the decision to charge interest at the Default Rate. The Lenders will undertake to notify the Borrower, after the effective date, of the decision to charge interest at the Default Rate.
Interest After an Event of Default. (i) After an Event of Default ---------------------------------- (other than an Event of Default specified in Section 8.1(f) or (g) hereof) and -------------- --- during any continuance thereof, at the option of Determining Lenders and provided that the Administrative Lender has given notice of the decision to charge interest at the Default Rate, and (ii) after an Event of Default specified in Section 8.1(f) or (g) hereof and during any continuance thereof, -------------- --- automatically and without any action or notice by the Administrative Lender or any Lender, the Obligations shall bear interest at a rate per annum equal to the Default Rate. Such interest shall be payable on the earlier of demand or the Facility A Maturity Date or the Facility B Maturity Date, as appropriate, and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Determining Lenders) of the applicable Event of Default, (ii) agreement by the Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to accelerate the maturity of the Advances, to exercise any other rights or remedies under the Loan Documents, or to give notice to the Borrower of the decision to charge interest at the Default Rate.
Interest After an Event of Default. (i) Subject to Section 11.9 hereof, after an Event of Default (other than an Event of Default specified in Section 8.1(f) or (g) hereof) and during any continuance thereof, at the option of the Determining Lenders and after written notice to the Borrower by the Administrative Agent, and (ii) after an Event of Default specified in Section 8.1(f) or (g) hereof and during any continuance thereof, automatically and without any action by the Administrative Agent or any Lender, the Obligations shall bear interest at a rate per annum equal to the Default Rate. Such interest shall be payable on the earlier of demand or the Maturity Date, and shall accrue until the earlier of (i) waiver or cure of the applicable Event of Default, (ii) agreement by the Determining Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to accelerate the maturity of the Advances or to exercise any other rights or remedies under the Loan Documents to charge interest at the Default Rate. The Lenders shall not be required to give notice to the Borrower of the decision to charge interest at the Default Rate under the first clause (ii) above.
Interest After an Event of Default. (i) After an Event of Default specified in Section 8.1(b) as a result of the failure to make any required principal or interest payment on the Loans or any required payment of fees under Sections 2.4(a) or 2.15(f), and during any continuance thereof, at the option of the Determining Lenders, the Obligations shall bear interest at a rate per annum equal to the Default Rate. Such interest shall be payable on the earlier of demand or the Revolving Commitment Maturity Date and the Term Loan Maturity Date, as appropriate, and shall accrue until the earlier of (i) waiver or cure of the applicable Event of Default, (ii) agreement by the Determining Lenders to rescind the charging of interest at the Default Rate, or (iii) payment in full
Interest After an Event of Default. If an Event of Default occurs, thereafter the Note shall bear interest at the default rate of interest (the “Default Interest Rate”). The Default Interest Rate will be payable on the next occurring Interest Payment Date, from the date such Event of Default occurs to the date that such Event of Default has been cured. The Default Interest Rate will accrue on a daily basis at a per annum rate equal to 18.0% (or such lesser maximum rate that is permitted to be paid under applicable law).
Interest After an Event of Default. If an Event of Default shall occur, then upon written notice to the Company, the Loans shall bear interest, payable on demand, from the occurrence of the Event of Default until it is cured or waived or until the Loans are repaid in full at an annual rate equal to the Alternate Base Rate plus the Applicable Margin plus 2%.
Interest After an Event of Default. From and after the date of an Event of Default and through the date on which the Holder is paid in full, the interest rate applicable to the amounts due hereunder shall be the higher of eighteen percent per annum (18%) or the highest rate allowable by law.
Interest After an Event of Default. (i) After an Event of Default (other than an Event of Default specified in Section 8.1(e) or (f) hereof) and during any continuance thereof,
Interest After an Event of Default. After an Event of Default has occurred hereof and during any continuance thereof, automatically and without any action by the Administrative Agent or any Lender, the Obligations shall bear interest at a rate per annum equal to the Default Rate. Such interest shall be payable on the earlier of demand or the Revolving Commitment Maturity Date, the Facility A Term Loan Maturity Date or the Facility B Term Loan Maturity Date, as appropriate, and shall accrue until the earlier of (i) waiver or cure (to the satisfaction of the Determining Lenders) of the applicable Event of Default, (ii) agreement by the Lenders affected thereby to rescind the charging of interest at the Default Rate, or (iii) payment in full of the Obligations. The Lenders shall not be required to accelerate the maturity of the Advances, to exercise any other rights or remedies under the Loan Documents, or to give notice to the Borrower of the decision to charge interest at the Default Rate. FEES Revolving Commitment Fee. Subject to Section 11.9 hereof, the Borrower agrees to pay to the Administrative Agent, for the ratable account of the Lenders, a commitment fee on the daily average Unused Portion (the "Commitment Fee") at 0.50% per annum. The Commitment Fee shall be payable in arrears on each Quarterly Date and on the Revolving Commitment Maturity Date. Subject to Section 11.9 hereof, the Commitment Fee shall be calculated on the basis of a 360-day year for the actual number of days elapsed.
Interest After an Event of Default. If any payment due hereunder is not paid when due, then and in such event, Mortgagor shall pay interest thereon from and after the date on which such payment first becomes due at a rate equal to the lesser of the default rate provided in the Revolving Note or the highest lawful contractual rate, and such interest shall be due and payable, on demand, whether or not any action shall have been taken or proceeding commenced to recover the same or to foreclose this Mortgage. Nothing in this Paragraph 2.21 or in any other provision of this Mortgage shall constitute an extension of the time of payment of the Indebtedness.