Common use of Late Payments; Default Rate Clause in Contracts

Late Payments; Default Rate. (a) Should any installment of principal or interest or any fee or cost or other amount payable under any Loan Document to Agent or any Bank not be paid when due, such installment shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to two percent (2.0%) above the then prevailing applicable Prime Rate based interest rate for all Loans made hereunder, to the fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including, without limitation, interest on past due interest) shall be compounded monthly, on the last day of each calendar month, to the fullest extent permitted by applicable Law and payable on the first day of the following month. (b) Upon the occurrence and during the continuance of any other Event of Default, at the option of the Requisite Banks, Borrowers shall pay interest on the outstanding principal and interest at the Default Rate. This shall not constitute a waiver of any Event of Default.

Late Payments; Default Rate. (a) Should any installment of principal or interest or any fee or cost or other amount payable under any Loan Document to the Agent or any Bank not be paid when due, such installment shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to two percent (2.0%) above the then prevailing applicable Prime Rate based interest rate for all Loans made hereunder, to the fullest extent permitted by applicable Law. Accrued and unpaid interest on past due amounts (including, without limitation, interest on past due interest) shall be compounded monthly, on the last day of each calendar month, to the fullest extent permitted by applicable Law and payable on the first day of the following month. (b) Upon the occurrence and during the continuance of any other Event of Default, at the option of the Requisite Banks, Borrowers shall pay interest on the outstanding principal and interest at the Default Rate. This shall not constitute a waiver of any Event of Default.